Friday, 28 October 2016
Last updated 5 hours ago
May 30 2013 | 10:48am ET
Without another major futures broker in town, Peregrine Financial Group's Cedar Falls, Iowa, home proved a tough sell.
But sell it finally has, nearly a year after PFG collapsed. But the sale won't do much to help make the firm's customers whole: They lost up to $190 million due to PFG founder Russell Wasendorf's fraud, but the building, which cost $20 million to build, sold for just $3.3 million.
PFG's former headquarters, built in 2008, was designed to support its futures-trading business. Now, the new owners tell The Wall Street Journal that they simply hope "to find a tenant or tenants to bring some jobs back to the community and to the building."
Wasendorf pleaded guilty last year to mail fraud, embezzlement and making false statements to investigators. He was sentenced to 50 years in prison in January.