Auction of jailed Iowa broker nets more than $1M

Published On: Dec 07 2012 01:58:09 PM CST   Updated On: Dec 07 2012 01:58:02 PM CST
CEDAR RAPIDS, 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.