Help offered to unpaid Iowa brokerage workers
WATERLOO, Iowa (AP) — A community college is preparing to help Iowa workers who suddenly lost their incomes after their company’s chief executive admitted to embezzling at least $100 million.
The Waterloo-Cedar Falls Courier reports that Hawkeye Community College has scheduled a meeting Wednesday for the displaced workers of Peregrine Financial Group. The company’s CEO, Russell Wasendorf Sr., faces federal charges after admitting that he orchestrated a multimillion dollar fraud scheme.
Kathy Flynn, the college’s vice president of advancement, says the meeting was organized for the brokerage firm’s 200 workers and the 60 employees of a local restaurant that Wasendorf owned.
About a dozen community service agencies are expected to attend. Organizers say the meeting will help workers with unemployment benefits, health insurance, job-training and other services.