An Iowa businessman Russ Wasendorf Sr. has been ordered to be released from the Linn County jail, which is in Cedar Rapids. Russ, who is the founder of Peregrine Financial Group, is responsible for committing fraud, which has made people to lose millions of dollars.
Russ will be taken to Cedar Rapids home, which is in Linda Livingston. Moreover, he will be living under the supervision of a friend and Lutheran pastor and will always be under GPS electronic monitoring. He will not be allowed to leave the premises until unless there is an emergency situation.
He has pleaded from the court for carrying out fraud and for lying to regulators, but Jon Scoles, who is a U. S. Magistrate Judge, has decided to send him to the suburban home. Jon said that they have found suicidal notes, which he had written to his son and new wife.
It was after seeing his suicidal condition that they decided to send him to Cedar Rapids home. Many people have said that there are chances that Wasendorf will flee from the home, But Jon did not agree to same. He was of the view that Wasendorf has already submitted them his passports and he also does not have enough cash.
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