Auction Of Former Peregrine Financial Group Founder Russ Wasendorf's Assets

Mark Weitz, president of the asset liquidation company Great American Group, explains the bidding rules prior to the start of the auction of the contents of the corporate offices of Peregrine Financial Group Inc. and My Verona Restaurant as well as personal belongings to help with the recovery of assets in the Russell Wasendorf Sr. bankruptcy proceedings in Cedar Falls, Iowa, U.S., on Dec. 5, 2012. Wasendorf, the founder of Peregrine Financial Group Inc., pleaded guilty in September to forging statements from lenders “to embezzle millions of dollars from customer accounts.” Photographer: Steve Pope/Bloomberg via Getty Images