Wednesday hearing for Russ Wasendorf, Sr. delayed - KWWL - Eastern Iowa Breaking News, Weather, Closings

Wednesday hearing for Russ Wasendorf, Sr. delayed

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Peregrine Financial Group CEO Russ Wasendorf Sr. had been expected to appear in U.S. District Court in Cedar Rapids on Wednesday afternoon for a detention hearing and a preliminary hearing. But now that hearing has been pushed back a week.

Wasendorf was arrested at a hospital in Iowa City Friday, after a failed suicide attempt.  He's charged with lying to federal regulators about how much money his company had, all adding up to a $200 million fraud scheme.  He has not yet entered a plea in the case.

A public defender appointed to represent him says she needs more time to prepare for the hearing. U.S. Magistrate Judge Jon Scoles agreed and entered an order Wednesday delaying the hearing until July 27.


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