Russell Wasendorf Sr. the CEO of Peregrine Financial Group, can be released while he awaits sentencing, a judge decided on Thursday.
U.S. Magistrate Jon Scoles said Wasendorf could leave the Linn County jail after entering a guilty plea. The plea hearing is scheduled for Monday.
Wasendorf was arrested after attempting suicide outside PFG's Cedar Falls headquarters in July. His suicide note reportedly led investigators to discover over $200 million were missing from a company bank account. Wasendorf is facing 31 counts related to lying to authorities.
The judge said prosecutors could challenge Wasendorf's release.
Wasendorf’s attorney, Public Defender Jane Kelly, argued that her client has been cooperating with investigators. Under the defense’s plan, Wasendorf will live with Linda Livingston, a Lutheran minister and high school acquaintance who has been ministering to him. His wife will also move in to provide additional supervision.
He directed that Wasendorf be monitored by a GPS device and be confined at the Livingstons’ Marion home with exceptions for religious services, medical emergencies, court appearance and others travel approved by his probation officer.
Wasendorf's wife, Nancy Paladino, asked for an annulment of their marriage after Wasendorf's arrest.
However, Livingstone testified Paladino said she still wants the relationship to work and filed the annulment for legal reasons, KWWL reported.
Wasendorf went to high school in Marion.