NexusFi: Find Your Edge


Home Menu

 





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 260,894 views
    2. thumb_up 588 thanks given
    3. group 66 followers
    1. forum 859 posts
    2. attach_file 81 attachments




 
Search this Thread

PFGBest Accounts Frozen (PFG scandal big thread)

  #741 (permalink)
Wave
KAUAI HAWAII USA
 
Posts: 19 since Sep 2012
Thanks Given: 3
Thanks Received: 20

I agree you are so right.

Its like are there just a bunch of robbers out there ??? comon! Its a real sore point for me sorry just venting thanks Mike for the place to do it. I lost less than 50K and I know many people lost a lot more than that but it seemed like all the money in the world to me.

If you cant trade thats totally ok but dont become a robber !

If I lose 70 percent because of my actions thats fine its my fault its a very risky environment and robbers do exist everywhere but thats why we pay the NFA so I have to say I do blame the NFA for missing many very simple opportunities to check this out.

The NFA charges a fee for every trade we make and they bear a lot of responsibility for the problem. They should be making up the shortfalls. If they did that the goodwill and confidence they would create would be fantastic. It would bring traders back in and instill confidence and stability instead of fear and uncertainty and doubt within the industry and about them as an adequate regulator.

The CME should step up with them as well they are both totally blowing a great opportunity to create new business and to stabilize and enhance the entire futures Industry they themselves depend on to grow their own business. I have not seen either of them acknowledge this at all and I think that is pretty lame for them to run away like they have done.

Step up CME and Step up NFA lets see something real from you besides jut your fees you would be doing the right thing and the right thing for business expansion.

Reply With Quote

Can you help answer these questions
from other members on NexusFi?
NT7 Indicator Script Troubleshooting - Camarilla Pivots
NinjaTrader
My NT8 Volume Profile Split by Asian/Euro/Open
NinjaTrader
Online prop firm The Funded Trader (TFT) going under?
Traders Hideout
Ninja Mobile Trader VPS (ninjamobiletrader.com)
Trading Reviews and Vendors
Are there any eval firms that allow you to sink to your …
Traders Hideout
 
Best Threads (Most Thanked)
in the last 7 days on NexusFi
Get funded firms 2023/2024 - Any recommendations or word …
60 thanks
Funded Trader platforms
37 thanks
NexusFi site changelog and issues/problem reporting
24 thanks
GFIs1 1 DAX trade per day journal
22 thanks
The Program
19 thanks
  #742 (permalink)
 abdunbar 
El Paso, Texas
 
Experience: Intermediate
Platform: Ninja
Trading: Euro
Posts: 27 since Jan 2011
Thanks Given: 32
Thanks Received: 31

My claim went through tonight, electronically Asked for an acknowlegement of my submission. nothing yet.

Archie

Reply With Quote
  #743 (permalink)
 
nakachalet's Avatar
 nakachalet 
siam, west coast andaman sea
 
Experience: Master
Platform: ninja
Trading: gc, cl, tf, 6e
Posts: 512 since Aug 2011



abdunbar View Post
My claim went through tonight, electronically Asked for an acknowlegement of my submission. nothing yet.

Archie

congrats.

keep us informed, OK?

thx

Reply With Quote
  #744 (permalink)
 abdunbar 
El Paso, Texas
 
Experience: Intermediate
Platform: Ninja
Trading: Euro
Posts: 27 since Jan 2011
Thanks Given: 32
Thanks Received: 31


abdunbar View Post
My claim went through tonight, electronically Asked for an acknowlegement of my submission. nothing yet.

Archie

received this email today;

It is not necessary to file by mail if you have already filed through email. We have received your Proof of Claim. Your Proof of Claim will be available to view on the Proof of Claim docket on our website https://www.pfgchapter7.com within 48-72 hours. Thank you.


-----Original Message-----
From: documentsend@omnimgt.com [mailto:documentsend@omnimgt.com]
Sent: Monday, October 08, 2012 9:00 PM
To: pfgbest
Cc: Katie Nownes
Subject: PFGBest - POC Submission

Reply With Quote
Thanked by:
  #745 (permalink)
 
nakachalet's Avatar
 nakachalet 
siam, west coast andaman sea
 
Experience: Master
Platform: ninja
Trading: gc, cl, tf, 6e
Posts: 512 since Aug 2011

for an advanced country like the usa, to ask for both electronics and snail mail confirmation is truly out of characters.

glad that you could confirm that electronics filing alone is sufficient, until further notices of course.... l o l

for what it is worth, just last week, one of the the police complaint dept attached to the civil courts, was asking for N-I-N-E certified copies for each cause of complaints.

each certified bundle which contains close to 1,000 pages would only cost about 25,000 baht or a little over 800 usd to compile.

yes, third world does have their own life styles, many are very inexpensive, while others are outrageously self-defeating at best.... L O L

if you do receive anything more, pls do enlighten us again.... will be much obliged indeed.

thx much again.


abdunbar View Post
received this email today;

It is not necessary to file by mail if you have already filed through email. We have received your Proof of Claim. Your Proof of Claim will be available to view on the Proof of Claim docket on our website https://www.pfgchapter7.com within 48-72 hours. Thank you.


-----Original Message-----
From: documentsend@omnimgt.com [mailto:documentsend@omnimgt.com]
Sent: Monday, October 08, 2012 9:00 PM
To: pfgbest
Cc: Katie Nownes
Subject: PFGBest - POC Submission


Reply With Quote
  #746 (permalink)
FCMReform
New York/NY
 
Posts: 45 since Aug 2012
Thanks Given: 0
Thanks Received: 38

In yesterday's hearing on Drohan Lee LLP's motion on behalf of PFG's retail forex customers Judge Carol Doyle advised the plaintiffs to file an "adversary" suit against the Trustee to force him to return the funds of PFG's forex customers.

Peregrine Forex, Metals Clients To Sue Over Funds, Atty Says - Law360

That is exactly what they are about to do. Futures Magazine has a good article regarding the new motion:

PFG forex, metals customers want justice


Quoting 
In total, there are 7,000 clients with forex and metals accounts at PFG, but Medley says the impact of the case could be much broader. “We feel like this is a precedent-setting case with respect to the rights of forex and metals account holders, and how it relates to the CFTC regulations.”

A victory for Drohan Lee would indeed be a huge precedent for all retail forex traders in the United States, and a welcome one at that. However, the precedent may not be to the liking of many in the futures industry. This quote from John Roe of the Commodity Customer Coalition is very telling:


Quoting 
Roe says the CCC has not made a decision on how to argue this but says, “The important thing once this is all said and done is that we don’t have a precedent at PFG that once someone steals something out of segregation, it doesn’t matter. That would mean segregation protection is completely meaningless,” he says. “The NFA said in its brief in the MF Global case that the intent of Congress was not to have to trace funds when the music stopped. If they aren’t there and there is a hole, you have to replace those with substitute assets. In this case, the substitute asset is FX customers’ money.”

If FX customer assets are no more than a backstop for futures customers in the event of bankruptcy then retail forex traders need to think long and hard before opening an account with a FCM whose primary business is futures. That is what is at stake in the adversary suit about to be filed.

Reply With Quote
Thanked by:
  #747 (permalink)
 olobay 
Montreal
 
Experience: Intermediate
Platform: MultiCharts
Broker: DeepDiscountTrading.com
Trading: CL
Posts: 364 since Jul 2011

I sent this email and got this reply:

Hello,

I mailed my Proof of claim on Sunday September 30th from Montreal Quebec Canada. Has it been received and is everything in order? When will the wire disbursements begin?


Sent: Thursday, October 11, 2012 2:37 PM
To: pfgbest
Subject: Re: PFG Best - Distribution Registration Support

Thank you for submitting an inquiry with regards to obtaining confirmation information of receipt for your claim filed in the Peregrine Financial Group, Inc. (12-27488) bankruptcy matter. Confirmation of your received and processed claim can be obtained in the following methods:

1. All processed claims will be available for viewing on the “Proofs of Claim Docket” section found at https://www.pfgchapter7.com. Processing time will vary depending on the number of claims received.

2. All claimants with processed claims will also have mailed to them an “Acknowledge of Receipt of Proof of Claim” letter stating the “Date Claim Filed” and “Assigned Claim Number”.

If you provided an additional copy of your claim along with a self-addressed postage paid envelope, a filed stamped copy of your claim will be returned to you as well.

Reply With Quote
  #748 (permalink)
 
nakachalet's Avatar
 nakachalet 
siam, west coast andaman sea
 
Experience: Master
Platform: ninja
Trading: gc, cl, tf, 6e
Posts: 512 since Aug 2011

thx for your timely post.

i felt so sorry for myself and numerous others who.... have been asked to act in some manners as welfare recpients asking for free handouts.

many here might not mind being asked to go additional miles just because some atty and their office staff were too lazy to do. after all, they were paid alot more than what they deserved, not to mention other incidental expenditures included in each of their billings to personal as well as corporate clienteles. if my trader friends here also happen to be atty as well, my apology.

i just detest being ask to fill out more forms and besides having to pay for insured postage (about 20 usd per mailing) and stuff which appeared out of the last century work habits.... LOL

these groups really ought to modernize themselves and their antiquated practices to include other graphics verification so commonly used by paypal and all...

confound them all....

just letting off steam, my apology.

wishing everyone much better wkend.

just to let you all know, i for one will refuse to comply with their additional demands or requests or insistence or whatever. and we'll see what they can wiggle with my money already considered LOST AND GONE with the <pfg> wind.... <pls do not follow my action, it is not a wise decision for most. compliance is the name of the game in most societies, i am afraid. K?>


olobay View Post
I sent this email and got this reply:

Hello,

I mailed my Proof of claim on Sunday September 30th from Montreal Quebec Canada. Has it been received and is everything in order? When will the wire disbursements begin?


Sent: Thursday, October 11, 2012 2:37 PM
To: pfgbest
Subject: Re: PFG Best - Distribution Registration Support

Thank you for submitting an inquiry with regards to obtaining confirmation information of receipt for your claim filed in the Peregrine Financial Group, Inc. (12-27488) bankruptcy matter. Confirmation of your received and processed claim can be obtained in the following methods:

1. All processed claims will be available for viewing on the “Proofs of Claim Docket” section found at https://www.pfgchapter7.com. Processing time will vary depending on the number of claims received.

2. All claimants with processed claims will also have mailed to them an “Acknowledge of Receipt of Proof of Claim” letter stating the “Date Claim Filed” and “Assigned Claim Number”.

If you provided an additional copy of your claim along with a self-addressed postage paid envelope, a filed stamped copy of your claim will be returned to you as well.


Reply With Quote
  #749 (permalink)
 binary 
Des Moines
 
Experience: Intermediate
Platform: td ameritrade
Trading: gold,oil
Posts: 716 since Feb 2012
Thanks Given: 270
Thanks Received: 286

what does VII.D mean? (on the commodity futures customer claim form)

"Is your claim based on securities futures products?"

what is a securities account?

thanks

Reply With Quote
  #750 (permalink)
 kevinkdog   is a Vendor
 
Posts: 3,647 since Jul 2012
Thanks Given: 1,890
Thanks Received: 7,338



binary View Post
what does VII.D mean? (on the commodity futures customer claim form)

"Is your claim based on securities futures products?"

what is a securities account?

thanks

I think this would be for futures on stocks (One Chicago exchange, OneChicago The Single Stock Futures Exchange). although I cannot say for sure. I checked no on my claim, since I trade only typical CME/ICE futures.

You can always contact the trustee for a definite answer.

Follow me on Twitter Reply With Quote
Thanked by:




Last Updated on April 6, 2016


© 2024 NexusFi™, s.a., All Rights Reserved.
Av Ricardo J. Alfaro, Century Tower, Panama City, Panama, Ph: +507 833-9432 (Panama and Intl), +1 888-312-3001 (USA and Canada)
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.
About Us - Contact Us - Site Rules, Acceptable Use, and Terms and Conditions - Privacy Policy - Downloads - Top
no new posts