National media painting Wasendorf Sr. as showy businessman - KWWL - Eastern Iowa Breaking News, Weather, Closings

National media painting Wasendorf Sr. as showy businessman

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  • Russ Wasendorf Sr. and PFG

    Russ Wasendorf Sr. and PFG

    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 >>

From CNBC to The Wall Street Journal, reporters from across the country have come to Cedar Falls this week in an effort to understand the fall of PFG Best and explain it to the business community nationwide.

Bloomberg Businessweek reported a Peregrine holiday party in Chicago this past December took a somber turn when Russ Wasendorf, Senior said while he was proud of creating the company you never know how things will turn out.

The New York Times said with "the broad smile and clean-cut looks of a television news anchor, Mr. Wasendorf, 64, is a rock star in Cedar Falls... he regularly flew his private jet for meetings in Chicago" and "his employees jokingly referred to the plane as Air Wasendorf. He flew around the world to attend Lady Gaga concerts."

MSNBC reported "with an unusual empire including a Romanian property company and a glossy magazine, Wasendorf's ego stood out even in the rough and tumble world of the Chicago futures industry. He proudly underwrote big-name guest speakers at industry events and held private VIP receptions for them, and flashed a jeweled pinky ring. His favorite quote, according to his Facebook page, was, "If I wanted patience, I would buy it."

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