Bloomberg reports that Wasendorf, who has been in custody since his arrest on July 13, was indicted last month on 31 counts of lying to U.S. regulators about how much client money his now-bankrupt commodities firm had on deposit.
At least $190m in client funds remains unaccounted for. Wasendorf faces up to 50 years in prison.
In the meantime, Reuters reports that a U.S. federal appeals court rejected a racial bias lawsuit against Bank of America Corp by black financial advisers at the former Merrill Lynch & Co, but said they could try to recover losses over bonus payouts in a separate case.
The appeals court found that payouts were based on 'race-neutral' assessments of prior performance, and said the evidence did not show that Merrill paid black brokers lower bonuses than white brokers with an intent to discriminate.