Federal court accepts bid for PFG building - KWWL - Eastern Iowa Breaking News, Weather, Closings

Federal court accepts bid for PFG building

Posted:
CEDAR FALLS (KWWL) -

A bid floor is set for the former office headquarters of Peregrine Financial Group.

A federal court approved a bid $2.75 million Wednesday for the more than 48,000 square foot building.

Federal authorities say anyone interested in purchasing the property will have to offer a bid of at least $2.85 million.

The deadline for bids is May 24. The property is scheduled to go on the auction block May 31.

Russ Wasendorf, Sr. pleaded guilty in September 2012 to misspending more than $200 million of PFG investor funds over a 20 year period.

Wasendorf began a 50 year prison sentence in February 2013.

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