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Priceless SpongeBob SquarePants Coins Couldn’t Prevent Collapse Of Peregrine Financial Group

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]

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113 Responses to “Priceless SpongeBob SquarePants Coins Couldn’t Prevent Collapse Of Peregrine Financial Group”

  1. lamps says:

    Spongebob coins > monopoly money > solvency

  2. Put_Option says:

    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. JohnnyCanes says:

    They're the new Greek drachmas

  4. Stacey says:

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  5. Musical Guest says:

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

  6. Guest says:

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

  7. just saying says:

    "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.

  8. just old enough says:

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

  9. N'08 says:

    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.

    • guest says:

      I can't tell if all these idiotic comments are from one individual or several people mocking the original N'08

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