[ by Melanie Gretchen ]

Peregrine Financial Group CEO Russell Wasendorf Sr. pled guilty to bilking customers of more than $100 million in a 20-year fraud last month.  This month, Chief Judge Linda Reade in federal court in Iowa officially accepted his plea to 4 charges, including lying to regulators, embezzlement and mail fraud, according to court papers. 

A sentencing date has yet to be set, though Wasendorf faces up to 50 years in prison.  Prosecutors have argued Wasendorf should spend the rest of his life behind bars, while Wasendorf's public defender argued for a sentence of about 24 to 30 years, which could be a life sentence given his age of 64.

Meanwhile, the money he allegedly stole from customers has eluded the search effort, and former clients cannot access more than 60% of the funds frozen since the firm's bankruptcy on 7/10/12.

For further details, go to [Reuters, 10/3/12].