Federal prosecutors are appealing a judge's order that would free a disgraced businessman while he awaits sentencing for a $200 million fraud scheme at his Iowa-based brokerage.
The U.S. Attorney's Office in Cedar Rapids filed paperwork Monday asking a judge to keep Peregrine Financial Group CEO Russ Wasendorf Sr. in jail. Prosecutors say Wasendorf would be at risk of fleeing abroad or committing suicide before his sentencing, which has not been scheduled.
The filing comes hours before Wasendorf is to appear in federal court in Cedar Rapids to plead guilty to mail fraud, embezzling customer funds and lying to regulators.
U.S. Magistrate Judge Jon Scoles ruled last week that Wasendorf could be released to live with his pastor and friend in suburban Cedar Rapids after he pleads guilty.
17 Sep, 2012
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Source: http://feeds.abcnews.com/click.phdo?i=37be1c8ee2482dc7ff608f52e39d4a3b
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