Judge: Peregrine CEO should be released from jail

Wasendorf will be confined to a Cedar Rapids home

CEDAR RAPIDS, Iowa — Russell Wasendorf Sr. can go free while he waits for sentencing for allegedly bilking customers out of more than $100 million, a judge has ruled.In a ruling issued today (Thursday) Magistrate Jon Scoles scheduled a plea hearing for Monday afternoon in U.S. District Court in Cedar Rapids.

“Following the defendant’s plea of guilty, the court will review with the defendant the terms of an order setting conditions of release. Defendant will be released at that time,” Scoles wrote in his ruling.

Prosecutors can challenge the release, he noted.

The order comes following a Tuesday hearing where the government argued Wasendorf was at risk to not appear for court in the event he’s released.

Wasendorf’s attorney, Public Defender Jane Kelly, argued that her client has been cooperating with investigators. Under the defense’s plan, Wasendorf will live with a Lutheran minister and high school acquaintance who has been ministering to him. His wife will also move in to provide additional supervision.

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