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Court Hearing for PFG CEO Canceled

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CEDAR RAPIDS, Iowa - A detention hearing scheduled for Friday morning for Russell Wasendorf Sr., CEO of the bankrupt Peregrine Financial Group Inc., has been canceled.

Wasendorf, 64, was arrested July 13 for allegedly making false statements to regulators about the status of segregated accounts for clients of his Cedar Falls-based company.

A detention hearing had been scheduled for Friday in U.S. District Court for the Northern District of Iowa in Cedar Rapids, but Wasendorf's attorney, Jane Kelly, filed an unresisted motion Thursday to cancel the hearing.

The motion states that Wasendorf reserves the right to request a detention hearing at a later date.

Magistrate Judge Leonard Strand granted the motion Thursday.

Wasendorf remains in custody at the Linn County Jail in Cedar Rapids.

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