September 13, 2012 / 10:00 PM / 5 years ago

Peregrine CEO set to be released from jail after guilty plea

CHICAGO, Sept 13 (Reuters) - Peregrine Financial Group Chief Executive Russell Wasendorf Sr., who has confessed to stealing millions of dollars from clients, will be released from a county jail after he pleads guilty on Sept. 17 to mail fraud, lying to regulators and embezzling customer money, according to a judge’s order.

Wasendorf, 64, will stay in the home of an Iowa pastor pending sentencing for the crimes, the order said.

Wasendorf attempted suicide on July 9 near the headquarters of his Cedar Falls, Iowa, brokerage and left a signed confession of a 20-year-long fraud.

The search continues for the money he stole. Former clients are still unable to access funds frozen since the firm’s bankruptcy on July 10. (Reporting By Tom Polansek; editing by Carol Bishopric)

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