Cedar Falls Restaurant's 70 Employees Caught in the Crossfire as Investigation into Missing $220M Unfolds
The popular downtown Cedar Falls restaurant is owned by Russell Wasendorf St., who is also the CEO of Peregrine Financial Group.
Cedar Falls, IA - A popular Cedar Falls restaurant and its 70 employees are apparently caught in the middle of an investigation into a missing $220 million. A sign on the door today says, "Closed until further notice."
How is the restaurant connected?
MyVerona happens to be owned by Russell Wasendorf Sr., who is also the founder and CEO of Peregrine Financial Group, PFGBEST, which is the subject of the probe.
Wasendorf reportedly attempted suicide on Monday, and today PFG is under fire from the National Futures Association and the U.S. Commodity Futures Trading Commission. An investigation by the NFA allegedly found $220 million missing from the Cedar Falls-based brokerage company's bank account.
Signs on the doors of myVerona Tuesday said the restaurant is "closed until further notice." An employee who answered the phone at the eatery earlier in the day said the restaurant's managers had no comment.
According to an article in The Waterloo-Cedar Falls Courier's archive, myVerona has about 70 employees and was planning two major expansions. The Courier reported plans were in the works for a second restaurant in Waterloo, as well as a downtown Cedar Falls facility that would make pasta, soups and sauces.