August 28, 2014

Auction will sell assets of former Peregrine Financial leader

More than 1,100 items once owned by Russell Wasendorf, Senior, the former head of Peregrine Financial Group, are being auctioned in Cedar Falls. Items ranging from cars to TVs to fine wines to sports memorabilia will be on the auction block today as authorities attempt to recoup some of the money that Wasendorf stole from investors.

The former PFG C.E.O. pled guilty in September to embezzling more that $200-million over a 20-year span. Among the items up for bid will be more than two thousand bottles of wine from Wasendorf’s private collection, as well as from the Wasendorf-owned MyVerona restaurant in Cedar Falls.

The wine alone is valued at more than $100,000. The auction also includes a wide range of home and office furnishings, restaurant equipment, and sports memorabilia. Seven vehicles will also be up for auction, including the 2001 Chevrolet Cavalier convertible that Wasendorf was found in after he attempted suicide in July.

The auction is being held at the former PFG offices just outside Cedar Falls. The sale is viewable online by visiting GreatAmerican.com, but a $500 dollar deposit is needed to join the bidding.

By Jesse Gavin, KCNZ, Cedar Falls