IOWA CITY — A judge has scheduled a Jan. 31 sentencing for Russ Wasendorf Sr., who has admitted guilt in a $200 million fraud scheme that bankrupted his Iowa-based brokerage.
U.S. District Judge Linda Reade set the sentencing date Monday for the founder of Peregrine Financial Group. She directed Wasendorf’s lawyer and prosecutors to file memorandums by next week that may recommend Wasendorf’s possible sentence.
Wasendorf’s been jailed since pleading guilty to misusing $200 million in customer funds in September.
Reade has a reputation for tough sentences. In another financial fraud case, she sentenced a former kosher slaughterhouse executive to a 27-year term.