The Wall Street Journal reports that the CEO of Peregrine Financial Group has signed a plea bargain deal with the feds. The article, Peregrine CEO Signs Plea Deal says:
Under the agreement, Russell Wasendorf Sr. would plead guilty to charges of embezzlement and mail fraud alongside two counts of lying to government regulators, assistant U.S. attorneys said in a Cedar Rapids, Iowa, court Tuesday.
(Article behind paywall, so you need your WSJ log-in to read it.)
The article also say Mr. Wasendorf has been spending many hours with federal investigators explaining the finances of PFG Best. That means we should be able to get lots of info on how the fraud was executed and hear it much earlier than if there were a full trial.
Potential sentence would be 50 years, which is effectively life for someone who is 64. That’s fine by me, not that my opinion matters.
Update: Article is on page C3 of today’s print edition.