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.
Recipe for Cajun Rib-eye, Cheddar Potato Cakes & Corn on Cobb with Voodoo Butter Ingredients for four people 4-Ribeyes (any Steak Works) ½ cup Cajun Seasoning ( Recipe Follows) 1 Cup Voodoo ButterMore >>
Recipe for "Little Bit of Cajun" ... from Wildwood Sports Bar & GrillMore >>
Persons with disabilities who need assistance with issues relating to the content of this station's public inspection file should contact Administrative Assistant Lynn Jacobs at (507) 280-5104. Questions or concerns relating to the accessibility of the FCC's online public file system should be directed to the FCC at 888-225-5322, at 888-835-5322 (TTY) or at email@example.com.