An Iowa grand jury is expected to hear testimony from Peregrine Financial Group's president this week as it begins considering alleged wrongdoing at the failed futures brokerage, Reuters reported on Friday. Russell Wasendorf Jr., Peregrine's president and the son of the brokerage's accused chief executive, has been subpoenaed by the grand jury and will likely testify. Russell Wasendorf Sr., Peregrine's founder and CEO, was arrested on July 13 on charges of lying to federal regulators in connection with an alleged massive financial fraud at the company. Prosecutors have said that they expect to expand charges against him.
