It didn’t take long for PFG to be back in the headlines. The Wall Street Journal just released an article entailing multiple sources interested in a Romania Property Venture partially owned by Russell Wasendorf Sr, while he sits in prison.
This comes almost exactly one year since Wasendorf admitted in a suicide note to embezzling more than $200 million of customer money.
The man responsible for liquating PFG’s founder’s estate, Michael Eidelman, said two parties are invested in Avrig 35. The article outlines that Wasendorf Sr. used some of the 200 Million that was embezzled, to fund projects through Avrig 35. Currently the company has investments in 32 properties, and at one point the one of those building was the Canadian Embassy in Romania.
This is nothing but good news for PGF investors, as it’s another opportunity to get their money back. However, Eisleman won’t say how much money…
“We’re trying to move as quickly as possible on it,” said Mr. Eidelman, who has been investigating the Avrig venture for several months. He declined to comment on the identity of the potential buyers or how much Mr. Wasendorf’s stake might fetch.”
More than likely any proceeds derived from the sale will only be a small percentage of what customers are still owed; however, every little bit counts at this point. US Bank remains the one with the deep pockets in this case.
