Peregrine Financial Group files for bankruptcy
Wednesday, July 11, 2012 10:35 AM
Cedar Falls-based Peregrine Financial Group Inc., also known as PFGBest, filed to liquidate its assets in a Chapter 7 bankruptcy filing yesterday.
According to Bloomberg, the company listed $500 million in assets and $100 million in debt. On Monday, regulators found that PFGBest said it had $225 million in a bank account, but it actually had only about $5 million, prompting a probe from the Commodity Futures Trading Commission and now the Federal Bureau of Investigation.
The company's founder and president, Russell Wasendorf Sr., was found semi-concious in his car outside the company on Monday after an apparent suicide attempt, according to Bloomberg.