CEDAR RAPIDS, Iowa Sept 17 Peregrine Financial
Group Chief Executive Russell Wasendorf Sr. pleaded guilty in an
Iowa courtroom on Monday to embezzling more than $100 million
from customers of his futures brokerage, lying to regulators to
cover his tracks, and mail fraud.
Wasendorf, 64, agreed to plead guilty to the charges earlier
this month after confessing in July to stealing from clients for
nearly 20 years.
Wasendorf, who has been in jail since being arrested in July
for lying to regulators, will remain behind bars while a judge
assesses whether he is a flight risk. He previously had been set
to be released after the hearing Monday, but prosecutors argued
he should stay in jail.