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Peregrine Auction Nets .5% of Shortfall

Samuels Yoelin Kantor LLP

(December 7) An auction of the corporate vehicles, furniture and other assets belonging to disgraced commodity trader Russell Wasendorf of Cedar Falls, Iowa netted $1M.

Although considered successful by the court-appointed receiver and the bankruptcy trustee, it’s half of one percent of the $190M shortfall still owed to 25,000 investors of Wasendorf’s Peregrine Financial Group, which sought bankruptcy protection in July. The “Madoff of the Midwest” is currently awaiting sentencing on charges of mail fraud, embezzlement of about $200M over 20 years, and lying to the regulatory Commodity Futures Trading Commission. Because Wasendorf stole customer funds from legitimate commodity investments, any clawback action by the trustee targeting former investors is less likely. He could receive 50 years.

(Des Moines Register at http://blogs.desmoinesregister.com)

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