BELONGINGS SOLD: Wasendorf Possessions Sold To Pay Back Investors
A convicted Cedar Falls embezzler will see most of his belongings sold off next month.
In September, Russel Wasendorf Sr. pled guilty to charges of fraud, embezzlement, and lying to federal regulators. He’s accused of stealing $200-million in customer funds over a 20-year period while CEO of Peregrine Financial Croup.
Prosecutors say this is what he did with the money: Wasendorf’s 20-acre estate includes a three-bedroom home, a carriage house, a wood shop and a pool house complete with a retractable roof.
Also headed to auction is Wasendorf’s Italian restaurant in Cedar Falls.
The goal is to return the money to Peregrine investors; however, they can still expect considerable losses.
Fred Miehe with Sulentic Fischels Real Estate says, “I’m not sure really what the final tally is with the amount of losses they’re looking to recover. But ours are going to be kind of simple, and they’re not going to get close to $200 million.”
The auction is set for Wednesday, December 5th at 10:00 a.m. and includes corporate offices and vehicles, a wine collection, My Verona Restaurant, warehouse location, personal residence and corporate house.
For more information on the auction, click here.