A federal court in Iowa on Wednesday formally accepted the guilty plea of Russell Wasendorf Sr., the chief executive of brokerage Peregrine Financial Group charged with bilking customers of more than $100 million in a 20-year fraud.
Chief judge Linda Reade accepted the guilty plea to four charges including lying to regulators, embezzlement and mail fraud, according to court papers. Wasendorf entered the plea in Cedar Rapids last month.
Wasendorf, 64, remains in jail after prosecutors objected to a plan to release him into the care of a local pastor last month, saying there remains a "significant risk" he may try and flee.
Prosecutors have said Wasendorf, who faces up to 50 years in prison, should spend the rest of his life behind bars. Wasendorf's public defender argued for a sentence of about 24 to 30 years, which could be a life sentence given his age.
The search continues for the money he stole. Former clients are still unable to access more than 60 percent of the funds frozen since the firm's bankruptcy on July 10.A date for his sentencing has not yet been set.