Russell Wasendorf Sr., the futures brokerage chief executive accused of bilking customers out of millions of dollars, faces up to 50 years in jail under the terms of a plea agreement disclosed in a court hearing on Tuesday.
Wasendorf, CEO of Peregrine Financial Group, has agreed to plead guilty to mail fraud, making false statements to regulators and embezzling customer funds, federal prosecutors said in the hearing in Cedar Rapids, Iowa.
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The judge in the case has not yet ruled on the agreement.
Last month, Wasendorf was indicted on 31 counts of lying to regulators, charges that carried a possible maximum sentence of 155 years in prison, a $7.75 million fine, and 93 years of supervised release following any imprisonment, according to the U.S. Attorney's office.