Lawyers: Iowa CEO to plead guilty to $200M fraud
CEDAR RAPIDS (AP) — The founder of an Iowa brokerage has signed a plea agreement with federal prosecutors in which he admits to carrying out a $200 million fraud and embezzlement scheme that bankrupted his company and could result in him spending the rest of his life in prison, prosecutors said Tuesday.
Prosecutors said Russ Wasendorf Sr. will plead guilty to mail fraud, embezzling customer funds and two counts of making false statements to regulators. U.S Magistrate Judge Jon Scoles confirmed the agreement but hasn’t ruled on the matter.
Prosecutors said the agreement calls for Wasendorf, 64, to be sentenced to up to 50 years in prison.
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