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PFGBest Accounts Frozen (PFG scandal big thread)


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PFGBest Accounts Frozen (PFG scandal big thread)

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  #601 (permalink)
 mattz   is a Vendor
 
 
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@anakachalet
"am providing you a golden opportunity to ads whatever you like here...."

I appreciate the opportunity, BUT this is not our site or forum and I have gained the trust of guys here (I think) through the respect that I had for personal choices of traders. I always welcome the call of every potential prospect explaining the safe guards that were taken via our clearing. As for technology, we could set you up with any trading platform so you could see it yourself how the data feed functions.

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Trading futures and options involves substantial risk of loss and is not suitable for all investors. Past performance is not necessarily indicative of future results. You may lose more than your initial investment. All posts are opinions and do not claim to be facts. Please conduct your own due diligence. Use only Risk capital when trading Futures.
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  #602 (permalink)
 tickvix 
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jsouvertjis View Post
My trading funds are frozen with PFG. I had a couple people independently suggest opening an account with Infinity Futures. Does anyone have experience with Infinity Futures or could recommend a good futures broker?


I have my account with Infinity and thery are good. Well for now they are good. The did not take moy money yet.
I traded futures with Infinity, went to PFG to trade forex, when I decided to swing trade.
Now I'm deciding if I'll stay in business all together.

Gregory.

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  #603 (permalink)
 nakachalet 
siam, west coast andaman sea
 
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mattz View Post
@anakachalet
"am providing you a golden opportunity to ads whatever you like here...."

I appreciate the opportunity, BUT this is not our site or forum and I have gained the trust of guys here (I think) through the respect that I had for personal choices of traders. I always welcome the call of every potential prospect explaining the safe guards that were taken via our clearing. As for technology, we could set you up with any trading platform so you could see it yourself how the data feed functions.

mattz

@mattz

a statement made by a vendor, particularly vendors appearing on bmt, ought to be more reliable and to carry more weight than most others appearing else where, where trading is not taken as seriously as here at bmt....

your statements such as the followings made in public in terms of self promotion:

1--....Go with brokers who invests in technology and execution....

2--....despite the fact that we have a better feed....?;

really need to be substantiated and ought to be able to prove to the satisfaction of most interested traders on board, don't you agree, mattz?

on the other hand, if you or your company is not able to respond to my following questions, whether or not related to pfg and others does not matter much, then

how could you expect potential customers/traders on board to believe what you said--to just tell inquiring traders to pls go to your official site for further info, is a cop-out and a major waste of traders time and effort, imho.


...We have at times lost customers to PFG because prospects were more familair with a company that plastered their ads in every hole possible., despite the fact that we have a better feed, better commissions, etc...


my questions are as follows, and if you are still not willing to answer them, that is alright with me too, for it is your right, K?

From your prior statement as vendor, i posted the following questions to you, not to give you a hard time or anything like that, but as a potential customer seeking a new broker and clearing house, hopefully much better than pfg.

i am quite certain there are also others, perhaps also--@jsouvertjis whose funds have also been frozen at PFG....; among numerous others who would also profit from your frank and to the point answers.... if you so wish.

Q1--and JUST HOW IS YOUR SIGNAL BETTER AND FASTER THAN, FOR EXAMPLE;

ESIGNAL'S AND

TRADING TECHNOLOGY'S.... for example....? and

2--do you have some special arrangements to have such exclusive signal arrangements, not available to other signal providers....?

3...better commissions, etc...?

just how much better are your comm than the rest of the markets, pls.....?

4--and how does your company accomplish such admirable attainment that other brokerages are not able to.... pls?

5--and the issue of deposits and on money safety issues and such....

HOW IS YOUR COMPANY SUPERIOR OR MORE SECURED THAN THE REST, pls?

thx much for your attention, mattz. and my apology to all, if i appear to be redundant.

< when there is no answer, the no answer can be taken as the answer itself, k? >

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  #604 (permalink)
 vvhg 
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@nakachalet, I am quite sure that @mattz is not allowed to answer your questions here as he must not promote himself according to the rules here. Perhaps you could ask @mattz to reply via PM?

vvhg

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  #605 (permalink)
 ThatManFromTexas 
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vvhg View Post
@nakachalet, I am quite sure that @mattz is not allowed to answer your questions here as he must not promote himself according to the rules here. Perhaps you could ask @mattz to reply via PM?

vvhg

@nakachalet

@vvhg is right. I am sure @mattz would love nothing better than to talk to you at length about his company. But he is just respecting Big Mikes rules against vendors doing that in the forum. If Big Mike didn't have that rule, all the threads would be full of vendors ads instead of members posts.

Have him PM you, or chat online. I'm sure he will be glad to answer all your questions.

Have a great day!

Regards,
TMFT

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  #606 (permalink)
 nakachalet 
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@nakachalet

@vvhg is right. I am sure @mattz would love nothing better than to talk to you at length about his company. But he is just respecting Big Mikes rules against vendors doing that in the forum. If Big Mike didn't have that rule, all the threads would be full of vendors ads instead of members posts.

Have him PM you, or chat online. I'm sure he will be glad to answer all your questions.

Have a great day!

Regards,
TMFT

thx guys, still trying to get over pfg.

but the show goes on with A VERY THANKFUL HEART too,

that there is another day to trade....

<trying to delete the attachment>

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  #607 (permalink)
 nakachalet 
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ThatManFromTexas View Post
@nakachalet

@vvhg is right. I am sure @mattz would love nothing better than to talk to you at length about his company. But he is just respecting Big Mikes rules against vendors doing that in the forum. If Big Mike didn't have that rule, all the threads would be full of vendors ads instead of members posts.

Have him PM you, or chat online. I'm sure he will be glad to answer all your questions.

Have a great day!

Regards,
TMFT

another warning signal which might or might not mean anything regarding I B

at your own discretion....

CFTC Orders Interactive Brokers LLC,
a Registered Futures Commission Merchant,

to Pay $700,000 for Large Trader Reporting and Supervision Violations

07/25/2012 02:51 PM EDT

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  #608 (permalink)
 Big Mike 
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Please keep this thread focused on PFG.

There are other threads for other brokers.

Mike

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  #609 (permalink)
 nakachalet 
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ThatManFromTexas View Post
@nakachalet

@vvhg is right. I am sure @mattz would love nothing better than to talk to you at length about his company. But he is just respecting Big Mikes rules against vendors doing that in the forum. If Big Mike didn't have that rule, all the threads would be full of vendors ads instead of members posts.

Have him PM you, or chat online. I'm sure he will be glad to answer all your questions.

Have a great day!

Regards,
TMFT

another warning signal which might or might not mean anything regarding I B

at your own discretion....

CFTC Orders Interactive Brokers LLC,
a Registered Futures Commission Merchant,

to Pay $700,000 for Large Trader Reporting and Supervision Violations



07/25/2012 02:51 PM EDT

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  #610 (permalink)
 Cloudy 
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NFA president on PFGbest oversight following House hearing.
 
 
 
 







NFA's Dan Roth talks PFGBest fraud at House hearing
https://www.futuresmag.com/2012/07/25/futures-regulators-chastised-in-house-hearing

Futures Mag report on IB $700k fine.
Interactive Brokers fined $700,000 for reporting and supervision violations

PFG
Peregrine's regulator: Wasendorf's forgeries fooled us | Reuters
Receiver: Peregrine money not all gone - Chicago Tribune

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  #611 (permalink)
 olobay 
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Peregrine trustee hires PricewaterhouseCoopers forensic accountants | Reuters

Pricewaterhouse had brief window into Peregrine's books | Reuters

Peregrine CEO may have had help in fraud, regulator tells CNBC | Reuters

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  #612 (permalink)
 ron99 
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I have Liberty Trading's Disclosure Doc from Dec 2010 when he became a CTA again. It said all clients had to use PFG as their FCM.

It says he had 245 clients and was trading $53 million then.

I luckily pulled my money out Dec 2011.

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  #613 (permalink)
 Big Mike 
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Poll closed, results:



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  #614 (permalink)
 Big Mike 
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Source: JPM To Be Subpoenaed Over Defunct PFG&#039;s Missing Segregated Money | ZeroHedge


Quoting 
The blunt trauma that JPMorgan was implicated in the missing millions from segregated accounts in Jon Corzine's bankrupt MF Global may have passed but the memory lingers, especially for all those whose cash is still locked up somewhere in vapor space. Yet one event that may tear the scab that patiently was healing, courtesy of a Copperfield market full of distractions such as JPM's CIO fiasco, Lieborgate, oh and, Europe, right off is the recent bankruptcy of Peregrine Financial, aka PFG, whose story we first broke, and which just as we suspected, has promptly become the second coming of MF Global, as at least $200 million has "evaporated." It is thus with little surprise that we find that the first party of interest is none other than JPMorgan, which together with various other banks, will be the target of a subpoena by the PFG trustee. How shocking will it be to find that Dimon's company is once again implicated in this particular episode of monetary vaporization.

From Bloomberg:

The trustee liquidating Peregrine Financial Group Inc. asked a judge for authority to subpoena the defunct futures brokerage’s banks including JPMorgan Chase & Co. (JPM) and Citigroup Inc. (C) for information about transfers from segregated accounts and proprietary accounts.

Citing a lawsuit by the U.S. Commodity Futures Trading Commission against the company and founder Russell Wasendorf Sr. over misappropriation of customer funds, the trustee said he needs records from “various financial institutions” to identify “abnormalities” in the company’s records.

The trustee liquidating Peregrine Financial Group Inc. asked a judge for authority to subpoena the defunct futures brokerage’s banks including JPMorgan Chase & Co. (JPM) and Citigroup Inc. (C) for information about transfers from segregated accounts and proprietary accounts.

Citing a lawsuit by the U.S. Commodity Futures Trading Commission against the company and founder Russell Wasendorf Sr. over misappropriation of customer funds, the trustee said he needs records from “various financial institutions” to identify “abnormalities” in the company’s records.
And while Jamie Dimon may have to spend another 2-3 hours before his muppets explaining how a few hundred million in PFG cash just may have ended up on his balance sheet, with nobody gaining anything, except for C-Span once again beating all other TV channels in the 10 am-12 pm block, the one definitive winner from this, and all the other unraveling financial fraud is more than clear:

[The trustee] asked the judge to set up procedures for paying his fees and expenses, and said he is seeking to hire as bankruptcy adviser Shaw Gussis Fishman Glantz Wolfson & Towbin LLC, the law firm where works, at rates of as much as $650 an hour.
This is money that ultimately would have gone to creditors and clients of the firm in liquidation. Instead it will go to funding yet another witch hunt which will achieve absolutely nothing, however it will, briefly, hopes of a few thousand traders and farmers who had entrusted their money to a criminal whom the CFTC could not catch for 20 years. All those hopes will, in the end, be dashed because if there is one thing the past 4 years have taught us, is that in America the bigger the crime, the greater the golden parachute.

Mike

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  #615 (permalink)
 Cloudy 
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"The lawsuits also say they target 10 "John Does" whose identities are not now known but who also allegedly helped in the fraud."

Peregrine clients sue Wasendorf for 'theft' of more than $200 mln | Reuters




other:
https://www.chicagotribune.com/business/ct-biz-0717-peregrine-chef--20120718,0,5908477.story
https://www.wsj.com/articles/BL-DLB-39134

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 olobay 
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PFGBest Update: Beyond Belief | Attain Capital Managed Futures Blog

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  #617 (permalink)
 Big Mike 
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Mike

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  #618 (permalink)
 nakachalet 
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pfg clients' money and jpmorgan dead SILENCE as of 2012-08-07....!
thx mike.

per mike's,

the info is moved to:


----------------------------

PFGBest Update: What is JPMorgan Hiding?
by Attain Capital

What is JPMorgan Hiding?

Throughout the PFGBest bankruptcy and liquidation process, there’s been a deafening silence coming from one big player: JPMorgan.

While US Bank was supposed to have held the $220mm that has turned out to be missing, PFG was supposed to have had $400mm in client assets… and

the rest of that money was supposedly held at JPMorgan – where any and all clients actually wired their money when opening accounts with PFG.

Naturally, one would expect inquiries into the status of this money, and that’s exactly what the PFG trustee Ira Bodenstein has done. Cue JPMorgan’s response (via Reuters):
-------------------
i am also awaiting my money, besides, i am also trying to find out--

JUST WHERE TO FILE, or is there anything that needs to be done beside just waiting....?

ANYONE KNOWS.... pls?

thx much nakachalet@gmail.com

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  #619 (permalink)
 nakachalet 
siam, west coast andaman sea
 
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nakachalet View Post
pfg clients' money and jpmorgan dead SILENCE as of 2012-08-07....!
thx mike.

per mike's,

the info is moved to:


----------------------------

PFGBest Update: What is JPMorgan Hiding?
by Attain Capital

What is JPMorgan Hiding?

Throughout the PFGBest bankruptcy and liquidation process, there’s been a deafening silence coming from one big player: JPMorgan.

While US Bank was supposed to have held the $220mm that has turned out to be missing, PFG was supposed to have had $400mm in client assets… and

the rest of that money was supposedly held at JPMorgan – where any and all clients actually wired their money when opening accounts with PFG.

Naturally, one would expect inquiries into the status of this money, and that’s exactly what the PFG trustee Ira Bodenstein has done. Cue JPMorgan’s response (via Reuters):
-------------------
i am also awaiting my money, besides, i am also trying to find out--

JUST WHERE TO FILE, or is there anything that needs to be done beside just waiting....?

ANYONE KNOWS.... pls?

thx much nakachalet@gmail.com

HERE IS THE ENTIRE LINKAGE TO THE NEWS ON JP MORGAN IS HIDING SOMETHING....?

PFGBest Update: What is JPMorgan Hiding? | Attain Capital Managed Futures Blog

ENJOY EVERYONE.

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  #620 (permalink)
 Cloudy 
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Wasendorf had $6.9M in life insurance, debt on plane - chicagotribune.com

JPMorgan seeks to limit Peregrine trustee's subpoena power - chicagotribune.com

Russell Wasendorf Sr., Ex-Peregrine CEO, Will Have $6.9 Million Life Insurance Plan, Private Jet Cashed In

Wasendorf Jr. Had Plans to Leave Peregrine - WSJ.com

"Inner Circle"
https://www.aol.com/video/peregrine-insiders-may-have-seen-the-storm-coming/517415884/

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  #621 (permalink)
 nakachalet 
siam, west coast andaman sea
 
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is this on pfg going to olympic or somehing.... LOL

"Inner Circle"

https://www.aol.com/video/peregrine-insiders-may-have-seen-the-storm-coming/517415884/

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 nakachalet 
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nakachalet View Post
is this on pfg going to olympic or somehing.... LOL

"Inner Circle"

https://www.aol.com/video/peregrine-insiders-may-have-seen-the-storm-coming/517415884/

pfg depository funds with jp morgan....

now jp morgan hiring high priced lawyers, appears to try to block pfg trustees from obtaining financial doc from jp morgan....

what on earth is going on....?

has jp morgan been an active partner with pfg's fraudulent practices....?

PFGBest Update: What is JPMorgan Hiding? | Attain Capital Managed Futures Blog

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  #623 (permalink)
 brevco 
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nakachalet View Post
is this on pfg going to olympic or somehing.... LOL

"Inner Circle"

https://www.aol.com/video/peregrine-insiders-may-have-seen-the-storm-coming/517415884/


I have a friend who had his account with MF Global. He didn't get his money back for about 7 or 8 months. With that being the case, I don't expect to see any money back for a long time, a very long time.

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  #624 (permalink)
 nakachalet 
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brevco View Post
I have a friend who had his account with MF Global. He didn't get his money back for about 7 or 8 months. With that being the case, I don't expect to see any money back for a long time, a very long time.

@brevco

thx much, friend.

waiting for half a year to get my deposit back won't be too long nor too bad, really.

fellow traders, which brokers do you park your funds with, pls?

thx for sharing, only if you wish to.

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  #625 (permalink)
 nakachalet 
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<i just found the direct linkage, stup me. here is the direct linkage to the article, if you prefer: https://wp.me/p2b6r4-24z>

-----------------------------------------------
i just did not know enough to find the link of this article which should help many traders to better protect their funds and such. so i just copy and paste here, with apology.

Individually Segregated Accounts the Magic Bullet?
by Attain Capital

The PFGBest mess has forced a debate from the MFGlobal days to resurface - what, exactly, is a segregated account, and what should it look like?

It may, intuitively, seem like a segregated account is much like a bank account with your name on it, but in reality, it's much more like one giant bank account in the name of all the customers collectively, with your name listed alongside the rest of the clients at an FCM. It's still (supposed to be) protected and segregated from the firm assets, but if the recent crises have demonstrated anything, it's that the current system is no longer sufficient. There are a lot of solutions being tossed around - including on this blog, where we've been calling for a full investigation of the regulators, the institution of an insurance fund for investors, and modification of the bankruptcy code and general procedures to better protect clients. However, beyond these solutions, should segregated accounts get made over to look more like what we might intuitively think of them? An interesting article from Futures and Options World pointed out the differences between how America has approached the segregated account, how Europe is tackling it, and what an attempted cross-over might mean:

European regulators are taking a different approach. The European Markets Infrastructure Regulation, which is due to come into effect next year, states that “a clearing member shall offer its clients at least the choice between omnibus client segregation and individual segregation and inform them of the cost and levels of protection”.

It also requires that if a client chooses to have an individually segregated account then “any margin posted in excess of the client’s requirement shall also be posted to the CCP and distinguished from the margins of other clients or clearing members and shall not be exposed to losses connected to positions recorded in another account”.

It sounds great on paper, but can the industry adopt the individual segregation model?

“A lot of comment in the industry at the moment suggests that’s where we’re headed,” says Hamish Purdey, chief executive of software-as-a-service front to back office provider FFastFill.

Individually segregated accounts, where a customer’s assets are ring fenced in their name, provide both transparency and protection. However, individual segregation is operationally very onerous given that it requires every piece of collateral provided by that customer to be tagged by the clearing member and placed in a separate account under that customer’s name. Increased complexity means increased costs and some industry participants are concerned about who will foot the bill.

“When it comes to segregating funds there will be a lot of nice phrases and ideas thrown out around improving risk management but ultimately it is the end-user who pays for it. And it always will be,” claims John McCann, director of Trinity Fund Administration.

Although it is still unclear how individual segregation will be priced, the expectation is that it will not come cheap.

The problem is that the models that are legally clean are operationally intense and the models that are operationally more attractive are legally more complicated, particularly across multiple bankruptcy jurisdictions as in the EU.

Rather than being just individually segregated accounts or omnibus accounts, firms in Europe are anticipating a tiered structure in which different levels of segregation are offered. The cost of each model could be operational, capital related or risk related and each model will trigger a different price structure.

FCMs to struggle

Essentially, firms will have to conduct a cost/benefit analysis of the varying tiers of segregation to work out which is the most economically viable for them. Anthony Belchambers, head of the Futures and Options Association, has voiced a number concerns about this model.

Belchambers argues that regulators and politicians have not thought through the implications of this increase in cost to the industry. He also says that there is a growing tension between public policies that target better risk management while simultaneously stifling growth and making risk management too expensive for some firms.

The risk is that smaller firms will be priced out of the market. McCann warns that the new regulation will have unintended consequences as small and mid-size firms disappear, reducing competition in the market place.

Belchambers adds: “Everyone knows that costs are going to go up in this environment, but they will go up so significantly as to put all these other post-crisis public policy objectives in jeopardy? I think that everyone needs to think very seriously about how much cost they can expect the industry and their customers to bear.”

To sum that up - essentially, individually segregated accounts can protect against scandals like PFGBest, to some extent, but will force the already strained FCM space to take on additional costs that inevitably get passed down to the investor. Some of them might be okay with that. But if not enough are comfortable with those additional costs, the strain of building out a new infrastructure or hiring new staff could force firms to be priced out of the market. The largest banks already have infrastructure in place that is either similar or identical to what would be required for them to provide those individually segregated accounts.

But here's what the article doesn't get at. Those large banks? They don't care about the "small business." No, that doesn't just mean someone with $10k in a trading account. It means someone with $500k, $1 million, $10 million. It means someone who is NOT an institutional investor. The big banks won't churn enough of a profit off of accounts that "small" to justify their expenses in maintaining an individually segregated account. Even today, with the current segregated account infrastructure, they're not interested in the business.

Raise the costs of running an FCM too substantially, and you run the risk of crowding out the players that service those "small" accounts. What do they have left? Don't get us wrong, we've been loud and relentless about the types of reforms we believe are necessary for the industry - and we're not substantially opposed to this idea - but we have to consider what it means for investors before we pull the trigger.
Attain Capital | August 8, 2012 at 7:50 am | Tags: FCMs, financial regulation, futures trading, segregated accounts | Categories: Macro Commentary | URL: Individually Segregated Accounts the Magic Bullet? | Attain Capital Managed Futures Blog

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Proposal for an insurance fund for futures trading insuring up to $250k for a trading firm's failure.
Seems more helpful than that "tie adjusting" NFA head.

CFTC's Chilton on a Futures Trading Reform - CNBC

 
 
 
 

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 nakachalet 
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finally here is the legal linkage to what we need to follow in terms of

liquidation of pfg under court appointed trustees:

www.PFGBESTChapter7.com

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 nakachalet 
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finally here is the legal linkage to what we need to follow in terms of

liquidation of pfg under court appointed trustees:

www.PFGBESTChapter7.com

just in case, you are too exhausted from your trading today and won't want to type in all those characters,

here is the direct linkage to where the action is.... getting our money back

Peregrine Financial Group, Inc.: Home

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Good luck to all PFG clients. Really hope they recover funds for you guys. All of us collectively cringe on your behalf knowing it could have easily been any one of us.

"The day I became a winning trader was the day it became boring. Daily losses no longer bother me and daily wins no longer excited me. Took years of pain and busting a few accounts before finally got my mind right. I survived the darkness within and now just chillax and let my black box do the work."
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 nakachalet 
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in ref to pfg and traders/depositors/farm owners et al:

just arrived:

here is more info on how badly we traders have been silently abused by so many different appointed agencies.

PFGBest Update: Courage of Conviction | Attain Capital Managed Futures Blog

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 nakachalet 
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at long last, some kind soul got it right, segregated funds owners should come first....

even before any and all creditors, regardless of size....

segregated funds owners have no other security whatever to claim on, when entity such as pfg goes under....

segregated funds owners only lay claims to whatever is left in their trading account which is categorically and absolutely NOT a part of pfg's assets in any shape or form,
to be subject to any legal claim from any entity including any and all federal agencies with the only exception, the IRS and legitimate courts' orders and such, only.

there appears a small ray of hope now.... at the end of the long long tunnel ahead.... but....

IF AND ONLY IF.... WE TRADERS WOULD JOIN HANDS AND MOVE FORWARD TOGETHER AS STATED IN THE ARTICLE TO ADVOCATE OUR OWN CAUSE,
so no one, not even the court could give away our segregated funds fraudulently used by many brokers to secure their own credit lines for whatever purposes,

as cited in the court case, in the same article.


it scares me to death to see, hear and read that our own court would justify brokers' creditors to lay hands on our segregated funds....

at the moment, any trust worthy "brokers" around who would not pledge our segregated funds for their own usage.... anyone pls? and thx

here is the link to the proposed article just arrived some 30 minutes ago: enjoy;

PFGBest Update: No More Stalling | Attain Capital Managed Futures Blog

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another article on....

after pfg and what ought to really be done to protect the unprotected traders' funds and

their segregated accounts which are still as of now.... open for grab and misuse by everyone.

here is the link to the suggestions and highly valued opinions....

PFGBest Update: Give Us Some Options, Already | Attain Capital Managed Futures Blog

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Peregrine president set to testify before grand jury next week - Yahoo! News

CHICAGO (Reuters) - An Iowa grand jury is expected to hear testimony from Peregrine Financial Group's president next week as it begins considering alleged wrongdoing at the failed futures brokerage.
Russell Wasendorf Jr., Peregrine's president and the son of the brokerage's accused chief executive, has been subpoenaed by the grand jury and will likely testify next week, his lawyer told Reuters.

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Grand Jury to Convene Monday in Peregrine Probe - WSJ.com

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more on pfg.... and

traders' seg funds....; enjoy:

Weekend Reads | Attain Capital Managed Futures Blog

PFGBest Update: Give Us Some Options, Already | Attain Capital Managed Futures Blog

PFGBest Update: No More Stalling | Attain Capital Managed Futures Blog

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Glad to see the CFO will have to testify too. imo and speculation, at least five or more of the execs and inner circle(including that suburban "accountant") knew about it.

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NIBA Journal - National Introducing Brokers Association > PFGBest Trustee Message

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PFGBest Update: How far did the apple fall from the tree?

PFGBest Update: How far did the apple fall from the tree? | Attain Capital Managed Futures Blog

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6:14p
BREAKING
Peregrine Financial CEO indicted on 31 counts

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6:14p
BREAKING
Peregrine Financial CEO indicted on 31 counts

Source: UPDATE 1-Peregrine CEO indicted for lying to regulators | Reuters


Quoting 
Aug 13 (Reuters) - Peregrine Financial Group founder and CEO Russell Wasendorf Sr was indicted on charges of lying to regulators, a little over a month after his botched suicide attempt and his signed confession to bilking customers of his brokerage for years.

Wasendorf "overstated the value of PFG's customer segregated funds by at least tens of millions of dollars" to the Commodity Futures Exchange Commission, according to the indictment, filed in federal court in Cedar Rapids, Iowa.

The indictment carries a possible maximum sentence of 155 years in prison, a $7.75 million fine, and 93 years of supervised release following any imprisonment, the U.S. Attorney's office said.

The public defender representing Wasendorf Sr could not immediately be reached for comment.

Peregrine, which operated as PFGBest, filed for bankruptcy protection on July 10, one day after Wasendorf Sr attempted suicide and left a note describing how he had bilked customers of more than $100 million over nearly 20 years.

Using little more than a P.O. Box, laser printers and Photoshop software, Wasendorf Sr said he forged and intercepted financial statements that were mailed between U.S. Bank, where some Peregrine customer money was held, and the firm's auditors at the National Futures Association. He also said he spent most of the stolen money to try to keep his brokerage afloat.

The indictment does not mention Wasendorf's alleged misuse of customer money, but only asserts that he misrepresented the value of customer funds from February 2010 to June 2012.

An indictment means a person has been formally charged by a grand jury. Additional charges can be added later, in superseding indictments, as the grand jury continues to weigh testimony and evidence.

The federal probe into Wasendorf Sr continues and the grand jury hears testimony from witnesses, including Russ Wasendorf Jr, son of the CEO and the company's president.

"He testified and answered all questions and continues to cooperate with the FBI," said Nicholas Iavarone, Wasendorf Jr's attorney.

Wasendorf is being held in a county jail and his next appearance for an arraignment has not yet been set, the U.S. Attorney's office said.

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Market Sniper 88 View Post
6:14p
BREAKING
Peregrine Financial CEO indicted on 31 counts

pls also post a live linkage here, if you have it handy.

thx much.

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pls also post a live linkage here, if you have it handy.

thx much.

Peregrine chief Wasendorf indicted on 31 counts - MarketWatch

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I wonder what happens to the money from the fine IF he's able to pay it. I mean, who is the beneficiary of that money? Is it going to come out of the liquidation/settlement?

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just showed up a minute ago.

didn't even read it yet.

enjoy.

Attain Capital Managed Futures Blog

a brief summary to help those who have very limited time on hand:

The NFA, as a quasi-governmental agency, enjoys very little liability for their action or inaction under the pretense of facilitation of their purpose. After all, if there’s the risk of them getting sued for every member responsibility action, it becomes difficult for them to do their job. However, despite this luxury, they are not held to any of the other standards we assign to governmental agencies – including transparency.

While the House Committee on Agriculture called for us to, in essence, clean up our own mess, we cannot do that without the transparency necessary to compel accountability. The PFGBest case has highlighted incompetency, but in its wake, allegations raised cast serious doubt on their hiring policies, consistency in application of the rules, and responsiveness to members. As Commissioner Chilton said himself today, “The regulators should be held accountable.”

To remedy this, we would argue that the CFTC should compel heightened transparency to facilitate this accountability, including, but not limited to:

Requiring release of board meeting minutes as a matter of public record
Requiring release of materials used in member responsibility action formation as a matter of public record
Requiring quarterly public meetings with the NFA leadership and board with an open questioning period
Institution of a “vote of no confidence” stipulation in the bylaws, allowing for the industry to unseat the NFA president by membership vote should 10% of the membership base call for consideration

These are trying times, and we thank you for your drive to protect clients. We hope you will take these proposals into consideration.

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Wasendorf arraignment set for Friday - Chicago Tribune

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Video - Peregrine's dramatic downfall involved a suicide attempt and an alleged multi-million-dollar fraud - WSJ.com

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Mug shot.


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Arraignment tomorrow 11am.

PFG founder slated to appear in court Friday

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Tentative Oct. 15th date for trial.

Peregrine's Wasendorf pleads not guility - chicagotribune.com

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Wasendorf's legal saga begins : Business Monthly

UPDATE: Lawyer: Son of Peregrine CEO not a target in brokerage fraud

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Trustee wants to keep operating PFG and keep employess until November. Sure, why not, it's not his money he's using to pay them. And now he wants to give general counsel an approxiamtely 5% raise and keep doling out benefits to the retained eemployees? WTF?

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Peregrine Financial trustee, clients parry over return of funds | Reuters

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Trustee wants to keep operating PFG and keep employess until November. Sure, why not, it's not his money he's using to pay them. And now he wants to give general counsel an approxiamtely 5% raise and keep doling out benefits to the retained eemployees? WTF?


This might sound dumb, but what is there to operate?!! PFG is no longer conducting business, right? And what has the general counsel done to deserve a raise this soon? I'm thinking maybe the trustee and general counsel should be paid a percentage based on how FAST then can get their jobs done. Then they'd have an incentive to do the job they were hired to do. Interesting how they want to "keep the doors open" 'til the week after election.....why "November" and not December or January? Something definitely doesn't sound right.

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greetings traders

here is a piece of long awaited for good news from the trustees of pfg liquidation, or it seems...

a tiny piece of good news, especially for those directly or indirectly effected by pfg and neil....

happy and profitable trading everyone....

Attached Files
Register to download File Type: swf _LATEST_PFG_BEST_UPDATE__2012-08-30_17_30_o'clock.swf (3.20 MB, 54 views)
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Wasendorf's new wife seeks annulment LOL!

Peregrine Financial Group, Inc.: Home Finally!

Peregrine Financial lawyer's planned pay rise draws objection | Reuters

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just for some who are skeptical about using the word 'news' for this reference,

perhaps you ought to refresh your journalism 101 to see just what the word 'news' sources entail.

for those unfamiliar with the general usage of the word 'news' which comprise of primary news source and secondary news source and others.

as far as i am concerned, this is considered a news source, not necessarily a primary news source though, as many might incline to interpret incorrectly. nevertheless, i am not interested in starting an argument with anyone over this triviality.

here is the latest news which came across my desk a couple of minutes ago.

hopefully it would bring some reassurance toward our future segregated funds, regardless of who the funds are with. i am still somewhat numbed by pfgbest and neil who is now pitching for new segregated funds members with another brokerage frequently appeared across our reading here.

just take extra caution, trading friends, regarding who your trading funds are with, K?

i don't mind a bit, if and when i lost my shirt trading my setups which on rare occasions might have gone astray from their ultimate goals....; but to have lost it otherwise as many news sources revealed, was really truly devastating, to say the least; for my humble self anyway.

enjoy and have a great wkend everyone. remember to shower your love and affection for your significant love ones more so today than yesterday, OK?


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 olobay 
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#PFGBest Distribution Filed: 30% 4d & Delivery Class, 40% 30.7 Class

30% or 40% depending on if your account is 4D or 30.7.

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 flyg 
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Somewhat confusing as the 4D or 30.7 distinction...I think all accounts should be treated equally as one pool...cash is cash regardless where it is kept in this case...am I missing something???

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 olobay 
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flyg View Post
Somewhat confusing as the 4D or 30.7 distinction...I think all accounts should be treated equally as one pool...cash is cash regardless where it is kept in this case...am I missing something???

I believe if you traded markets on US exchanges, you had a 4D account so you get back 30%. If you traded on markets on foreign exchanges, you had a 30.7 account and will get back 40%.

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 flyg 
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My point exactly..why would where you traded make a difference?

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 olobay 
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Peregrine trustee seeks to distribute $123 million

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 Cloudy 
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"Wasendorf Assets Going on the Block"
https://www.wsj.com/articles/SB10000872396390443864204577623612657001068

Wasendorf's guns to be sold.
https://www.bloomberg.com/businessweek/news/2012-08-28/wasendorf-receiver-seeks-to-set-claims-deadline-sell-guns

https://www.wsj.com/articles/SB10000872396390443864204577623612657001068

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 nakachalet 
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hi lamenting former pfg clients and dear traders:

if interested you can read the whole doc per attached. it is only 18 pages long.... L O L

however, here is what was summarily stated: according to an email from pfg trustee, it stated that:

181,000,000 uad is available for distribution, however,

only 123,000,000 usd will be actually distributed.

the 58,000,000 usd will be reserved for unforeseen, which could be inclusive of service fees and such incidental, i do not dare say.

any traders in their right mind would immediately conjure up such statement as....

by george.... 58 millions out of 181 millions.... that is just about a little under 30% of the total funds, is it not?

perhaps, i got.... as former prez clinton said last night during dem national convention.... my math is wrong altogether....

well, anyway.... accordingly.... funds will be in our new trading acct or otherwise within what? 1 or 2 months....? BUT ONLY 30% for all the brave and free, and 40% for others, per document....




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 nakachalet 
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this is the working link which contains the whole 18 pages of pfg trustee proposal to her honor....

enjoy everyone....

our money is practically on the way.... end of this month, perhaps....

https://casedocs.omniagentsolutions.com/cmsvol/CMSDocs/pub_46535/333616_147.pdf
----------------------------------------------------------------------

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 nakachalet 
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alright, this linkage might work and it contains explanations as well.

if it fails to work, my most sincere apology to everyone. and i shall try to make it works later, promise.

the attached doc does not come from pfg trustee, K?

PFGBest Update: Interpreting the Distribution Motion | Attain Capital Managed Futures Blog

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 nakachalet 
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this is the working link which contains the whole 18 pages of pfg trustee proposal to her honor....

enjoy everyone....

our money is practically on the way.... end of this month, perhaps....

https://casedocs.omniagentsolutions.com/cmsvol/CMSDocs/pub_46535/333616_147.pdf

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 olobay 
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Peregrine Financial assets far less than estimated

Doesn't look good for us.

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 ron99 
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Here's why they are working to validate account balances.

Quoting 
The CFTC said it had consulted with the trustee, Ira Bodenstein, about methods for performing validity tests of commodity customer accounts, to ensure money didn’t go to any claimant who may have been involved in the theft of customer money.
...
“The CFTC believes that it would be prudent for the trustee to complete validity testing -- and, in parallel, work on the implementation of the mechanics of the distribution -- before this court authorizes the distribution,” the commission told the judge handling the liquidation.

The CFTC said its “preliminary” investigation uncovered more than $45 million in fictitious bookkeeping entries and unusual activity or balances in customer accounts.

CFTC faults Peregrine trustee $123 million distribution plan

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 nakachalet 
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here is the latest linkage to the news on pfg trustee supposed proposal to pay off verified customers' acct.

hope it works. if not let me know, i'll try to fix it right away. pm or email, would be best. as my activity is somewhat curtailed here at bmt.

hope many of us would see the green soon, regardless. cheers everyone.

PFGBest Update: CFTC asks Trustee to Verify | Attain Capital Managed Futures Blog

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 nakachalet 
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....The National Futures Association has repaid a $700,000 fine levied on Peregrine Financial Group Inc. in February, boosting the funds available to the trustee....

it is very unusual to have double whammies from pfg trustee and other news sources regarding WHAT, WHEN OR HOW MUCH, HOW SOON; the segregated funds owners would be receiving their rightful portions....

the attached linkage is probably the latest news, good news, for former acct holders at pfg.

it is a little bit encouraging, for me anyway. enjoy everyone and cheers.

PFG Best Update: Good Job NFA! | Attain Capital Managed Futures Blog

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 nakachalet 
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if you are interested in what some people who are more intimately involved in the policing of our segregated funds, are advising those concerned regulatory authorities;

here are some comments, per quote, without personal experience:

John P. Needham says: September 11, 2012 at 2:38 pm

There is some excellent tips here for NFA, especially about helping determine which back-office entries are fraudulent.

I actually put some concrete, actionable items up on Twitter today (@ johnpneedham). If you’re in touch w/ anyone at NFA, have them take a look.

They have to go after the back-office system’s Transaction History File (referred to as “the TH1 file” by back-office technical experts). I gave them the file name and the query selection criteria. Even offered a couple of days of free consulting advice to get them moving in the right direction.

jack says:
September 12, 2012 at 10:38 am

You guys are brillant what a great job at stating the obvious! Gee 800k is going to really help the customers who lost 200 million with the FCM you trusted Attain!

Please what a bunch of self serving crap.

Attain had most of their biz at PFG even though they were in fact a NON Clearing FCM which meant less capital requirements and the NFA not the CME was their regulator.

Further, were (sic) are at least 30 better capitalized firms to clear with and sometimes going with the cheapest clearing rates has it’s darkside.

Interesting how the next NFA Audit goes at Attain. LOL.

@ jack

what do you mean in your statement PER ABOVE and per quote at…. jack says: September 12, 2012 at 10:38 am above?

could you pls clarify a bit. thx much.

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 nakachalet 
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....Only holders of smaller accounts, with $50,000 or less, will receive money in this first distribution....

another piece of good NEWS on the seg funds rightfully belonging to many of us here at bmt....

you can choose when to read the attachment for yourself.... on our soon disbursement expectation and all....

enjoy everyone.
Peregrine trustee to pay out $123 million to customers

By Lynne Marek September 12, 2012


Today's Headlines 9/12/2012

View All of Today's News Headlines




(Updated 2:15 p.m.)
(Crain's) — The trustee handling the Peregrine Financial Group Inc. can begin giving back $123 million to customers of the failed former futures commission merchant under a plan approved by a federal bankruptcy court judge today.


The customer money had been frozen in customer accounts since the firm collapsed in July after its former CEO and owner Russell Wasendorf, Sr. tried to commit suicide and left a note saying he had been siphoning money from customer accounts for years. Mr. Russell, who allegedly stole more than $200 million, entered a plea agreement yesterday in a separate federal criminal case in Iowa.


Cedar Falls, Iowa-based Peregrine, which did business as PFGBest and had half its now depleted 200-person workforce in Chicago, also had many of its 17,000 futures trading accounts with customers in the Chicago area.
“All these parities should be getting their money,” Bankruptcy Judge Carol Doyle said during a hearing in Peregrine’s bankruptcy case in Chicago, echoing Trustee Ira Bodenstein’s argument for a distribution of a portion of the account holdings by a Sept. 28.


While the Commodity Futures Trading Commission, which oversees the industry, initially was reluctant to start the distribution because of concerns about verifying customer claims, an attorney for the agency told the court today it was willing to go along. The agency was persuaded partly by the trustee’s agreement to hold a hearing Sept. 21 on how the accounts are being verified.


“We understand how important it is to the customers to get their money back,” said Robert Fishman, an attorney for the trustee, noting he has fielded myriad calls from former Peregrine customers upset about not getting the money back as lawyers rack up legal fees for work on the case.
Mr. Bodenstein was unwilling to say during an interview whether he thought Peregrine customers would be fully repaid.


Only holders of smaller accounts, with $50,000 or less, will receive money in this first distribution. The trustee for now is reserving more than $58 million of futures account money.


Holders of accounts related to metals and foreign currency trading weren’t eligible for the distribution because of complicated legal issues associated with them, Mr. Fishman said.


Mr. Bodenstein and Mr. Fishman are attorneys with the Chicago law firm of Shaw Gussis Fishman Glantz Wolfson & Towbin.
The judge also approved the trustee’s plan to seek bids from other firms interested in buying the Peregrine accounts and, following any sale, to make a bulk transfer of accounts to the winning bidder or bidders.
Representatives from the Chicago-based Commodity Customer Coalition agreed that the process was being handled fairly.
“We’re pretty comfortable with his validity testing process,” said James Koutoulas, who formed the coalition after some his futures clients lost money in the demise of MF Global Holdings Inc., a futures broker and commission merchant that also had money missing from futures customers’ accounts.
Mr. Koutoulas noted that it has taken some three months to start returning money to Peregrine customers whereas it only took about six weeks to get money back to clients of the much larger MF Global, which was based in New York.
The judge overruled several third-party objections to the trustee’s proposals.



A lawyer for futures broker G-Force Trading LLC argued against the bulk transfer of accounts and instead suggested customers be allowed to individually shift their old Peregrine accounts, but Judge Doyle agreed with the trustee that that option would deprive the estate of money that might be generated from the sale of the accounts and also would be more complicated and costly.
There were also objections from representatives of metals and foreign exchange accountholders concerned about whether there would be money for repayment to those customers. Mr. Fishman assured the judge the trustee was attempting to handle the distributions in a conservative manner.

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 binary 
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i am confused, are we suppose to file the claim now using the "Standard Proof of Claim Form"? for individual futures accounts OR are we supposed to wait for them to tell us by when to file?

"The content of the standard proof of claim form is not tailored to address customer accounts. The fact that the claim form is on the website is not meant to imply that creditors’ claims will be addressed before customer claims."


ref:
Peregrine Financial Group, Inc.: Home



thank you

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 olobay 
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gkopparam View Post
i am confused, are we suppose to file the claim now using the "Standard Proof of Claim Form"? for individual futures accounts OR are we supposed to wait for them to tell us by when to file?

thank you

We are supposed to wait. Nothing has been decided about what we need to do to get our money back, or I should say, our first installment.

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 nakachalet 
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olobay View Post
We are supposed to wait. Nothing has been decided about what we need to do to get our money back, or I should say, our first installment.

@ olobay

....Only holders of smaller accounts, with $50,000 or less, will receive money in this first distribution....

are you quite certain about the 1st installment....?

just where did you read that pls, if i may inquire for specificity?

it appears from several sources that there is only one disbursement for segregated clienteles.


....Only holders of smaller accounts, with $50,000 or less, will receive money in this first distribution....


but then, i have been wrong and been on the other side of the trade more than i would care to remember, i could also be mistaken again here.

anyway, at your own risk, K, everyone ?

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 Big Mike 
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Peregrine Financial CEO To Go Home | ZeroHedge

Peregrine Financial Group Chief Executive Russell Wasendorf Sr., who has confessed to stealing millions of dollars from clients, will be released from a county jail after he pleads guilty on September 17 to mail fraud, lying to regulators and embezzling customer money, according to a judge's order.

Wasendorf, 64, will stay in the home of an Iowa pastor pending sentencing for the crimes, the order said.

Wasendorf attempted suicide on July 9 near the headquarters of his Cedar Falls, Iowa, brokerage and left a signed confession of a 20-year-long fraud.

The search continues for the money he stole. Former clients are still unable to access funds frozen since the firm's bankruptcy on July 10.

Mike

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 nakachalet 
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where would the chief choose to stay before sentencing?

Remember Peregrine Financial, the firm that just like MF Global, ended up vaporizing $200 million in client money after it was revealed that its suicide-challenged CEO Russell Wasendorf was stealing operating cash for two decades under the nose of the CFTC? Yes? Good.

Because in four days, said CEO will be relaxing in the comfort of his own home.


From Reuters:
Wasendorf, 64, will stay in the home of an Iowa pastor pending sentencing for the crimes, the order said.

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 olobay 
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Important Message for Customers of Peregrine Financial Group and Peregrine Asset Management - Updated on September 14, 2012

Peregrine Financial Group, Inc. (PFG) filed for liquidation in a U.S. bankruptcy court in Chicago on July 10, 2012. Ira Bodenstein was appointed by the U.S. Trustee to act as trustee for PFG's estate. This includes marshaling and recovering the assets of PFG's estate, including customer property, and distributing those assets pursuant to the U.S. Bankruptcy Code and CFTC Part 190 rules. The Trustee has been authorized to operate PFG on a limited basis in order to wind down the business.

The Trustee filed a motion on September 6, 2012 seeking approval from the court to make an interim distribution to PFG's futures customers. The motion can be viewed by visiting https://cases.omniagentsolutions.com/pfg, a website which was established by the Trustee in order to provided information about the case and also to receive comments and questions from customers. A Trustee communication dated September 7, 2012, which is available in the Trustee Communication section of the website, clarifies that customers should not file any kind of claim form to participate in the proposed interim distribution. It further explains that all customers will need to file a claim form eventually and that when the appropriate forms are available, they will be posted on the Trustee's website providing customers reasonable time to complete the filing.

If you are a farmer, rancher, or agricultural cooperative, CME Group is accepting applications to register for benefits under the CME Group Family Farmer & Rancher Protection Fund. Information regarding the application deadline and the qualification requirements to receive benefits can be found at Family Farmer and Rancher Protection Fund. Questions relating to the program should be emailed to familyfarmerfund@cmegroup.com.

Customers are encouraged to visit the Trustee's website frequently, including the "Trustee Communications" section, to obtain current information about the claims process and the case in general.

We will continue to provide additional information as it becomes available on our website and via email.

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 olobay 
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nakachalet View Post
@ olobay

are you quite certain about the 1st installment....?

just where did you read that pls, if i may inquire for specificity?

it appears from several sources that there is only one disbursement for segregated clienteles.

This is the initial and so far, only disbursement. I am hoping there will be others. :sos:

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 Big Mike 
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Source: UPDATE 4-Peregrine CEO pleads guilty to fraud; to stay in jail | Reuters


Quoting 
* Wasendorf pleads guilty to embezzlement, other crimes

* Former CEO to stay jailed pending further court order

* Wasendorf was previously set to be released after pleading

* Prosecutors argue Wasendorf may flee, access hidden assets

* Son claims in lawsuit that Wasendorf had help in fraud

By Tom Polansek and Ryan Schlader

Sept 17 (Reuters) - Peregrine Financial Group's former Chief Executive Russell Wasendorf Sr. pleaded guilty on Monday to embezzling more than $100 million from customers of his futures brokerage, lying to regulators to cover his tracks, and mail fraud.

Previously expected to be set free from jail pending his sentencing, Wasendorf was told he will remain behind bars while a judge determines whether he is a flight risk.

Wasendorf, 64, agreed earlier this month to plead guilty after confessing in July to stealing from his customers for nearly 20 years.

In a small courtroom in Cedar Rapids, Iowa, Magistrate Judge Jon Scoles confirmed that Wasendorf wanted to plead guilty to each of four charges.

"Are you pleading guilty because you are guilty?" Scoles asked the former futures-industry executive, who was wearing an orange prison jumpsuit and shackled at the wrists and ankles.

"Yes, your honor," Wasendorf replied.

Prosecutors said in court that Wasendorf, who faces up to 50 years in prison, should spend the rest of his life behind bars. Wasendorf's public defender argued for a sentence of about 24 to 30 years, which could be a life sentence given his age.

A date for his sentencing was not set.

LOCKED UP

Wasendorf attempted to kill himself on July 9 near the headquarters of his Cedar Falls, Iowa, brokerage. He was arrested on July 13 and charged with 31 counts of lying to federal regulators.

The search continues for the money he stole. Former clients are still unable to access funds frozen since the firm's bankruptcy on July 10.

Wasendorf previously was expected to be released from the Linn County Jail in Iowa, where he has been held in isolation and under suicide watch since his arrest, after he pleaded guilty on Monday.

In approving the release last week, Scoles said Wasendorf's chances to flee were limited because he had surrendered his passport and assets to authorities.

However, prosecutors on Monday objected to the plan and Chief Judge Linda Reade of the U.S. District Court of the Northern District of Iowa ruled that Wasendorf "shall remain detained pending further order of the court," according to a court filing.

A date for the next order was not released.

The public defender representing Wasendorf has declined to comment.

Prosecutors argued Wasendorf should stay behind bars because there is a "serious risk" he might flee.

"Defendant's crime is nothing short of breathtaking," prosecutors said in a court filing.

HIDDEN ASSETS?

The total amount Wasendorf stole is not clear.

Prosecutors said Wasendorf stole about $200 million and that they were worried he could access assets that may be hidden from authorities.

"If even the smallest portion of such a vast amount of money were hidden away, it could be all (the) incentive and means that defendant might need to flee a probable life sentence," prosecutors said in a filing.

The Commodity Futures Trading Commission has filed a lawsuit against Wasendorf and his firm, saying the CEO misappropriated more than $200 million in customer funds over several years.

Wasendorf claimed he acted alone in the fraud.

However, a civil lawsuit filed on Friday by the CEO's son, who was Peregrine's president, said Wasendorf had help from a woman who claimed to work for U.S. Bank, which held the account from which the elder Wasendorf stole. The woman told regulators in 2011 to disregard account balances that had been supplied directly by the bank in favor of inflated figures, supplied unbeknownst to them by Wasendorf, according to the lawsuit.

U.S. Bank said the lawsuit has no merit.

Wasendorf has met with authorities working to piece together his crime and track down his assets. Prosecutors said in a filing that his cooperation was "primarily designed to bolster his argument for release."

Wasendorf was set to move in with Linda Livingston, a pastor in Iowa who has counseled him in prison, if he was released. She attended the court hearing on Monday but did not speak to reporters.

Wasendorf has told authorities he is no longer suicidal.

Prosecutors said in a filing that "none of what defendant says can be taken at face value."

Mike

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 nakachalet 
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did you notice some details in mike's long post....?

never imagined in a thousand years, that anyone would reward him, granting him to stay with his girl friend while awaiting sentencing.

though the wordings are not precisely that, but those who have been damaged surely would read with hawks' eyes....

....Wasendorf was set to move in with Linda Livingston, a pastor in Iowa....

well, the lady judge was surely wise enough to see thru all the smoke screens setup by those who still wanted to pamper him....




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 ron99 
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nakachalet View Post
did you notice some details in mike's long post....?

never imagined in a thousand years, that anyone would reward him, granting him to stay with his girl friend while awaiting sentencing.

though the wordings are not precisely that, but those who have been damaged surely would read with hawks' eyes....

....Wasendorf was set to move in with Linda Livingston, a pastor in Iowa....

well, the lady judge was surely wise enough to see thru all the smoke screens setup by those who still wanted to pamper him....




I highly doubt that the pastor is his GF. He just got married a few months ago.

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 nakachalet 
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the very latest NEW twists on pfg, hopefully more money for former segregated customers like many of us....

PFGBest Update: What the U.S. Bank Suit Means | Attain Capital Managed Futures Blog


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 nakachalet 
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ron99 View Post
I highly doubt that the pastor is his GF. He just got married a few months ago.

personally, to stay with a female in the same home, particularly a supposedly female minister of any denomination,

is really NOT a good idea for anyone; particularly concerning case such as this, just my personal opi.

besides, it appears that a petition for nullification of the marriage in question at las vegas, has already been submitted by the 'bride'.

mostly, former clienteles like many of us, just want our segregated funds and deposits being made good wholly or partially, asap. HOPEFULLY, SOONER.

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 Cloudy 
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civil lawsuit by jr. a smokescreen of some plan imo. I hope they all get rounded up eventually, . jr., the cfo, the other execs and the homemade suburb accountant.

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 nakachalet 
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it appears the final hearing (DISBURSEMENT), depending on court's availability, might be scheduled for, next week,

thursday, SEPTEMBER 27; or

during the week of OCTOBER 1, 2012.


but it is only about 30% of our hard earned trading funds, which would be distributed back to us....

don't really know.... whether to LAUGH.... or to CRY.... ?

here is the details, only 8 pages long....



-------------------------

-----------------------------


-----------------------------


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  #688 (permalink)
 nakachalet 
siam, west coast andaman sea
 
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< CONTINUE PAGES 5 TO 8: >

nakachalet;264938]it appears the final hearing (DISBURSEMENT), depending on court's availability, might be scheduled for, next week,

thursday, SEPTEMBER 27; or

during the week of OCTOBER 1, 2012.


but it is only about 30% of our hard earned trading funds, which would be distributed back to us....

don't really know.... whether to LAUGH.... or to CRY.... really?

here is the details, only 8 pages long.... (CONT. pp5-8)
--------------

--------------

--------------

--------------

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 nakachalet 
siam, west coast andaman sea
 
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just wonder, if i need to order a new pair of glassess....

concerning the underlined phrase.... double negative at the end of the sentence....

.... while providing reasonable assurance that such funds will not be NOT MISDIRECTED....

well, it probably was just my own exhaustion.
------------------


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FCMReform
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Reuters has just published an exhaustive two part special report on the fraud perpetrated by Russ Wassendorf. Wassendorf spent tens of millions of dollars on luxury items and in failed business ventures with money stolen from client accounts.

Part One: Special Report: Iowa broker built empire on a lie concealed in a postal box | Reuters

Part Two: Special Report: As Peregrine teetered, founder went on shopping binge | Reuters

One of the most distressing aspects of the fraud is that Wassendorf was nearly caught last year in a routine audit but managed to head off the NFA with a last second fax that allowed him to keep the fraud going for another year. The episode highlights the need for greater auditing and accounting standards, not to mention the need for more financial disclosures for brokers so as to prevent lone wolf CEO's like Wassendorf from hiding the true state of their firm's finances.

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 nakachalet 
siam, west coast andaman sea
 
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you may update pfg distribution news by following the below linkage.

happy trading everyone, otherwise.

PFGBest Update: Accounting Complications | Attain Capital Managed Futures Blog



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 olobay 
Montreal
 
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Just received this in my email.


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 binary 
Des Moines
 
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Just received this in my email.


olobay,
i have an account too but did not receive any email. did you have to send any claim forms previous to receiving this email?

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 olobay 
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No, I did not send anything prior to receiving this email. Here's the link to register:

https://omnimgt.com/PFGAcctHolders/home/

If you are not in the USA, you can't receive a check, you must have your funds wired.

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 binary 
Des Moines
 
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No, I did not send anything prior to receiving this email. Here's the link to register:

https://omnimgt.com/PFGAcctHolders/home/

If you are not in the USA, you can't receive a check, you must have your funds wired.

thank you for the link. i am very much in the US

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 binary 
Des Moines
 
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No, I did not send anything prior to receiving this email. Here's the link to register:

https://omnimgt.com/PFGAcctHolders/home/

If you are not in the USA, you can't receive a check, you must have your funds wired.

i tried entering information exactly as on my daily statements even then
it is saying "your identity cannot be confirmed"
do you know how we can contact them?

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 kevinkdog   is a Vendor
 
 
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binary View Post
i tried entering information exactly as on my daily statements even then
it is saying "your identity cannot be confirmed"
do you know how we can contact them?


Maybe Olobay can give the address of the other link, listed in the bottom of the e-mail he received.

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 binary 
Des Moines
 
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have most of you received this email? or is it just me?
i never received the email even when they had seized the accounts the last day after 3.00pm

if i had not know about futures.io (formerly BMT) forum and this thread i wont know anything that pfg did / is doing...

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 olobay 
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Maybe Olobay can give the address of the other link, listed in the bottom of the e-mail he received.

https://omnimgt.com/PFGAcctHolders/support/

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 olobay 
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binary View Post
i tried entering information exactly as on my daily statements even then
it is saying "your identity cannot be confirmed"
do you know how we can contact them?

My account # with PFG was one letter followed by 4 digits, ie M9805. I know in the statements, under the heading account information, there are many more alphanumeric characters. When I entered everything, it did not work but when I only entered the M9805, that was accepted and worked fine so try that if you haven't already.

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