Who would have guessed that a state-of-the-art, environmentally-friendly trading center would not elicit much demand in Cedar Falls, Iowa? Or that said building might have been an indication that something was amiss therein?
The splashy office building once occupied by Peregrine Financial Group Inc. is slated to be sold to an Iowa-based realty company for $3.3 million, according to the manager of the sale.
The price agreed with Spiegel Family Realty Company Iowa is a steep discount to the estimated $20 million Peregrine spent to construct the building in 2008. The building was outfitted to support Peregrine's trading business and was purported to be environmentally friendly….
Peregrine, based in Cedar Falls, Iowa, collapsed last July after a suicide attempt by founder Russell Wasendorf Sr. revealed a nearly 20-year embezzlement scheme, which involved using investor funds to prop up Peregrine's finances and fund other projects, such as the headquarters.