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You are correct. I was targeting the wrong company. ZeroHedge was only posting the link. It is the Atlas Ratings website that I have the personal problem with because they created their own formula unapproved by the Regulators. There is no formula to determine "Fraud" in advance. It is also possible that the President of the #1 Ranked Clearing Firm on the Atlas Ratings list is hiding out in Bora Bora right now with 50% of the Customer Segregated Funds & who is to know ?? The Regulators have to create new policies & procedures to help prevent this from happening again...
Hi guys, does anybody actually know the following:
1. Any figures around suggesting what the customer funds should be.
2. The total cash available to be paid once positions were liquidated.
For example, I've seen the number of $400 million being mentioned as what should be the customer account balances and then I read there is only $5m left in the actual segregated bank account. Other places I read he has only spent $100m of the $200m. PFG is a very simple liquidation nothing like MF Global so was wondering if I'd missed seeing any released prelim numbers.
It's my understanding that $220 million of the $400 million is missing. I read somewhere that Jeffries Clearing had all of its $175 million accounted for. Wasendorf stated that he believes he has spent around $100 million while the NFA says that $220 million is missing. I'd go with the NFA figures on that one seeing how trustworthy Wasendorf is.
@Big Mike. I've updated the opening post of this thread to reflect the IB proprietary info and adjust the conclusions. I also changed the table attachment but cannot add to the first post. I will just leave it then in the new post.
After the PFG collapse I've been evaluating my futures brokers to determine whether my capital is adequately protected. I'm certainly not panicking but it is clear regulation is poor and the required legislation to protect my capital is some time …
to johngtk
Peregrine Financial Group. Inc. is being liquidated pursuant to subchapter IV of title 11 of the United States Code in the United States Bankruptcy Court for the Northern District of Illinois, Case No. 12-27488 (the "Bankruptcy Case"), and is no longer an operating entity. Please note that this document reflects activity solely as of the date reflected on the statement. Moreover, this document is not a final account statement and is provided to you solely as a courtesy to assist in reconciling your records and should not be deemed an admission or statement of position of the Trustee of Peregrine Financial Group. Inc. regarding the ultimate allowed amount or treatment of your claim in the Bankruptcy Case.
I think, Mike, its high time to take initiative in your own hands and set up an FCM of yours. (futures.io (formerly BMT) Futures - nice name imo ). I hope few people in this fantastic forum will help. The high standards that you apply here will easily translate into sound and trustworthy business ethics. I am sure you will report every dollar of customer money at decent bank and it WILL be true.
). I hope few people in this fantastic forum will help. The high standards that you apply here will easily translate into sound and trustworthy business ethics. I am sure you will report every dollar of customer money at decent bank and it WILL be true.