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PFGBest Accounts Frozen (PFG scandal big thread)


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PFGBest Accounts Frozen (PFG scandal big thread)

  #761 (permalink)
 
aligator's Avatar
 aligator 
Las Vegas, NV
Market Wizard
 
Experience: Advanced
Platform: Abacus, Slide Rule, HP-65
Trading: Futures, Stocks, Options
Posts: 3,615 since Aug 2010
Thanks Given: 1,071
Thanks Received: 5,988

I would assume that most likely the 30% distribution is all we will see.
In that case, everyone has a loss of 70 percent of their account. Here is another question regarding PFG.

Q; What are the possible tax treatment for this loss?

It is certainly not a trading loss or a capital gain or loss (1250) deduction. Is it a theft, robbery, disaster, bad loan loss or what?

I know the answer would be to talk to your accountant or lawyer. But would be nice if someone with knowledge would comment here.

Thanks.

p.s. I will ask Robert Green, CPA (GreenTradersTax), during his appearances in the Vegas Traders Expo on 11/14-17/2012.

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  #762 (permalink)
 abdunbar 
El Paso, Texas
 
Experience: Intermediate
Platform: Ninja
Trading: Euro
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I received my statement from Vision and filled out and emailed required forms to them to receive 30% of my PFG account.

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



aligator View Post
I would assume that most likely the 30% distribution is all we will see.
In that case, everyone has a loss of 70 percent of their account. Here is another question regarding PFG.

Q; What are the possible tax treatment for this loss?

It is certainly not a trading loss or a capital gain or loss (1250) deduction. Is it a theft, robbery, disaster, bad loan loss or what?

I know the answer would be to talk to your accountant or lawyer. But would be nice if someone with knowledge would comment here.

Thanks.

p.s. I will ask Robert Green, CPA (GreenTradersTax), during his appearances in the Vegas Traders Expo on 11/14-17/2012.

found this link, regarding deductibility and theft loss;

Securities Fraud and the Theft-Loss Deduction

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  #764 (permalink)
 
Skidboot's Avatar
 Skidboot 
Houston, TX
 
Posts: 202 since Dec 2010
Thanks Given: 203
Thanks Received: 299

Can you believe this? The site is still up... and i can even fill out the new account form... wow..nice going authorities...

PFGBEST | About

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


aligator View Post
So, supposedly 123M was transferred to Vision for distribution to Futures Accounts claims last week. Did anyone get anything in the mail from Vision?

here is the email notice from vision.

there are three inclusion correspondences.

hope, it could help traders still searching for refunds.






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


binary View Post
i got a letter by post from Vision Financial Markets, Connecticut
the letter shows as of 10/22/2012 a credit of USD x.x (30% of my pfgbest account balance).
and a new account number Vxxxxx (xxxxx is my old pfgbest account number).

i shall call Vision on monday and get more details.

and what did you find out from them, pls?

thx

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  #767 (permalink)
 kevinkdog   is a Vendor
 
Posts: 3,645 since Jul 2012
Thanks Given: 1,890
Thanks Received: 7,338

I received a stmt from Vision a few days ago. I filled out Form 2 for Vision (for them to sent me my money). I e-mail Vision all required docs on Thursday.

Today I got reply from Vision saying they were processing my info.

I expect a check in the next few weeks.

Kevin

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


kevinkdog View Post
I received a stmt from Vision a few days ago. I filled out Form 2 for Vision (for them to sent me my money). I e-mail Vision all required docs on Thursday.

Today I got reply from Vision saying they were processing my info.

I expect a check in the next few weeks.

Kevin

hi kevin

and who are you planning to go with, to hold your funds, pls?

it is ok, if you do not wish to share, alright?

thx

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  #769 (permalink)
 kevinkdog   is a Vendor
 
Posts: 3,645 since Jul 2012
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Thanks Received: 7,338


nakachalet View Post
hi kevin

and who are you planning to go with, to hold your funds, pls?

it is ok, if you do not wish to share, alright?

thx


The money will go to one of the Forex brokers I have, or 1 of the futures firms I use. I have 2 of each right now. I'd really rather not mention them by name in this forum. You can PM me though.

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


attached is the responding email from those holding my fun funds.

it just have to wait till monday before i could respond.

my fun and free unencumbered time has practically expired for today.

just wondering, where actually dwells the error, really?

have a safe and wonderful wkend everyone.
---------------

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

===========



nakachalet View Post
here is the email notice from vision.

there are three inclusion correspondences.

hope, it could help traders still searching for refunds.







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