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Peregrine CEO faces hearing as jet, wine, condo to be sold (Reuters)

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While Russell Wasendorf Sr., CEO of Peregrine Financial Group, was in a federal court Wednesday for his bail hearing, assets he purchased with more than $100 million stolen from futures traders were being prepared to sell. Wasendorf confessed last week to embezzling funds from customers since 1993—one year after he launched the brokerage firm. Regulators said more than $200 million is missing. Peregrine filed to liquidate under Chapter 7 July 10. Wasendorf’s personal assets include a $100,000 personal wine collection, a personal jet valued between $7 million and $10 million, a $1 million Chicago condo and his Cedar Falls estate valued close to $1 million. Prosecutors have said Wasendorf faces “up to decades” in prison.