A judge has ruled that former Peregrine Financial Group founder and CEO Russ Wasendorf Sr. will be released from jail while he waits to be sentenced, according to bellinghamherald.com.
Russ Wasendorf will plead guilty to a list of charges associated with a 20-year scam that took millions of dollars from customers. U.S. Magistrate Judge Jon Scoles ordered that he be released from Linn County Jail after he pleads guilty. The ruling was made because Wasendorf is believed to be suicidal.
Wasendorf plans to plead guilty on Monday to charges that include lying to regulators, mail fraud, and embezzling customer funds. The amount of money embezzled totalled over $100 million over a 20-year period.
Wasendorf will have to remain in the Cedar Rapids home of a friend who has been counseling him since his arrest after a suicide attempt. Letters were discovered to his family with written confessions of what he had done.
The decision to release Wasendorf was argued by Assistant U.S. Attorney Peter Deegan. He argued that Wasendorf should remain in jail because he was able to travel internationally. He stated that he would appeal if the order passed for Wasendorf to be released.
Regardless, Judge Scoles still ruled the release if Wasendorf pleads guilty on the basis that Wasendorf surrendered his passport and is out of money and access to his means of travel, which included a private jet.
The sentencing date for Wasendorf has not yet been set. The charges he will plead guilty to could get him up to 50 years in prison and fines totaling double the amount he embezzled from customers. He will not be allowed to make any money from the right to the story because it will all go back to the government for payment to the victims.
Russ Wasendorf will plead guilty to a list of charges associated with a 20-year scam that took millions of dollars from customers. U.S. Magistrate Judge Jon Scoles ordered that he be released from Linn County Jail after he pleads guilty. The ruling was made because Wasendorf is believed to be suicidal.
Wasendorf plans to plead guilty on Monday to charges that include lying to regulators, mail fraud, and embezzling customer funds. The amount of money embezzled totalled over $100 million over a 20-year period.
Wasendorf will have to remain in the Cedar Rapids home of a friend who has been counseling him since his arrest after a suicide attempt. Letters were discovered to his family with written confessions of what he had done.
The decision to release Wasendorf was argued by Assistant U.S. Attorney Peter Deegan. He argued that Wasendorf should remain in jail because he was able to travel internationally. He stated that he would appeal if the order passed for Wasendorf to be released.
Regardless, Judge Scoles still ruled the release if Wasendorf pleads guilty on the basis that Wasendorf surrendered his passport and is out of money and access to his means of travel, which included a private jet.
The sentencing date for Wasendorf has not yet been set. The charges he will plead guilty to could get him up to 50 years in prison and fines totaling double the amount he embezzled from customers. He will not be allowed to make any money from the right to the story because it will all go back to the government for payment to the victims.
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