CHICAGO - The 64 year old founder of PFGBest - with offices in Cedar Falls Iowa and Chicago - was found to have attempted suicide in his car Monday afternoon, shortly before his exchange company's clients were notified their accounts had been frozen.
The National Security Association says that Russell R Wasendorf Sr, PFGBest's CEO, may have falsified bank records, saying it had $225 Million on reserve when it had only $5 Million.
With the firm's assets frozen, its 200 employees in Chicago and Cedar Falls were notified Monday they may not be paid and that the company may not survive.
The company told clients: "Some accounting irregularities are being investigated regarding company accounts … Until further notice, PFGBest is not authorized to release any funds."
