Wasendorf pleads guilty, not released from prison - KTTC Rochester, Austin, Mason City News, Weather and Sports

Wasendorf pleads guilty, not released from prison

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  • Wasendorf pleads guilty, not released from prisonMore>>

  • 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) -

Russell Wasendorf, Sr. formally entered a plea agreement, admitting guilt to one charge of mail fraud, one count of embezzlement of customer funds, and two counts of making false statements.

Last month a grand jury indicted the 64-year-old on 31 counts of making false statements.

Under the plea agreement those charges will be dismissed.

Last week Federal Judge Jon Scoles ruled that Wasendorf could be temporarily released to the home of two high school friends after today's hearing.

That did not happen because Federal Judge Linda Reade temporarily delayed the release.

She will later rule on the matter, and decide if he can head to Marion until his sentencing date.

By entering a plea agreement, Wasendorf waived his right to a trial.

It's up to Judge Reade to determine how long he will spend in prison.

The charges against Wasendorf carry up to 50 years in prison, but Reade can calculate a higher or lower range.

No sentencing date has been set.

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