Wasendorf waives right to detention hearing - KWWL.com

Wasendorf waives right to detention hearing

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Written by Briana Denney, Producer - email

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  • The CEO of PFG stole more than $215 million from more than 13,000 victims and was sentenced to 50 years in federal prison. All related stories can be found here.
    The CEO of PFG stole more than $215 million from more than 13,000 victims and was sentenced to 50 years in federal prison. All related stories can be found here.
CEDAR RAPIDS (KWWL) -

Embattled Cedar Falls businessman Russ Wasendorf, Sr., has waived his right to a preliminary hearing.

The hearing was scheduled for Friday.

Wasendorf's attorney says her client may request a detention hearing at a later date to determine whether he can be released while pending trial. 

Wasendorf was arrested July 13. The CEO and owner of Peregrine Financial Group is suspected of a $200 million fraud scheme. He is charged with lying to regulators about the missing customer money. The scheme came into light after Wasendorf attempted suicide outside of his Cedar Falls business on July 9. Investigators say he left a suicide note confessing to the crime.

 

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