The attorney for an Iowa businessman convicted of misusing $200 million in customer funds says her client should be released from jail before sentencing so he can spend time with his wife and friends.
Defense attorney Jane Kelly argued Monday in a court filing that Peregrine Financial Group CEO Russ Wasendorf Sr. couldn't flee the country since his assets have been frozen and his passport's been seized. She says he also wouldn't want to leave because his support system is in Iowa, "and, quite simply, Iowa is his home."
The 64-year-old faces up to 50 years in prison after pleading guilty last week to charges that he misspent customer funds for 20 years and lied to cover it up. Prosecutors are resisting his release before sentencing, which hasn't been scheduled.