So the bankruptcy court ruled in favor to agree the settlement arrangement we spoke off in March – No surprise there and good news that at the least she will not be keeping the 2.85million of client funds that were given to her as free money by Wasendorf.
“Under the arrangement, Connie Wasendorf agreed to pay $2.85 million, which includes turning over the frozen bank account. In exchange, she will be allowed claims of $701,799 for the severance agreement and metals account in bankruptcy court, records state. The claims will be distributed in accordance with bankruptcy law” In accordance with bankruptcy law? Let´s hope that the clients ALL get 100% of their funds back before anyone is permitted to have a penny under their “bankruptcy law”.
“As part of the divorce, Wasendorf also set up a severance package for ex-wife Connie Wasendorf, who NEVER worked for PFG full time. The package was set up to pay her $240,000 a year for 10 years and continue paying her insurance benefits, court records state.” So now the Court are allowing her to claim severance against a job that she never even held – 700k worth of free money if she ever gets a payout. And no-one with-in the company thought it was strange at all that Connie Wasendorf was offered 2.4million over 10 years from a company she never even worked for, just because she was divorcing the CEO – Shouldn´t any payout have been coming from Wasendorfs private funds?
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