Reuters reports that Wasendorf, 64, 'overstated the value of PFG's customer segregated funds by at least tens of millions of dollars' to the Commodity Futures Exchange Commission, according to the indictment, filed in federal court in Cedar Rapids, Iowa. Overall, he was indicted on 31 counts.
In the meantime, Bloomberg reports that Wasendorf Sr. gave Cedar Falls, Iowa, a boost in 2009 when he moved his futures brokerage to a wooded area of town. The firm’s collapse, after he confessed to pilfering at least $100m, may leave the state-of-the-art headquarters he built languishing for years.
The building is almost empty and may eventually be on the block as Peregrine Financial Group Inc. is liquidated. Finding a buyer will be a challenge in a small market that already has several office properties for sale, said Jim Benda, a broker at Cedar Falls-based Lockard Commercial Realty.
'That property could be vacant for five years', he said in a telephone interview. 'It’s going to be a difficult sale', especially because it’s the only office building for about 5 miles (8 kilometers), he said.
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