Peregrine Files For Bankruptcy; Wasendorf Jr. Has Power of Attorney

Peregrine Financial Group, known as PFGBEST, filed for bankruptcy Tuesday as the fallout of investigations into the company's finances continued to unfold.

The beleagured Cedar Falls-based brokerage firm shot into the headlines this week after CEO and founder Russell Wasendorf Sr. attempted to committ suicide Monday. A allegedly led to the discovery of from the company's U.S. Bank account.

The Waterloo-Cedar Falls Courier reported on the bankruptcy filing, which was signed by Wasendorf's son Russell Wasendorf Jr., PFGBEST's president:

The filing noted Wasendorf Jr. was empowered to take the action pursuant to a power of attorney action due to his father’s incapacitation. The power of attorney action was dated July 3, according to the company’s bankruptcy filing.