By Nizar Manek, 15 September 2012
Coins stamped with a television cartoon character and used for marketing by bankrupt Peregrine Financial are gone.
It’s not uncommon for assets to disappear in an insolvency. But the vanishing of a few hundred silver coins—stamped with images of a cartoon sponge that lives in a pineapple under the sea—could bring the feds to oversee part of Peregrine Financial’s bankruptcy.
The Iowa-based commodities futures broker sought bankruptcy protection in July. On Monday, its former CEO, Russ Wasendorf Sr., is expected to plead guilty to charges related to his alleged embezzlement of more than $200 million of customer funds.