Wasendorf waives right to detention hearing - KWWL - Eastern Iowa Breaking News, Weather, Closings

Wasendorf waives right to detention hearing

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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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