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PFGBest Accounts Frozen (PFG scandal big thread)
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PFGBest Accounts Frozen (PFG scandal big thread)

  #611 (permalink)
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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)
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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)
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Mike

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  #614 (permalink)
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Source: JPM To Be Subpoenaed Over Defunct PFG'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)
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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:
http://www.chicagotribune.com/business/ct-biz-0717-peregrine-chef--20120718,0,5908477.story
http://blogs.wsj.com/deals/2012/07/18/peregrines-wasendorf-sr-touted-new-hq-in-2009-video


Last edited by Cloudy; August 1st, 2012 at 06:11 PM.
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  #616 (permalink)
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PFGBest Update: Beyond Belief | Attain Capital Managed Futures Blog

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https://futures.io/brokers-data-feeds/22051-cftc-sets-new-requirements-admits-nfa-needs-improve.html

Mike

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
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2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers.
6)
Help using the forum? Watch this video to learn general tips on using the site.

If you want
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  #618 (permalink)
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pfg clients' money and jpmorgan dead SILENCE as of 2012-08-07....!

pfg clients' money and jpmorgan dead SILENCE as of 2012-08-07....!
thx mike.

per mike's,

the info is moved to:

https://futures.io/brokers-data-feeds/brokers-data-feeds/21573-pereg...pfg-accounts-frozen.html
----------------------------

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)
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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:

https://futures.io/brokers-data-feeds/brokers-data-feeds/21573-pereg...pfg-accounts-frozen.html
----------------------------

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)
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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/


Last edited by Cloudy; August 8th, 2012 at 01:08 AM.
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