SpongeBob Silver Coins Missing; Johnny Bench Glove in Hand

Nothing surprises any more when it comes to Peregrine Financial Group, the Iowa-based futures broker that filed for bankruptcy amid charges that founder Russell Wassendorf Sr. stole client funds.

spongebob SpongeBob Silver Coins Missing; Johnny Bench Glove in HandThere was Mr. Wassendorf’s claim—made in a note left before his attempted suicide—that he’d used a scanner, Photoshop and a fake P.O. Box to keep regulators from learning that the firm was missing more than $200 million in client funds. And reports that the Peregrine founder had squandered tens of millions of dollars in Romanian real estate. And there was the matter of the commemorative silver coins, stamped with characters from SpongeBob Squarepants, that the firm’s bankruptcy trustee listed among the firm’s remaining assets.

But fewer cartoon coins than previously thought, according to a filing by the trustee: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.

The gold, according to Reuters, is worth about $66,000 at today’s prices; the SpongeBob coins retail at about $20,000. There’s more bad news in the filing, with firm assets totaling about $270 million, less than the $500 million to $1 billion previously estimated.

Among the more unusual assets that were found: A baseball glove signed by former Yankees manager Joe Torre and Hall of Famer Johnny Bench, and more than 100 Internet domain names, including pfgsucks.com—a web address whose value only figures to increase.

Article continues below
More from Politics
STAR OF DAVID OR 'PLAIN STAR'?   If you thought "CP Time" was impolitic, on July 2 Donald Trump posted a picture on Twitter of a Star of David on top of a pile of cash next to Hillary Clinton's face. You'd think after the aforementioned crime stats incident (or after engaging a user called "@WhiteGenocideTM," or blasting out a quote from Benito Mussolini, or...) Trump would have learned to wait a full 15 seconds before hitting the "Tweet" button. But not only was the gaffe itself bad, the attempts at damage control made the BP oil spill response look a virtuoso performance.  About two hours after the image went up on Trump's account, somebody took it down and replaced it with a similar picture that swapped the hexagram with a circle (bearing the same legend "Most Corrupt Candidate Ever!"!). Believe it or not, it actually got worse from there. As reports arose that the first image had originated on a white supremacist message board, Trump insisted that the shape was a "sheriff's star," or "plain star," not a Star of David. And he continued to sulk about the coverage online and in public for days afterward, even when the media was clearly ready to move on. This refusal to just let some bad press go would haunt him later on.
Donald Trump More Or Less Says He’ll Keep On Tweeting as President