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UPDATE: Wasendorf, Sr. pleads not guilty to 31 counts of making false statements

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  • UPDATE: Wasendorf, Sr. pleads not guilty to 31 counts of making false statementsMore>>

  • Russ Wasendorf Sr. and PFG

    Russ Wasendorf Sr. and PFG

    The CEO of PFG stole more than $215 million from more than 13,000 victims and was sentenced to 50 years in federal prison. All related stories can be found here.More >>
    The CEO of PFG stole more than $215 million from more than 13,000 victims and was sentenced to 50 years in federal prison. All related stories can be found here.More >>
CEDAR RAPIDS (KWWL) -

Russ Wasendorf, Sr. pleaded not guilty to 31 counts of making false statements to the government on Friday morning.

Wasendorf, Sr. appeared in U.S. Federal Court in Cedar Rapids on Friday morning after being indicted on Monday.

The indictment, which was filed in U.S. District Court, accuses Wasendorf, the owner of Peregrine Financial Group, of making false statements to the government between 2010 and 2012 regarding the company's segregated customer funds.

Wasendorf was arrested July 13. He is suspected of a $200 million fraud scheme that came to light in a signed confession left for his wife and son following a suicide attempt outside the company headquarters in Cedar Falls on July 9.

Peregrine Financial Group has since shut its doors and filed for bankruptcy. Wasendorf's restaurant, My Verona, has also been closed.

If convicted on all counts, Wasendorf faces a maximum sentence of 155 years in prison and more than $7,750,000 in fines.

A status hearing is set for September 19 at Noon in Cedar Rapids.

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