Wasendorf has no money for attorney

From riches to rags

Russel Wasendorf Sr. (RICK CHASE / Waterloo Courier Staff Photographer) Russel Wasendorf Sr. (RICK CHASE / Waterloo Courier Staff Photographer)

Peregrine Financial Group Founder and CEO Russell Wasendorf Sr.’s plan to hire a high-powered Chicago attorney to represent him has hit a snag: Wasendorf’s assets are frozen, so he has no money to pay him.

Wasendorf had planned to hire attorney Thomas Breen, but Breen tells CNBC that because of the asset freeze, a public defender will represent Wasendorf instead.

And with the Justice Department, the Commodity Futures Trading Commission and a U.S. bankruptcy trustee all standing in line for Wasendorf’s assets, Breen says the situation is unlikely to change anytime soon.

Wasendorf is due in court Wednesday for a hearing to determine whether he can be held without bail as a flight risk, as well as whether there is probable cause to try him on charges he made false statements to regulators.

Read the rest at Market Watch.

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