Silver SpongeBob SquarePants coins minted by a private company in New Zealand were among assets seized by FBI agents from Peregrine Financial Group after its chief confessed to nearly 20 years of fraud last week…The coin disclosure adds a new twist to the case of Peregrine Finiancial Group’s CEO Russell Wasendorf Sr., who was arrested last Friday after he confessed to doctoring bank statements to make regulators think his futures brokerage had nearly twice the assets that it did, leaving customers with an estimated shortfall of over $200 million. Peregrine, which operated as PFGBest, filed for bankruptcy protection last week. Peregrine ran a unit called PFG Precious Metals Inc., which offers investors “whole sale prices, fast & fully insured shipping” for gold, silver, and platinum coins, as well as novelty items created through a partnership with the Auckland-based minting firm. [Reuters via DI]

113 comments (hidden to protect delicate sensibilities)
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Comments (113)

  1. Posted by lamps | July 19, 2012 at 4:03 PM

    Spongebob coins > monopoly money > solvency

  2. Posted by Put_Option | July 19, 2012 at 4:12 PM

    Who lives in a jail cell covered in pee? Russell Wasendorf Sr!
    Insolvent and crooked and stupid is he. Russell Wasendorf Sr!
    If Enron accounting be something you wish. Russell Wasendorf Sr!
    Then drop the soap on the floor and flop like a fish. Russell Wasendorf Sr!

  3. Posted by JohnnyCanes | July 19, 2012 at 4:12 PM

    They're the new Greek drachmas

  4. Posted by Stacey | July 19, 2012 at 4:14 PM

    My Dearest Ram-Man,

    How I miss the nights we spent together. The ground may have been hard and cold, but your embrace kept me warm. Those were the lovliest nights I have ever experienced, and I miss you deeply. It is hard to believe that only nine months have passed – it really feels like years.

    You should know that the baby is due any day now. Ram-Man, I want to know – I need to know – who the father is. I hope you can understand why and how important this it to me. All I know is that Curtiss is not the father. Yes, I suppose it could have been the bearded bongo player or one of the three other guys from the orgy that crazy night, or even the funny looking kitchen volunteer (or his brother), but really Ram-Man, I am hoping it is you.

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  5. Posted by Musical Guest | July 19, 2012 at 4:14 PM

    Who lives in a box under a tree?………RUSS ELL WASENDORF!

  6. Posted by Guest | July 19, 2012 at 4:17 PM

    The website is still up: http://www.spongebobcoins.com/

  7. Posted by S. Disick | July 19, 2012 at 4:21 PM

    Put_Option beat you to it

  8. Posted by Guest | July 19, 2012 at 4:26 PM

    The website makes me want to do something furiously for some reason.

  9. Posted by Maniacal Guest | July 19, 2012 at 4:30 PM

    Same here, but more in a maniacal way.

  10. Posted by just saying | July 19, 2012 at 4:31 PM

    "The coin disclosure adds a new twist to the case"

    This made me laugh. $200M in customer funds missing, guy tries to kill himself, 20 years of fraud and yet commemorative coins add a new twist to the case.

  11. Posted by Musical Guest | July 19, 2012 at 4:36 PM

    Oh well… live to fight another day. Its about time for a Makers and coke, anyway.

  12. Posted by just old enough | July 19, 2012 at 4:36 PM

    after his years of getting sandy cheeked in the pen, he'll probably flip some krabby patties for a living

  13. Posted by N'08 | July 19, 2012 at 4:38 PM

    Damn, so does this mean that all the coins I ordered for my latest slam aren't gonna show up? I totes thought spongebob coins were the new flowers.

  14. Posted by Dr. Vandalay | July 19, 2012 at 4:42 PM

    Do you think they are still taking orders? SOLD!

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    Make that a double Cherry Coke please……some guy langushing in Omaha…..

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    Hey Omaha guy! Sponge Bob silver coin consession is up for grabs……..the NKI

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