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Peregrine Financial Group files for bankruptcy


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.

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