PFGBest Accounts Frozen (PFG scandal big thread) - futures io
futures io



PFGBest Accounts Frozen (PFG scandal big thread)


Discussion in Brokers

Updated
      Top Posters
    1. looks_one Big Mike with 94 posts (100 thanks)
    2. looks_two olobay with 91 posts (76 thanks)
    3. looks_3 nakachalet with 73 posts (22 thanks)
    4. looks_4 ThatManFromTexas with 57 posts (54 thanks)
      Best Posters
    1. looks_one djkiwi with 1.7 thanks per post
    2. looks_two Big Mike with 1.1 thanks per post
    3. looks_3 ThatManFromTexas with 0.9 thanks per post
    4. looks_4 olobay with 0.8 thanks per post
    1. trending_up 178,703 views
    2. thumb_up 588 thanks given
    3. group 66 followers
    1. forum 859 posts
    2. attach_file 81 attachments




Welcome to futures io: the largest futures trading community on the planet, with well over 125,000 members
  • Genuine reviews from real traders, not fake reviews from stealth vendors
  • Quality education from leading professional traders
  • We are a friendly, helpful, and positive community
  • We do not tolerate rude behavior, trolling, or vendors advertising in posts
  • We are here to help, just let us know what you need
You'll need to register in order to view the content of the threads and start contributing to our community.  It's free and simple.

-- Big Mike, Site Administrator

(If you already have an account, login at the top of the page)

 
Search this Thread
 

PFGBest Accounts Frozen (PFG scandal big thread)

(login for full post details)
  #801 (permalink)
Wave
KAUAI HAWAII USA
 
 
Posts: 19 since Sep 2012
Thanks: 3 given, 20 received

Hello everyone thanks for the info. Has anyone heard anything about potential future distrubitions ?

Reply With Quote
 
(login for full post details)
  #802 (permalink)
 walker 
New York
 
Experience: Beginner
Platform: Ninjatrader
Broker: IB/AMP
Trading: ES
 
Posts: 36 since Dec 2011
Thanks: 568 given, 22 received

Does anyone know if we will receive any form for tax claims due to the loss? From which party? Thanks in advance.

Walker

Reply With Quote
 
(login for full post details)
  #803 (permalink)
 kevinkdog   is a Vendor
 
 
Posts: 3,003 since Jul 2012
Thanks: 1,598 given, 5,965 received


walker View Post
Does anyone know if we will receive any form for tax claims due to the loss? From which party? Thanks in advance.

Walker

I recommend you contact the trustee. They might be able to give you some info.

Follow me on Twitter Reply With Quote
The following user says Thank You to kevinkdog for this post:
 
(login for full post details)
  #804 (permalink)
 comintel 
Raleigh NC USA
 
Experience: Advanced
Platform: CTS T4 and TradeStation
Trading: Oil
 
Posts: 17 since May 2011
Thanks: 0 given, 7 received


Wave View Post
Hello everyone thanks for the info. Has anyone heard anything about potential future distributions ?

They have just said that there will be future distributions and nothing more.

Reply With Quote
 
(login for full post details)
  #805 (permalink)
wrc1169
Mississippi
 
 
Posts: 3 since Feb 2011
Thanks: 1 given, 2 received


wrc1169 View Post
I sent my claim to Vision to have the 30% that was transferred them to be sent to me via check. I got an email on 12/21/12 with the forms I had filled out scanned into a PDF file so I have confirmation that they received the request. As of today I still have not received my funds and have gotten no response to a couple of emails asking about it. Anyone else who requested a check still waiting??? Growing a little impatient here!!

FYI... I talked to customer service at Vision today and asked about the funds I requested. He told me according to their records the check was sent on December 27 but since I haven't received it they are going to stop payment on that check and send me another one.

Reply With Quote
The following user says Thank You to wrc1169 for this post:
 
(login for full post details)
  #806 (permalink)
FCMReform
New York/NY
 
 
Posts: 45 since Aug 2012
Thanks: 0 given, 38 received

The bankruptcy judge for the PFG Best case is expected to decide on the complaint filed by the forex/metals account holders at PFG. AP has an article out detailing the conflict between futures and forex customers:

https://www.boston.com/business/marke...5VM/story.html



Quoting 
Customers who traded foreign currency through Peregrine Financial Group, Inc. say their money is sitting in bank accounts that can be traced directly to them — and they want it back. Yet seven months after the company collapsed when Chairman Russell Wasendorf Sr. confessed to a stunning fraud, they haven’t received a dime. Other customers who traded commodities such as oil and corn have received up to 40 percent back — even though Wasendorf looted their accounts to expand his business empire and fund his lavish lifestyle.

Retail forex traders still have an opportunity to tell Washington that this kind of disparate treatment of retail forex customers needs to end. The CFTC comment period on additional customer reforms remains open:

https://comments.cftc.gov/PublicComme...m.aspx?id=1320

Reply With Quote
 
(login for full post details)
  #807 (permalink)
 comintel 
Raleigh NC USA
 
Experience: Advanced
Platform: CTS T4 and TradeStation
Trading: Oil
 
Posts: 17 since May 2011
Thanks: 0 given, 7 received

I think it would be useful to first try to help all former PFG customers by suing to recover funds from other deep-pocketed potential defendants who may have been negligent by ignoring signs of problems in PFG's accounts (or even helping PFG cover up):

U.S. Bank
J.P. Morgan
Auditors
The NFA
etc.

Let's ask for a thorough investigation of potential liability of these parties. I am not saying that all of them were negligent, but just let's look into it closely and sue them if grounds can be found.

This investigation should be done by

The PFG Trustee
The CFTC
Congress
The Justice Dept.

If all of these fail to investigate adequately, as a last resort it will be done in the class-action lawsuit, but it should not have to be left to private parties.

Reply With Quote
 
(login for full post details)
  #808 (permalink)
 Cloudy 
desert CA
 
Experience: Intermediate
Platform: NT7, SC, ToS
Broker: AMP, DT, TDA
Trading: CL,NQ,YM
 
Posts: 2,135 since Jul 2011
Thanks: 2,388 given, 1,727 received

Wasendorf Gets 50 Years - WSJ.com

Ouch. First time I had a little sympathy. Just my opinions. I don't think justice was fully equally served. Imo, there were many collaborators. The "homemade" accountant, Wasendorf Jr., Mrs. , and all the executive staff, the CFO Brenda Cuypers who was in charge of the segregated accounting, all must have known about it and were probably complicit. Notice that up to now, the executive staff have either kept silent or denounced Wasendorf singularly. No help from them in helping the clients receive restitution and one reason I suspect is if one or a few spoke up, the depths of how they were all complicit would be quickly revealed. If they were all arraigned and sentenced it should have been split around more with Wasendorf Sr. maybe getting 15-20 years. He still was relatively small compared to Madoff and Corzine as nicest as can be said. Plus all the banking and financial execs who brought about the 2008 collapse all got away scottfree along with party bonuses from the TARP handouts. Anyways it looks like Sr. planned to assume the full blame sacrificing himself as the patriarch. Similar with Madoff and other similar cases. Everyone else probably complicit got away with their assets protected from clawbacks. Soon to come CNBC's 'American Greed' episode.

Visit my futures io Trade Journal Reply With Quote
 
(login for full post details)
  #809 (permalink)
 Ruffcut 
South Lyon Michigan USA
 
Experience: Intermediate
Platform: Ninjatrader, AMP, tradeking thinkorswim
Trading: CL, TF
 
Posts: 61 since Sep 2012
Thanks: 617 given, 106 received

I had to phis around a little but this how I did my taxes. Consult a pro if necessary.
If you have the Mark to Market designation then you fill out form 4797 part two.
Line 14 is: Net gain or loss from form 4684
Copy a form 4684 Casualties and THEFT!!!
fill out section B parts I and II.
Hope that helps.
If we recover more cash then use this form next year to report the gain.
Good luck and its better than filling out college credit crap written by morons.

Reply With Quote
The following 4 users say Thank You to Ruffcut for this post:
 
(login for full post details)
  #810 (permalink)
 comintel 
Raleigh NC USA
 
Experience: Advanced
Platform: CTS T4 and TradeStation
Trading: Oil
 
Posts: 17 since May 2011
Thanks: 0 given, 7 received

I am getting several offers for my PFG claim in the mail.

They are currently offering another 25% or so beyond the initial 30%.

These companies will be our best friends after they accumulate a large number of claims, because they will sue the banks and others involved on a class action basis and they will do so aggressively.

They would not be offering a total of 55% (less the 30% already distributed) if they thought that ultimately only 60% would be recovered.

So do not sell your claim.

If things go well when they pursue the class actions, we may eventually see a much higher recovery if the banks and auditors etc. settle. And everyone will get the benefit of the final recovery settlement if they hold out and do not sell their claim!

Reply With Quote
The following 3 users say Thank You to comintel for this post:
 
(login for full post details)
  #811 (permalink)
 Cloudy 
desert CA
 
Experience: Intermediate
Platform: NT7, SC, ToS
Broker: AMP, DT, TDA
Trading: CL,NQ,YM
 
Posts: 2,135 since Jul 2011
Thanks: 2,388 given, 1,727 received

surprised to see a few other pages of the website are still online:

PFGBEST | About
PFGBEST | Tools

Visit my futures io Trade Journal Reply With Quote
 
(login for full post details)
  #812 (permalink)
 nakachalet 
siam, west coast andaman sea
 
Experience: Master
Platform: ninja
Trading: gc, cl, tf, 6e
 
nakachalet's Avatar
 
Posts: 512 since Aug 2011

wanna share with us who those kind entities are, pls?

so we could rejoice with you and others, pls?

thx


comintel View Post
I am getting several offers for my PFG claim in the mail.

They are currently offering another 25% or so beyond the initial 30%.

These companies will be our best friends after they accumulate a large number of claims, because they will sue the banks and others involved on a class action basis and they will do so aggressively.

They would not be offering a total of 55% (less the 30% already distributed) if they thought that ultimately only 60% would be recovered.

So do not sell your claim.

If things go well when they pursue the class actions, we may eventually see a much higher recovery if the banks and auditors etc. settle. And everyone will get the benefit of the final recovery settlement if they hold out and do not sell their claim!


Reply With Quote
 
(login for full post details)
  #813 (permalink)
 comintel 
Raleigh NC USA
 
Experience: Advanced
Platform: CTS T4 and TradeStation
Trading: Oil
 
Posts: 17 since May 2011
Thanks: 0 given, 7 received


nakachalet View Post
wanna share with us who those kind entities are, pls?

so we could rejoice with you and others, pls?

thx

Let's save any rejoicing until we get 100% (plus) recovery of our claims.

As I said, I advise NOT selling your claim. Instead, hang on to see what happens in the class action law suits. The claims buying companies are active in those suits on our side, along with other claims holders.

But if you want to find the firms buying claims, look at pfgchapter7.com under Court Docket, and look at the docket items titled "Transfer of Claim." You will see that many many people are selling their claims.

By the way, the next (and maybe last large) distribution from the Trustee is expected this summer, and will be about an additional 20% - 25% according to estimates, bringing the total recovery to about 50% - 55% so far (in view of the prior 30% distribution).

After that it will be mainly up to the class action law suits to try to get money from additional defendants (such as Auditors and Banks).

Reply With Quote
The following user says Thank You to comintel for this post:
 
(login for full post details)
  #814 (permalink)
 nakachalet 
siam, west coast andaman sea
 
Experience: Master
Platform: ninja
Trading: gc, cl, tf, 6e
 
nakachalet's Avatar
 
Posts: 512 since Aug 2011

thought you have some specific info for us that you could share with, to ascertain your good news.

anyway, it is ok, if you are not ready to show the specificities.

thx any way.




comintel View Post
Let's save any rejoicing until we get 100% (plus) recovery of our claims.

As I said, I advise NOT selling your claim. Instead, hang on to see what happens in the class action law suits. The claims buying companies are active in those suits on our side, along with other claims holders.

But if you want to find the firms buying claims, look at pfgchapter7.com under Court Docket, and look at the docket items titled "Transfer of Claim." You will see that many many people are selling their claims.

By the way, the next (and maybe last large) distribution from the Trustee is expected this summer, and will be about an additional 20% - 25% according to estimates, bringing the total recovery to about 50% - 55% so far (in view of the prior 30% distribution).

After that it will be mainly up to the class action law suits to try to get money from additional defendants (such as Auditors and Banks).


Reply With Quote
 
(login for full post details)
  #815 (permalink)
 comintel 
Raleigh NC USA
 
Experience: Advanced
Platform: CTS T4 and TradeStation
Trading: Oil
 
Posts: 17 since May 2011
Thanks: 0 given, 7 received


nakachalet View Post
thought you have some specific info for us that you could share with, to ascertain your good news.

anyway, it is ok, if you are not ready to show the specificities.

thx any way.

The numbers are clear from various filings by the Trustee on the pfgchapter7.com site in the Court Docket. I read all the filings. That is why the claim buying companies are offering another 20% (on top of the prior 30%) - because it is clear that there will be over 50% total recovery.

Some of the Trustee's summaries and motions and reports have spreadsheets showing cash available for distribution in various classes.

There would have been a bit more money still available except that they have decided to give the forex customers close to 100% on their claims on the reasoning that the money was stolen from the commodity accounts,not from the forex accounts. That leaves a bit less for commodity futures accounts.

One good site with articles on this is Attain Capital Managed Futures Blog .

Reply With Quote
The following user says Thank You to comintel for this post:
 
(login for full post details)
  #816 (permalink)
 comintel 
Raleigh NC USA
 
Experience: Advanced
Platform: CTS T4 and TradeStation
Trading: Oil
 
Posts: 17 since May 2011
Thanks: 0 given, 7 received

And here is potentially good news in the area of claiming against the banks:

Peregrine Financial may have "viable" claims vs banks -trustee

Peregrine Financial may have viable claims vs banks -trustee | Reuters

For all of the details, see:

https://casedocs.omniagentsolutions.com/cmsvol/cmsdocs/pub_46535/398429_810.pdf

Oh and to correct one thing I may have said wrong, the class that already stands to recover close to 100% is holders of accounts designated to trade futures on foreign exchanges (not forex traders, who may recover nothing).

Reply With Quote
The following user says Thank You to comintel for this post:
 
(login for full post details)
  #817 (permalink)
 olobay 
Montreal
 
Experience: Intermediate
Platform: MultiCharts
Broker: IB Canada/Rithmic
Trading: CL
 
Posts: 347 since Jul 2011
Thanks: 399 given, 509 received

I'm not holding my breath.

CFTC Sues US Bank for Unlawful Use of #PFGBest?s Seg Funds

Reply With Quote
The following 2 users say Thank You to olobay for this post:
 
(login for full post details)
  #818 (permalink)
 nakachalet 
siam, west coast andaman sea
 
Experience: Master
Platform: ninja
Trading: gc, cl, tf, 6e
 
nakachalet's Avatar
 
Posts: 512 since Aug 2011



i thought the complaints are valid and straight to the point, reasonable and compelling....

now let's see what the presiding majesty will say....

thx for the post, olobay

Reply With Quote
 
(login for full post details)
  #819 (permalink)
 binary 
Des Moines
 
Experience: Intermediate
Platform: td ameritrade
Trading: gold,oil
 
Posts: 716 since Feb 2012
Thanks: 270 given, 286 received

Peregrine receiver: Wasendorf did spend most of the money - chicagotribune.com

Reply With Quote
The following 2 users say Thank You to binary for this post:
 
(login for full post details)
  #820 (permalink)
 Cloudy 
desert CA
 
Experience: Intermediate
Platform: NT7, SC, ToS
Broker: AMP, DT, TDA
Trading: CL,NQ,YM
 
Posts: 2,135 since Jul 2011
Thanks: 2,388 given, 1,727 received

Attain Capital blog on who would star amongst the culprits in a "PFGBest the movie".

PFGBest- The Movie | Attain Capital Managed Futures Blog

Visit my futures io Trade Journal Reply With Quote
 
(login for full post details)
  #821 (permalink)
 Cloudy 
desert CA
 
Experience: Intermediate
Platform: NT7, SC, ToS
Broker: AMP, DT, TDA
Trading: CL,NQ,YM
 
Posts: 2,135 since Jul 2011
Thanks: 2,388 given, 1,727 received

From the article by Attain Capital:

1) CFTC lawsuit of U.S. Bank proceeding, followed by class action lawsuit possibly 2014 or later.
2) Trustee anticipates a 2nd distribution before end of year.
3) Another distribution for futures accounts.

PFG One Year Later: Where?s my Money? | Attain Capital Managed Futures Blog

Visit my futures io Trade Journal Reply With Quote
The following user says Thank You to Cloudy for this post:
 
(login for full post details)
  #822 (permalink)
 brevco 
Denham Springs, LA
 
Experience: Advanced
Platform: Amibroker / Ninja Trader
Broker: Mirus Zenfire
Trading: TF 6E NQ
 
Posts: 194 since May 2010
Thanks: 259 given, 187 received

I just received the following email with regard to the PFG bankruptcy. I believe it is a scam but haven't had a chance to check it out yet. I've never heard of these people before and from reading it (I copied it exactly as I received it), from the content, spelling, grammar, etc., I believe it is a scam or phishing to get your information. If anyone else receives an email like this, please use caution. The email was from olivia@jftoys.com .

Here is the email:


ATTENTION:

I am contacting you in regards the bankruptcy Case: 1:12-CV-05383 filed 09-13-12 that was held in the United States Bankruptcy Court, Northern Illinois .Well, everything was legal and legit only for a list of names was out before the US Gov. was shut down. Now those who have their names of the list have been said not to be among the list that was provided before the Court would be compensated for the stress and the inconvenience.

For us to really verify that your name is among the list, we would need you to get in touch with the Financial Admin Department for proper check and confirmation, if you name happens to be in the list you will be compensated with the sum of $250,000. We wish you to make this notice very confidential, because this message those not goes to everything involved in the bankruptcy.

You are to send your contact details to Dr. Huffman, who will firstly give you a call for proper confirmation before he gives you instruction on what next is to be done. You are to make sure you send your valid telephone number, names (name, middle name, last name) and also confirm your residential/postal address.

Name: Dr. Mark Huffman
Email: adm.finance.autho55@admin.in.th
Tele: (239) 257-4961


Regards,
Catherine Nownes-Whitaker
Los Angeles, CA County


ps: if this email gets to you by error, please ignore. false claim attracks a penalty

Reply With Quote
The following user says Thank You to brevco for this post:
 
(login for full post details)
  #823 (permalink)
 aligator 
Las Vegas, NV
 
Experience: Advanced
Platform: Abacus, Slide Rule, HP-65, Metastock, TOS, NT
Trading: Futures
 
aligator's Avatar
 
Posts: 3,424 since Aug 2010
Thanks: 1,057 given, 5,841 received

Reminds you of the African Prince's fortunes waiting for you to claim. If there is only one give away is the "CA County" in the address


brevco View Post
I just received the following email with regard to the PFG bankruptcy. I believe it is a scam but haven't had a chance to check it out yet. I've never heard of these people before and from reading it (I copied it exactly as I received it), from the content, spelling, grammar, etc., I believe it is a scam or phishing to get your information. If anyone else receives an email like this, please use caution. The email was from olivia@jftoys.com .

Here is the email:


ATTENTION:

I am contacting you in regards the bankruptcy Case: 1:12-CV-05383 filed 09-13-12 that was held in the United States Bankruptcy Court, Northern Illinois .Well, everything was legal and legit only for a list of names was out before the US Gov. was shut down. Now those who have their names of the list have been said not to be among the list that was provided before the Court would be compensated for the stress and the inconvenience.

For us to really verify that your name is among the list, we would need you to get in touch with the Financial Admin Department for proper check and confirmation, if you name happens to be in the list you will be compensated with the sum of $250,000. We wish you to make this notice very confidential, because this message those not goes to everything involved in the bankruptcy.

You are to send your contact details to Dr. Huffman, who will firstly give you a call for proper confirmation before he gives you instruction on what next is to be done. You are to make sure you send your valid telephone number, names (name, middle name, last name) and also confirm your residential/postal address.

Name: Dr. Mark Huffman
Email: adm.finance.autho55@admin.in.th
Tele: (239) 257-4961


Regards,
Catherine Nownes-Whitaker
Los Angeles, CA County


ps: if this email gets to you by error, please ignore. false claim attracks a penalty


Visit my futures io Trade Journal Reply With Quote
 
(login for full post details)
  #824 (permalink)
 kevinkdog   is a Vendor
 
 
Posts: 3,003 since Jul 2012
Thanks: 1,598 given, 5,965 received


brevco View Post
I just received the following email with regard to the PFG bankruptcy. I believe it is a scam but haven't had a chance to check it out yet. I've never heard of these people before and from reading it (I copied it exactly as I received it), from the content, spelling, grammar, etc., I believe it is a scam or phishing to get your information. If anyone else receives an email like this, please use caution. The email was from olivia@jftoys.com .

Here is the email:


ATTENTION:

I am contacting you in regards the bankruptcy Case: 1:12-CV-05383 filed 09-13-12 that was held in the United States Bankruptcy Court, Northern Illinois .Well, everything was legal and legit only for a list of names was out before the US Gov. was shut down. Now those who have their names of the list have been said not to be among the list that was provided before the Court would be compensated for the stress and the inconvenience.

For us to really verify that your name is among the list, we would need you to get in touch with the Financial Admin Department for proper check and confirmation, if you name happens to be in the list you will be compensated with the sum of $250,000. We wish you to make this notice very confidential, because this message those not goes to everything involved in the bankruptcy.

You are to send your contact details to Dr. Huffman, who will firstly give you a call for proper confirmation before he gives you instruction on what next is to be done. You are to make sure you send your valid telephone number, names (name, middle name, last name) and also confirm your residential/postal address.

Name: Dr. Mark Huffman
Email: adm.finance.autho55@admin.in.th
Tele: (239) 257-4961


Regards,
Catherine Nownes-Whitaker
Los Angeles, CA County


ps: if this email gets to you by error, please ignore. false claim attracks a penalty


That is too funny! The phone number has an interesting history: https://800notes.com/Phone.aspx/1-239-257-4961

I'm glad you did not fall for it!

Follow me on Twitter Reply With Quote
The following user says Thank You to kevinkdog for this post:
 
(login for full post details)
  #825 (permalink)
 cory 
the coin hunter
virginia
 
Experience: Intermediate
Platform: ninja
Trading: NQ
 
cory's Avatar
 
Posts: 6,044 since Jun 2009
Thanks: 857 given, 7,916 received


brevco View Post
I just received the following email with regard to the PFG bankruptcy. ...

I think the email author still uses 56 kbit/s modem to follow PFG news.

Reply With Quote
The following user says Thank You to cory for this post:
 
(login for full post details)
  #826 (permalink)
 olobay 
Montreal
 
Experience: Intermediate
Platform: MultiCharts
Broker: IB Canada/Rithmic
Trading: CL
 
Posts: 347 since Jul 2011
Thanks: 399 given, 509 received

It's a scam. The trustee posted about it here: https://casedocs.omniagentsolutions.com/cmsvol/CMSDocs/pub_46535/435831_Fraud email.pdf


Peregrine Financial Group, Inc.: Home

Reply With Quote
The following user says Thank You to olobay for this post:
 
(login for full post details)
  #827 (permalink)
 brevco 
Denham Springs, LA
 
Experience: Advanced
Platform: Amibroker / Ninja Trader
Broker: Mirus Zenfire
Trading: TF 6E NQ
 
Posts: 194 since May 2010
Thanks: 259 given, 187 received



When I first went to the Rust Omni site to file a claim, I noticed that the customer/client
names were listed with mailing addresses and was available for anyone to see. They
also listed a dollar amount which I assumed was the dollar amount each PFG client had
in their trading account. I didn't think it was very private or secure, so anyone could have
gone to that site and downloaded customer information.

It's interesting that they were able to get an email address for me. If they were able to get that
information, God only knows what other information they've managed to collect on former
PFG customers. That Rust Omni site should either be taken down or have better security/privacy
measures in place to protect former PFG clients.

Reply With Quote
The following user says Thank You to brevco for this post:
 
(login for full post details)
  #828 (permalink)
 aligator 
Las Vegas, NV
 
Experience: Advanced
Platform: Abacus, Slide Rule, HP-65, Metastock, TOS, NT
Trading: Futures
 
aligator's Avatar
 
Posts: 3,424 since Aug 2010
Thanks: 1,057 given, 5,841 received


brevco View Post
When I first went to the Rust Omni site to file a claim, I noticed that the customer/client
names were listed with mailing addresses and was available for anyone to see. They
also listed a dollar amount which I assumed was the dollar amount each PFG client had
in their trading account.

@brevco,

I have never seen that list, is it still there (link?).

Visit my futures io Trade Journal Reply With Quote
 
(login for full post details)
  #829 (permalink)
 Ruffcut 
South Lyon Michigan USA
 
Experience: Intermediate
Platform: Ninjatrader, AMP, tradeking thinkorswim
Trading: CL, TF
 
Posts: 61 since Sep 2012
Thanks: 617 given, 106 received

Has anyone used their own counsel in this case?
Maybe requests to buy our claims etc, but they have stopped now.

Reply With Quote
 
(login for full post details)
  #830 (permalink)
 brevco 
Denham Springs, LA
 
Experience: Advanced
Platform: Amibroker / Ninja Trader
Broker: Mirus Zenfire
Trading: TF 6E NQ
 
Posts: 194 since May 2010
Thanks: 259 given, 187 received


aligator View Post
@brevco,

I have never seen that list, is it still there (link?).

Yes, the link is still there. When I received that email I went to the site
and it's the same site where I filed a claim last year. I haven't tried recently
to access the list, but at the time I filed my Proof of Claim a year ago I was somehow
able to access the entire list! I just remember being shocked at having access
to all those names, addresses and the amount of the accounts.

There were quite a few companies who had their pension funds with PFG.
I could tell they were pensions because the word "pension" was in the
title/name of the company.

Reply With Quote
 
(login for full post details)
  #831 (permalink)
 olobay 
Montreal
 
Experience: Intermediate
Platform: MultiCharts
Broker: IB Canada/Rithmic
Trading: CL
 
Posts: 347 since Jul 2011
Thanks: 399 given, 509 received

Received a cheque today from the Trustee for 7%. That makes 37% returned to me. Not sure there will be any more disbursements.

NOTICE OF SECOND INTERIM DISTRIBUTION

On December 18, 2013, the Bankruptcy Court for the Northern District of Illinois entered an order authorizing the Trustee to make a second interim distribution of segregated cash to holders of Allowed Futures Claims in an amount up to $41,000,000 (“Distribution Order”). Pursuant to the Distribution Order, the distributions for the benefit of 4d (domestic futures) Customers and 30.7 (foreign futures) Customers are as follows: (i) with respect to 4d Customers, the Trustee is distributing cash in an amount equal to approximately seven percent (7%) of the 4d Customers’ Allowed Futures Claims; and (ii) with respect to 30.7 Customers, the Trustee is distributing cash in an amount equal to approximately forty-five (45%) of the 30.7 Customers’ Allowed Futures Claims. The total interim distributions made to 4d Customers and 30.7 Customers to date is approximately thirty-seven percent (37%) and eighty-five (85%) percent of their Allowed Futures Claims, respectively. A copy of the Distribution Order is available here.

On December 30, 2013, the second interim distribution was mailed to holders of Allowed Futures Claims. Please note that separate distribution checks were mailed with respect to 4d Customers’ Allowed Futures Claims and 30.7 Customers’ Allowed Futures Claims. The amount and classification of your Allowed Futures Claim is listed in the Proofs of Claim Docket on the Trustee website and may be accessed here. If you are a holder of an Allowed Futures Claim and do not receive your distribution check(s) by January 31, 2014, please contact a representative of the Trustee at (818) 933-2449.

Peregrine Financial Group, Inc.: Home

Reply With Quote
The following user says Thank You to olobay for this post:
 
(login for full post details)
  #832 (permalink)
 olobay 
Montreal
 
Experience: Intermediate
Platform: MultiCharts
Broker: IB Canada/Rithmic
Trading: CL
 
Posts: 347 since Jul 2011
Thanks: 399 given, 509 received

A little bit old but still new information for me.

Another payout coming for former PFG investors : Business Monthly

Reply With Quote
The following 2 users say Thank You to olobay for this post:
 
(login for full post details)
  #833 (permalink)
 olobay 
Montreal
 
Experience: Intermediate
Platform: MultiCharts
Broker: IB Canada/Rithmic
Trading: CL
 
Posts: 347 since Jul 2011
Thanks: 399 given, 509 received

PFG trustee seeks funds in settlement with Wasendorf ex-wife

Reply With Quote
The following user says Thank You to olobay for this post:
 
(login for full post details)
  #834 (permalink)
 shodson 
Quantoholic
OC, California, USA
 
Experience: Advanced
Platform: IB/TWS, NinjaTrader, ToS
Broker: IB, ToS, Kinetick
Trading: stocks, options, futures, VIX
 
shodson's Avatar
 
Posts: 1,962 since Jun 2009
Thanks: 529 given, 3,655 received

CNBC's "American Greed" had an espisode about PFG and Wassendorf

The Falcon and the Con Man

Follow me on Twitter Visit my futures io Trade Journal Reply With Quote
The following user says Thank You to shodson for this post:
 
(login for full post details)
  #835 (permalink)
 Cloudy 
desert CA
 
Experience: Intermediate
Platform: NT7, SC, ToS
Broker: AMP, DT, TDA
Trading: CL,NQ,YM
 
Posts: 2,135 since Jul 2011
Thanks: 2,388 given, 1,727 received

Thanks, watchable for free on hulu here :



"American Greed: The Falcon & the Con Man"

Free TV Shows and Movies - Watch Your Favorite TV Episodes and Movies Online | Hulu



edit:

just my opinion; my own thoughts aloud, after having watched it. kind of underwhelming. I didn't really want to hear the 911 recorded voices. What happened to the "Romanian building capital"; why wasn't it investigated for possible clawback. How could the senior staff not know? Sr. couldn't have done it all by himself. In prior AG episodes, usually a consiparacy has a fallout because one or more co-conspirators know the longer the ponzi goes on, the worse the consequences in the end, so they try to get out earlier or create distance , and this case had similar signs. No mention of the singular suburb home special "accountant" who refused to answer questions. No way could the CFO and "right-hand lady" not know considering the reports on how much she was responsible for the segregated accounts. Looks like Sr. took the whole fall for everyone in the know. And looked like CNBC cut the "investigation" short. Maybe it would look too bad on the retail futures industry if they said it was more than just a singular egomaniac who got lucky avoiding audits and electronic account confirmations for years. it's in their(CNBC's , probably CFTC too) best interest not to discourage retail online trading especially after MFglobal and HFT taken over real liquidity. Sorry Ms. Garner and her business got victimized also.

Visit my futures io Trade Journal Reply With Quote
 
(login for full post details)
  #836 (permalink)
MoreYummy
Toronto/Ontario
 
 
Posts: 33 since Mar 2010
Thanks: 0 given, 5 received

So after 2 years, how much fund are returned to customer? In terms of percentage.

Reply With Quote
 
(login for full post details)
  #837 (permalink)
 Midas 
Yellowknife, NT
 
Experience: Intermediate
Platform: Ninja Trader
Trading: Es, 6E, TF
 
Posts: 35 since Mar 2010
Thanks: 21 given, 21 received


MoreYummy View Post
So after 2 years, how much fund are returned to customer? In terms of percentage.

Futures trades got paid back 2 payment so far..... 1st was 30% second was 7%.
Vultures are offering another 15% to buy the accounts.

Reply With Quote
 
(login for full post details)
  #838 (permalink)
 masood 
san antonio texas
 
Experience: Intermediate
Platform: ninja trader
Broker: amp/zen fire
Trading: oil
 
Posts: 475 since Oct 2009
Thanks: 176 given, 3,279 received

ON 1000 tick chart market had shot up 93 ticks in after hours trading. At the time I opened up charts it was in the middle of its last leg up. I drew a trend channel on the chart and waited. Price broke the channel to the downside but I was looking for a long trade. Then I drew a down trending narrow channel by connecting the two lower highs. I was tempted to take the M trade marked on the chart but minor cloud was horizontal even thoguh I had two lower highs. I waited. Then the market gave me the clue when price marked another lower high within the channel. I immediately marked the nearest support. Entry was made below step MA with minor cloud supporting a short move and a strongly sloping 34 EMA. This counter trend trade reached its target of 15 ticks with no heat.

Attached Thumbnails
Click image for larger version

Name:	CL 08-14 (2 UniRenko T2R6O2)  7_16_2014.jpg
Views:	120
Size:	154.5 KB
ID:	151040  
Reply With Quote
The following user says Thank You to masood for this post:
 
(login for full post details)
  #839 (permalink)
 trs3042 
Holland, Michigan
 
Experience: None
Platform: ninjatrader
Broker: CQG
Trading: Acoustic Guitar
 
trs3042's Avatar
 
Posts: 1,617 since Jun 2009
Thanks: 23,764 given, 5,615 received


masood View Post
ON 1000 tick chart market had shot up 93 ticks in after hours trading. At the time I opened up charts it was in the middle of its last leg up. I drew a trend channel on the chart and waited. Price broke the channel to the downside but I was looking for a long trade. Then I drew a down trending narrow channel by connecting the two lower highs. I was tempted to take the M trade marked on the chart but minor cloud was horizontal even thoguh I had two lower highs. I waited. Then the market gave me the clue when price marked another lower high within the channel. I immediately marked the nearest support. Entry was made below step MA with minor cloud supporting a short move and a strongly sloping 34 EMA. This counter trend trade reached its target of 15 ticks with no heat.

Do you intend to post your chart in this thread?

Rick

"If you're going to panic during a trade............. panic early."
Reply With Quote
 
(login for full post details)
  #840 (permalink)
 masood 
san antonio texas
 
Experience: Intermediate
Platform: ninja trader
Broker: amp/zen fire
Trading: oil
 
Posts: 475 since Oct 2009
Thanks: 176 given, 3,279 received

no it was another thread, please delete it

Reply With Quote
The following user says Thank You to masood for this post:
 
(login for full post details)
  #841 (permalink)
 trs3042 
Holland, Michigan
 
Experience: None
Platform: ninjatrader
Broker: CQG
Trading: Acoustic Guitar
 
trs3042's Avatar
 
Posts: 1,617 since Jun 2009
Thanks: 23,764 given, 5,615 received


masood View Post
no it was another thread, please delete it

You can edit it and delete your post.

Rick

"If you're going to panic during a trade............. panic early."
Reply With Quote
 
(login for full post details)
  #842 (permalink)
MoreYummy
Toronto/Ontario
 
 
Posts: 33 since Mar 2010
Thanks: 0 given, 5 received


Midas View Post
Futures trades got paid back 2 payment so far..... 1st was 30% second was 7%.
Vultures are offering another 15% to buy the accounts.

If Vultures buy the account, any more payment in future, vultures will take them?

Reply With Quote
 
(login for full post details)
  #843 (permalink)
 Cloudy 
desert CA
 
Experience: Intermediate
Platform: NT7, SC, ToS
Broker: AMP, DT, TDA
Trading: CL,NQ,YM
 
Posts: 2,135 since Jul 2011
Thanks: 2,388 given, 1,727 received

"$645M fine lawsuit against Peregrine by CFTC"

CFTC's $645M Peregrine Fine Wins Judge's Approval - Law360

Peregrine CEO's Ex-Wife To Pay $2.9M To Settle Trustee Suit - Law360

Visit my futures io Trade Journal Reply With Quote
The following user says Thank You to Cloudy for this post:
 
(login for full post details)
  #844 (permalink)
 comintel 
Raleigh NC USA
 
Experience: Advanced
Platform: CTS T4 and TradeStation
Trading: Oil
 
Posts: 17 since May 2011
Thanks: 0 given, 7 received


MoreYummy View Post
If Vultures buy the account, any more payment in future, vultures will take them?

Absolutely, that is why they are making the offer - they expect spectacular profits.

So do not sell unless you are truly desperate.

Reply With Quote
 
(login for full post details)
  #845 (permalink)
 djkiwi 
Mercer Island WA
 
Experience: Advanced
Platform: Ninjatrader/Strategy Desk
Broker: Various
Trading: TF/NQ/ES/Stocks
 
djkiwi's Avatar
 
Posts: 561 since May 2010
Thanks: 981 given, 1,554 received



What a complete waste of resources. Why expend resources filing a lawsuit against a bankrupt company? The CFTC needs to use it's financial resources to implement effective controls that detects fraud before it occurs not bothering with zero earning lawsuits as a face saving measure.

They should have spent this money on an audit of their control systems and FCM segregated bank accounts and published this to the public to give some sort of comfort they are finally doing their job properly. They continue to appear as a group of overpaid bureaucrats who focus on the wrong thing and show a limited ability to protect traders.

Reply With Quote
The following user says Thank You to djkiwi for this post:
 
(login for full post details)
  #846 (permalink)
 Ruffcut 
South Lyon Michigan USA
 
Experience: Intermediate
Platform: Ninjatrader, AMP, tradeking thinkorswim
Trading: CL, TF
 
Posts: 61 since Sep 2012
Thanks: 617 given, 106 received


djkiwi View Post
What a complete waste of resources. Why expend resources filing a lawsuit against a bankrupt company? The CFTC needs to use it's financial resources to implement effective controls that detects fraud before it occurs not bothering with zero earning lawsuits as a face saving measure.

They should have spent this money on an audit of their control systems and FCM segregated bank accounts and published this to the public to give some sort of comfort they are finally doing their job properly. They continue to appear as a group of overpaid bureaucrats who focus on the wrong thing and show a limited ability to protect traders.

What happened to the suit against or a "fine" against US Bank? I guess the fed's have too much clout. New vision account holders have to extract their money or have them send it back to the trust.


"Per the Order entered by the Bankruptcy Court on October 5, 2012 (the “Bulk Transfer Order”), most account balances of former PFG futures customers were sent to Vision Financial Markets LLC (“Vision”). You still have a limited opportunity to recover those funds directly from Vision if the amount transferred to Vision was in excess of $1,000. On October 20, 2014, Vision will return to the PFG bankruptcy trustee all remaining funds of former PFG futures customers who do not contact Vision. Once returned to the PFG bankruptcy trustee, those funds will not be recoverable by you unless you timely filed a proof of claim that has been allowed in the PFG bankruptcy case. To prevent this, you must contact Vision prior to October 13, 2014 and request access to your funds."

FYI



Contact Vision directly at https://www.visionfinancialmarket

Reply With Quote
 
(login for full post details)
  #847 (permalink)
 madLyfe 
Des Moines, Iowa
 
Experience: None
Platform: Ninja, TOS
Broker: AMP/CQG, TOS
Trading: CL, TF, GC
 
madLyfe's Avatar
 
Posts: 1,644 since Feb 2011
Thanks: 9,220 given, 1,015 received

im not sure if this was ever posted but it was the american greed episode about PFG:

CNBC - Watch Full Episodes | CNBC | The Falcon & The Con Man

dont believe anything you hear and only half of what you see

¯\_(ツ)_/¯

(╯°□°)╯︵ ┻━┻
Visit my futures io Trade Journal Reply With Quote
The following 2 users say Thank You to madLyfe for this post:
 
(login for full post details)
  #848 (permalink)
 olobay 
Montreal
 
Experience: Intermediate
Platform: MultiCharts
Broker: IB Canada/Rithmic
Trading: CL
 
Posts: 347 since Jul 2011
Thanks: 399 given, 509 received

US Bank Settles With CFTC In Suit Over Peregrine Debacle - Law360

US Bank Settles With CFTC In Suit Over Peregrine Debacle


By Stephanie Russell-Kraft
Law360, New York (December 19, 2014, 3:53 PM ET) -- An Iowa federal judge on Friday agreed to dismiss a suit brought by the U.S. Commodity Futures Trading Commission against U.S. Bank NA after the two parties agreed to settle claims that the bank aided bankrupt Peregrine Financial Group Inc.’s former CEO in misappropriating $215 million in customer funds.

Chief District Judge Linda R. Reade dismissed with prejudice the suit, which was set for trial on Jan. 5. The terms of the settlement remain a secret, but the CFTC originally sought $36 million in recompense from...

Reply With Quote
The following 2 users say Thank You to olobay for this post:
 
(login for full post details)
  #849 (permalink)
 olobay 
Montreal
 
Experience: Intermediate
Platform: MultiCharts
Broker: IB Canada/Rithmic
Trading: CL
 
Posts: 347 since Jul 2011
Thanks: 399 given, 509 received

Peregrine Financial Group, Inc.: Home

NOTICE TO PFG FUTURES CUSTOMERS OF PROPOSED DISTRIBUTION
On December 4, 2014, the Trustee filed the Trustee’s Motion for Entry of an Order (1) Authorizing up to a 100% Distribution on Allowed 30.7 Customer Claims and an Interim Distribution on Allowed 4d Customer Claims and (2) Authorizing the Allocation of Certain Settlement Proceeds to the 4d Customer Estate (the “Motion”). In the Motion, the Trustee requested authority from the Bankruptcy Court to make distributions of segregated cash as follows: (i) with respect to 30.7 Customers, up to a 100% distribution to the holders of Allowed 30.7 Customers Claims and (ii) with respect to 4d Customers, up to a 44% interim distribution to the holders of Allowed 4d Customer Claims (the “Proposed Distribution”). With respect to holders of Allowed Futures Claims that received all Prior Distributions, the proposed incremental distributions will be 15% to Allowed 30.7 Customer Claims and 7% to Allowed 4d Customer Claims. Holders of Allowed Futures Claims that did not receive the full amount of their Prior Distributions will receive their pro rata share of the undistributed portion of all Prior Distributions.

The Trustee also requested authority from the Bankruptcy Court to set 11:59 p.m. (CST) on December 4, 2014 as the “Record Date” for the Proposed Distribution. As of the Record Date, the claims register shall be closed for the purposes of the Proposed Distribution and the Trustee shall have no obligation to recognize any transfer of any claims occurring after the Record Date. The Proposed Distribution checks will be mailed to the customer at the address contained in the proof of claim as of the Record Date.

The Motion is scheduled for hearing on December 11, 2014 at 10:00 a.m. (CST) in Courtroom No. 742, United States Courthouse, 219 South Dearborn Street, Chicago, Illinois, before the Honorable Judge Carol A. Doyle, Bankruptcy Judge, or such other Judge who may be sitting in her place and stead. Such hearing may be continued from time to time without further notice other than by announcement in open Court. A copy of the Motion and the proposed order is available here.

Reply With Quote
The following user says Thank You to olobay for this post:
 
(login for full post details)
  #850 (permalink)
 Ruffcut 
South Lyon Michigan USA
 
Experience: Intermediate
Platform: Ninjatrader, AMP, tradeking thinkorswim
Trading: CL, TF
 
Posts: 61 since Sep 2012
Thanks: 617 given, 106 received

I thought a couple months ago that JPM settled to pay something like 14 million? Distributed after the first of the year. Can't remember if was email
On March 7, 2014, the Customer Representative Plaintiffs, together with Ira Bodenstein, Chapter 7 Trustee for the estate of PFG in the related PFG Bankruptcy Case, reached a proposed settlement with defendant JPMorgan Chase Bank, N.A., and its parents, subsidiaries and affiliates.
This proposed settlement does not affect the Plaintiffs’ claims against the remaining defendant, U.S. Bank, N.A.; these claims will continue before the District Court.
Any money returned is welcomed.

Reply With Quote
 
(login for full post details)
  #851 (permalink)
 Ruffcut 
South Lyon Michigan USA
 
Experience: Intermediate
Platform: Ninjatrader, AMP, tradeking thinkorswim
Trading: CL, TF
 
Posts: 61 since Sep 2012
Thanks: 617 given, 106 received

You are receiving this email because you are listed as a former customer of Peregrine Financial Group, Inc. (“PFG”) with an account opened for the purpose of trading futures or options on futures on a U.S. futures exchange (“4d Customers”) under Section 4d of the Commodity Exchange Act, 7 U.S.C. § 6d(a)(2). The following information may affect your legal rights:


On June 23, 2015, the U.S. District Court for the Northern District of Illinois granted preliminary approval to a settlement between 4d Customers of PFG and defendant U.S. Bank, N.A., and certified the case as a class action for settlement purposes. You may be eligible to receive a cash payment from this settlement. Class counsel has retained Rust Consulting/ Omni Bankruptcy to issue the official court-approved notices to the class and process class member claims.

Please click the link below to open a copy of the settlement notice:

Peregrine Settlement Notice
If you wish to file a claim in this matter, please click the link below to obtain a copy of the claim form:

Class Action Proof of Claim Form
Additional information on the proposed Class Action Settlement is available at PFG Customer Class Action: Home.

If you have any questions regarding the subject matter of this email, please call Toll Free (866) 205-3146.

Thank you.

Rust Consulting/Omni Bankruptcy
5955 DeSoto Avenue, Suite #100
Woodland Hills, CA 91367

Reply With Quote
The following user says Thank You to Ruffcut for this post:
 
(login for full post details)
  #852 (permalink)
 olobay 
Montreal
 
Experience: Intermediate
Platform: MultiCharts
Broker: IB Canada/Rithmic
Trading: CL
 
Posts: 347 since Jul 2011
Thanks: 399 given, 509 received

@Ruffcut,

How much have you received back so far? I've received 2 disbursements, one for 30% and one for 7% for a total of 37%. I just want to make sure that I haven't missed a disbursement.

Reply With Quote
 
(login for full post details)
  #853 (permalink)
 baruchs 
Israel
 
Experience: Intermediate
Platform: NinjaTrader
Broker: pfg
Trading: eminis
 
Posts: 323 since Jun 2009
Thanks: 6 given, 208 received

I also received 37% (30+7).
Do I need to do something to join this claim or am I already in it?

Thanks,
Baruch

Reply With Quote
 
(login for full post details)
  #854 (permalink)
 olobay 
Montreal
 
Experience: Intermediate
Platform: MultiCharts
Broker: IB Canada/Rithmic
Trading: CL
 
Posts: 347 since Jul 2011
Thanks: 399 given, 509 received


baruchs View Post
I also received 37% (30+7).
Do I need to do something to join this claim or am I already in it?

Thanks,
Baruch

No if you received a disbursement before, you will receive the 5% disbursement from the JPMorgan settlement and whatever the disbursement will be from the US Bank settlement.

I was mistaken. I checked and I have received 44%. One disbursement for 30% and two disbursements for 7% each.

Reply With Quote
The following user says Thank You to olobay for this post:
 
(login for full post details)
  #855 (permalink)
 baruchs 
Israel
 
Experience: Intermediate
Platform: NinjaTrader
Broker: pfg
Trading: eminis
 
Posts: 323 since Jun 2009
Thanks: 6 given, 208 received

Thanks.

Reply With Quote
 
(login for full post details)
  #856 (permalink)
 Ruffcut 
South Lyon Michigan USA
 
Experience: Intermediate
Platform: Ninjatrader, AMP, tradeking thinkorswim
Trading: CL, TF
 
Posts: 61 since Sep 2012
Thanks: 617 given, 106 received


olobay View Post
@Ruffcut,

How much have you received back so far? I've received 2 disbursements, one for 30% and one for 7% for a total of 37%. I just want to make sure that I haven't missed a disbursement.


Same as you? Maybe three. One big went into vision and two small. The communication is poor of what came from who.

Reply With Quote
 
(login for full post details)
  #857 (permalink)
 fibtrader1618 
Denver Colorado USA
 
Experience: Intermediate
Platform: NinjaTrader
Trading: forex
 
fibtrader1618's Avatar
 
Posts: 7 since Aug 2010
Thanks: 84 given, 8 received


olobay View Post
No if you received a disbursement before, you will receive the 5% disbursement from the JPMorgan settlement and whatever the disbursement will be from the US Bank settlement.

I was mistaken. I checked and I have received 44%. One disbursement for 30% and two disbursements for 7% each.

Does any one know when the 5% disbursement from the JPMorgan settlement will be mail out?

Reply With Quote
 
(login for full post details)
  #858 (permalink)
 olobay 
Montreal
 
Experience: Intermediate
Platform: MultiCharts
Broker: IB Canada/Rithmic
Trading: CL
 
Posts: 347 since Jul 2011
Thanks: 399 given, 509 received


fibtrader1618 View Post
Does any one know when the 5% disbursement from the JPMorgan settlement will be mail out?

I received my 5% in the mail today. I've received 49% total. They give you a summary on the stub of your cheque.

Reply With Quote
The following user says Thank You to olobay for this post:
 
(login for full post details)
  #859 (permalink)
 Ruffcut 
South Lyon Michigan USA
 
Experience: Intermediate
Platform: Ninjatrader, AMP, tradeking thinkorswim
Trading: CL, TF
 
Posts: 61 since Sep 2012
Thanks: 617 given, 106 received

NOTICE TO PFG FUTURES CUSTOMERS OF PROPOSED DISTRIBUTION

On February 3, 2016, the Trustee filed the Trustee’s Motion for Entry of an Order Authorizing Additional Interim Distributions on Allowed 4d Customer Claims (the “Motion”).[1] In the Motion, the Trustee requested authority from the Bankruptcy Court to make up to a sixty (60%) interim distribution of segregated cash to the holders of Allowed 4d Customer Claims (the “Proposed Distribution”).

With respect to holders of Allowed 4d Customer Claims that received all Prior Distributions, the proposed incremental distribution will be 11%. The Trustee will continue to make 100% distributions to holders of Allowed 30.7 Customer Claims as the remaining unresolved 30.7 Customer claims become Allowed Futures Claims. Holders of Allowed Futures Claims that did not receive the full amount of their Prior Distributions will receive their pro rata share of the undistributed portion of all Prior Distributions.

The Trustee also requested authority from the Bankruptcy Court to set 11:59 p.m. (CST) on February 3, 2016 as the “Record Date” for the Proposed Distribution. As of the Record Date, the claims register shall be closed for the purposes of the Proposed Distribution and the Trustee shall have no obligation to recognize any transfer of any claims occurring after the Record Date. The Proposed Distribution checks will be mailed to the customer at the address contained in the proof of claim as of the Record Date.

The Motion is scheduled for hearing on February 11, at 10:00 a.m. (CST) in Courtroom No. 742, United States Courthouse, 219 South Dearborn Street, Chicago, Illinois, before the Honorable Judge Carol A. Doyle, Bankruptcy Judge, or such other Judge who may be sitting in her place and stead. Such hearing may be continued from time to time without further notice other than by announcement in open Court. A copy of the Motion and the proposed order is available here.

[1] Capitalized terms not defined herein shall have the meanings ascribed to them in the Motion.


Tags : Trade Crude Oil Live Chat Room, YM CL NQ QM, Learning to Trade online, Trading to Consistent Profits, Trade Stocks and Futures......... Visit our BONTRADE HOME PAGE now for further information...




Posted October 13th, 2015 by BonTrade and filed in PFG News - Wasendorf Fraud
Add a Comment
NOTICE OF SETTLEMENT OF
IN RE PEREGRINE FINANCIAL
GROUP CUSTOMER LITIGATION

On October 13, 2015, United States District Court Judge Sara L. Ellis entered a series of Orders, which resolved the pending customer class action brought against U.S. Bank National Association (“U.S. Bank”) Civil Action No. 12-cv-5546. The Orders which were entered are as follows:

i. Final Judgment and Order of Dismissal with Prejudice;

ii. Order Approving Plan of Allocation;

iii. Order Awarding Attorneys’ Fees and Expenses; and

iv. Order Awarding Service Awards.

As a result of the settlement, U.S. Bank will be making a payment of $44.5 million dollars to resolve all claims. Of that amount, the court approved legal fees for the class lawyers in the amount of $13,795,000 and expenses of $437,440. The court also approved services awards to the named plaintiffs in the class action totaling $45,000.

Reply With Quote
 
(login for full post details)
  #860 (permalink)
 abdunbar 
El Paso, Texas
 
Experience: Intermediate
Platform: Ninja
Trading: Euro
 
Posts: 25 since Jan 2011
Thanks: 28 given, 27 received


olobay View Post
I received my 5% in the mail today. I've received 49% total. They give you a summary on the stub of your cheque.

I got a check dated Feb 26, that represents about 11% of my account balance. The stub says nothing about prior distributions. It does say status can be checked on the website of the trustee but it is not easy to find and just lists the total amount of my claim in a pdf document that was a court filing.

I am guessing that my account was a 4d? only ever traded CL. So I have about 60% back.

Reply With Quote


futures io Trading Community Trading Reviews and Vendors Brokers > PFGBest Accounts Frozen (PFG scandal big thread)


Last Updated on April 6, 2016


Upcoming Webinars and Events
 

NinjaTrader Indicator Challenge!

Ongoing

The Cold Hard Truth: Maybe I Am Not Good Enough w/Chris Gray @ Earn2Trade

Elite only

HIRO Indicator by Spotgamma in Bookmap w/Brent Kochuba @ SpotGamma

Elite only

NEW BlackBird Features + FOREX Support w/Jeremy Tang @ SharkIndicators

Elite only
     



Copyright © 2021 by futures io, s.a., Av Ricardo J. Alfaro, Century Tower, Panama, Ph: +507 833-9432 (Panama and Intl), +1 888-312-3001 (USA and Canada), info@futures.io
All information is for educational use only and is not investment advice.
There is a substantial risk of loss in trading commodity futures, stocks, options and foreign exchange products. Past performance is not indicative of future results.
no new posts