A daylong auction of property owned by Peregrine Financial Group Inc. and its disgraced chief executive, Russell Wasendorf Sr., this week raised about $1 million for creditors to the defunct brokerage, according to the court-appointed receiver, the Wall Street Journal blog reported Saturday. Michael Eidelman, the receiver appointed to liquidate Wasendorf's possessions, said that the results "exceeded our expectations" with few, if any, items left unsold at the end of the auction. Peregrine collapsed in July after Wasendorf attempted suicide, leaving a confession detailing a nearly 20-year fraud against his clients. He was arrested shortly thereafter and in September pleaded guilty to charges of mail fraud and embezzlement. Clients and creditors of the firm face an estimated $190 million shortfall, according to Ira Bodenstein, the trustee. Eidelman said he next intends to focus his efforts on selling off Wasendorf's property as well as tracking down other assets that may be returned to creditors.
