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	<title>Observer &#187; SpongeBob Silver Coins Missing; Johnny Bench Glove in Hand</title>
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		<title>Observer &#187; SpongeBob Silver Coins Missing; Johnny Bench Glove in Hand</title>
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		<title>SpongeBob Silver Coins Missing; Johnny Bench Glove in Hand</title>

		<comments>http://observer.com/2012/09/spongebob-silver-coins-missing-johnny-bench-glove-in-hand/#comments</comments>
		<pubDate>Fri, 07 Sep 2012 16:43:37 -0400</pubDate>
					<link>http://observer.com/2012/09/spongebob-silver-coins-missing-johnny-bench-glove-in-hand/</link>
			<dc:creator>Patrick Clark</dc:creator>
				
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		<description><![CDATA[<p>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.</p>
<p><a href="http://observer.com/2012/09/spongebob-silver-coins-missing-johnny-bench-glove-in-hand/spongebob-3/" rel="attachment wp-att-261642"><img class="alignleft size-thumbnail wp-image-261642" title="spongebob" src="http://nyoobserver.files.wordpress.com/2012/09/spongebob.png?w=150" alt="" width="150" height="134" /></a>There was Mr. Wassendorf's claim—made in a note left before his attempted suicide—that he'd used a <a href="http://observer.com/2012/07/pfgbest-founders-suicide-note-included-in-criminal-complaint/">scanner, Photoshop and a fake P.O. Box</a> 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 <a href="http://www.reuters.com/article/2012/07/13/us-pfgbest-wasendorf-romania-idUSBRE86C03Y20120713">Romanian real estate</a>. And there was the matter of the commemorative silver coins, stamped with characters from <a href="http://www.google.com/url?sa=t&amp;rct=j&amp;q=&amp;esrc=s&amp;source=web&amp;cd=1&amp;ved=0CCYQFjAA&amp;url=http%3A%2F%2Fobserver.com%2F2012%2F07%2Fpfgbest-fraudster-wasendorf-was-spongebob-enthusiast%2F&amp;ei=DFtKUJ-1LcfSrQe-14DYDw&amp;usg=AFQjCNGtoMI-gtGuvx9yJsAxQ00UoYsfLw">SpongeBob Squarepants</a>, that the firm's <a href="http://www.omnimgt.com/SBLite/Templates/A/Default.aspx?clientId=CsgAAncz%2b6Y6BvbWWv8%2bb36Dj%2fDJZopCTH%2fUoH71miODakPIzfeAY2Jz9cbvsKRVwkWisq%2b56Os%3d">bankruptcy trustee</a> listed among the firm's remaining assets.</p>
<blockquote><p>But fewer cartoon coins than previously thought, according to a <a href="http://www.huffingtonpost.com/2012/09/07/peregrine-financial-spongebob-coins_n_1864897.html?utm_hp_ref=business">filing by the trustee</a>:<!--more--><em>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. </em><em>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.</em></p></blockquote>
<p>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.</p>
<p>Among the more <a href="http://in.reuters.com/article/2012/09/07/peregrine-debtsandassets-idINL2E8K71KB20120907">unusual assets</a> 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 <a href="http://pfgsucks.com/">pfgsucks.com</a>—a web address whose value only figures to increase.</p>
]]></description>
		<content:encoded><![CDATA[<p>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.</p>
<p><a href="http://observer.com/2012/09/spongebob-silver-coins-missing-johnny-bench-glove-in-hand/spongebob-3/" rel="attachment wp-att-261642"><img class="alignleft size-thumbnail wp-image-261642" title="spongebob" src="http://nyoobserver.files.wordpress.com/2012/09/spongebob.png?w=150" alt="" width="150" height="134" /></a>There was Mr. Wassendorf's claim—made in a note left before his attempted suicide—that he'd used a <a href="http://observer.com/2012/07/pfgbest-founders-suicide-note-included-in-criminal-complaint/">scanner, Photoshop and a fake P.O. Box</a> 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 <a href="http://www.reuters.com/article/2012/07/13/us-pfgbest-wasendorf-romania-idUSBRE86C03Y20120713">Romanian real estate</a>. And there was the matter of the commemorative silver coins, stamped with characters from <a href="http://www.google.com/url?sa=t&amp;rct=j&amp;q=&amp;esrc=s&amp;source=web&amp;cd=1&amp;ved=0CCYQFjAA&amp;url=http%3A%2F%2Fobserver.com%2F2012%2F07%2Fpfgbest-fraudster-wasendorf-was-spongebob-enthusiast%2F&amp;ei=DFtKUJ-1LcfSrQe-14DYDw&amp;usg=AFQjCNGtoMI-gtGuvx9yJsAxQ00UoYsfLw">SpongeBob Squarepants</a>, that the firm's <a href="http://www.omnimgt.com/SBLite/Templates/A/Default.aspx?clientId=CsgAAncz%2b6Y6BvbWWv8%2bb36Dj%2fDJZopCTH%2fUoH71miODakPIzfeAY2Jz9cbvsKRVwkWisq%2b56Os%3d">bankruptcy trustee</a> listed among the firm's remaining assets.</p>
<blockquote><p>But fewer cartoon coins than previously thought, according to a <a href="http://www.huffingtonpost.com/2012/09/07/peregrine-financial-spongebob-coins_n_1864897.html?utm_hp_ref=business">filing by the trustee</a>:<!--more--><em>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. </em><em>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.</em></p></blockquote>
<p>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.</p>
<p>Among the more <a href="http://in.reuters.com/article/2012/09/07/peregrine-debtsandassets-idINL2E8K71KB20120907">unusual assets</a> 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 <a href="http://pfgsucks.com/">pfgsucks.com</a>—a web address whose value only figures to increase.</p>
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