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Peregrine CEO to stay jailed as government balks at release
Source: Reuters
Peregrine CEO to stay jailed as government balks at release
By Tom Polansek
Mon Sep 17, 2012 3:37pm EDT
(Reuters) - Peregrine Financial Group Chief Executive Russell Wasendorf Sr., who confessed to bilking more than $100 million from customers of his futures brokerage, will remain in jail after prosecutors objected to a plan to release him, according to a court order.
Wasendorf, 64, was previously expected to be released from an Iowa jail, pending sentencing for lying to regulators, mail fraud and embezzling customer money, after he pleads guilty to the crimes later on Monday.
In approving the release last week, Magistrate Judge Jon Scoles said Wasendorf's chances to flee were limited because he had surrendered his passport and assets to authorities.
However, prosecutors on Monday objected to the plan and Chief Judge Linda Reade ruled that Wasendorf "shall remain detained pending further order of the court." It was unclear how soon a new order could come. Wasendorf is still due to appear in court in Iowa on Monday.
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By Tom Polansek
Mon Sep 17, 2012 3:37pm EDT
(Reuters) - Peregrine Financial Group Chief Executive Russell Wasendorf Sr., who confessed to bilking more than $100 million from customers of his futures brokerage, will remain in jail after prosecutors objected to a plan to release him, according to a court order.
Wasendorf, 64, was previously expected to be released from an Iowa jail, pending sentencing for lying to regulators, mail fraud and embezzling customer money, after he pleads guilty to the crimes later on Monday.
In approving the release last week, Magistrate Judge Jon Scoles said Wasendorf's chances to flee were limited because he had surrendered his passport and assets to authorities.
However, prosecutors on Monday objected to the plan and Chief Judge Linda Reade ruled that Wasendorf "shall remain detained pending further order of the court." It was unclear how soon a new order could come. Wasendorf is still due to appear in court in Iowa on Monday.
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Read more: http://www.reuters.com/article/2012/09/17/us-peregrine-wasendorf-idUSBRE88G16U20120917
