Peregrine Financial’s Missing Assets Include 304 SpongeBob SquarePants Coins

by Wall Street Job Report on September 7, 2012

Hundreds of SpongeBob SquarePants silver coins thought to be in the possession of Peregrine Financial Group, the bankrupt commodities futures trading firm, have gone missing.

The disclosure that 304 silver coins sporting the image of TV cartoon character SpongeBob SquarePants could not be located was made in a court filing on Thursday by Peregrine Financial’s bankruptcy trustee. Thirty-nine ounces of gold were also missing.

Cedar Falls, Iowa-based Peregrine Financial collapsed in July after its chief executive attempted suicide and confessed to having stolen millions in customer assets over two decades.

Compared with the $215 million in customer money that regulators allege were wrongly siphoned from the firm by the CEO, Russell Wasendorf Sr., the value of the missing metals is marginal.

Read the full story at The Huffington Post.

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