CEDAR FALLS, Iowa: Employees emptied their desks and a local charity collected food from the cafeteria of failed broker PFGBest's Iowa offices on Wednesday, most still seeking answers to the expanding scandal that has shaken the industry.
Two days after the attempted suicide of founder and chairman Russell Wasendorf Sr, regulators are piecing together the alleged fraud that caused more than $200 million of the broker's client funds to vanish -- and the cover-up that hid the fact the money was missing for more than two years. Peregrine Financial Group, the firm's regulated unit, filed for bankruptcy late on Tuesday.
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