PFG President Subpoenaed to Testify

Features Reuters

Peregrine Financial Group President Russell Wasendorf Jr. has received a subpoena to testify before a federal grand jury in connection with an investigation into alleged wrongdoing by his father, the chief executive officer of the failed brokerage, Wasendorf Jr.'s lawyer said on Tuesday.

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Wasendorf Jr., who also was chief operating officer of Peregrine, was subpoenaed this week and ordered to appear before the grand jury next month, said his lawyer, Nicholas Iavarone.

His father, Russell Wasendorf Sr., was arrested for lying to federal regulators on July 13.

Peregrine, commonly known as PFGBest, filed for bankruptcy protection on July 10, a day after Wasendorf Sr. attempted suicide and left a note describing how he had bilked customers of more than $100 million over nearly 20 years. (Reporting By Tom Polansek; Editing by Gerald E. McCormick)