The former executive of Peregrine Financial Group, who pleaded guilty to embezzling more than $100 million from his customers, will be sentenced on Jan. 31, Reuters reported.

Russell Wasendorf Sr., 64, faces a potential of 50 years in prison. Wasendorf has been awaiting sentencing in a jail in Iowa, where Peregrine Financial was based. The hearing is in U.S. District Court in Cedar Rapids.