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 but i am trying to find out--
JUST WHERE TO FILE, or is there anything that needs to be done beside just waiting....?
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