Auction of Wasendorf Property Nets More than $1 Million

Mark Weitz president of Great American Group spots a bid during an auction of Russ Wasendorf Sr. personal and corporate property at Peregrine Financial Group inc. headquarters Wednesday, Dec. 5, 2012, in Cedar Falls, Iowa. (MATTHEW PUTNEY / Courier Photo Editor)

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By Aaron Hepker

CEDAR FALLS, Iowa (AP) — An auction featuring items belonging to a former Iowa investment broker accused of orchestrating a $200 million fraud scandal has netted more than $1 million.

The Des Moines Register reports Friday that at least 900 bidders competed for more than 1,100 items belonging to Russell Wasendorf Sr. The items included an extensive wine collection and a 1957 Ford Thunderbird.

The newspaper reports the money raised during the Wednesday auction will be used to help Wasendorf's fraud victims.

The former CEO of Peregrine Financial Group pleaded guilty in September to misspending investor funds over a 20-year period at his Cedar Falls-based brokerage.

Sentencing hasn't been set.

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