Wasendorf will not be released pending his sentence - KWWL - Eastern Iowa Breaking News, Weather, Closings

Wasendorf will not be released pending his sentence

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  • Russ Wasendorf Sr. and PFG

    Russ Wasendorf Sr. and PFG

    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.More >>
    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.More >>
CEDAR RAPIDS (KWWL) -

An Iowa investment broker accused of fraud will not be released from jail pending his sentencing.

A federal judge in Cedar Rapids rejected Russell Wasendorf, Senior's bid Tuesday.

Wasendorf is accused of misusing $200 million in customer funds.     

The U.S. District judge said that Wasendorf failed to convince her that he lacked the incentive and means to flee if released.

Prosecutors argued that he may attempt suicide, as he did when this scandal first came to light.

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