The CEO of PFG stole more than $215 million from more than 13,000 victims and was sentenced to 50 years in federal prison. All related stories can be found here.More >> The CEO of PFG stole more than $215 million from more than 13,000 victims and was sentenced to 50 years in federal prison. All related stories can be found here.More >> Several weeks before Tuesday's bankruptcy filing, employees were asked to take a 10 percent pay cut in two installments, June and July.More >> Several weeks before Tuesday's bankruptcy filing, employees were asked to take a 10 percent pay cut in two installments, June and July.More >>
CEDAR FALLS (KWWL) -
Former presidential candidate Rick Santorum was in the Cedar Valley Wednesday morning. He is back in Iowa for his "Thank You Iowa" tour, but stopped in Cedar Falls to campaign for state representative Walt Rogers.
Rogers is running for the newly drawn District 60.
Although it was a campaign event, both Santorum and Rogers commented on the recent news of the Peregrine Financial Group filing for bankruptcy protection.
"I'm always concerned that these situations are going to be used to say we need more regulation. I guarantee you, if we look at this situation, it will be a failure of one of those three things, out right fraud, incompetence in part of the company or incompetency of the right regulators. But it's not a problem that we need more government and regulation," said Santorum.
"My heart goes out to Russ, his family, everybody that works at PFG. I just pray and hope that the situation will end up being good for the families and especially Russ and his family," said Rogers.
