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

  #631 (permalink)
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at long last, some kind soul got it right, segregated funds owners should come first

at long last, some kind soul got it right, segregated funds owners should come first....

even before any and all creditors, regardless of size....

segregated funds owners have no other security whatever to claim on, when entity such as pfg goes under....

segregated funds owners only lay claims to whatever is left in their trading account which is categorically and absolutely NOT a part of pfg's assets in any shape or form,
to be subject to any legal claim from any entity including any and all federal agencies with the only exception, the IRS and legitimate courts' orders and such, only.

there appears a small ray of hope now.... at the end of the long long tunnel ahead.... but....

IF AND ONLY IF.... WE TRADERS WOULD JOIN HANDS AND MOVE FORWARD TOGETHER AS STATED IN THE ARTICLE TO ADVOCATE OUR OWN CAUSE,
so no one, not even the court could give away our segregated funds fraudulently used by many brokers to secure their own credit lines for whatever purposes,

as cited in the court case, in the same article.


it scares me to death to see, hear and read that our own court would justify brokers' creditors to lay hands on our segregated funds....

at the moment, any trust worthy "brokers" around who would not pledge our segregated funds for their own usage.... anyone pls? and thx

here is the link to the proposed article just arrived some 30 minutes ago: enjoy;

PFGBest Update: No More Stalling | Attain Capital Managed Futures Blog


Last edited by nakachalet; August 10th, 2012 at 02:42 PM.
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  #632 (permalink)
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another article on after pfg

another article on....

after pfg and what ought to really be done to protect the unprotected traders' funds and

their segregated accounts which are still as of now.... open for grab and misuse by everyone.

here is the link to the suggestions and highly valued opinions....

PFGBest Update: Give Us Some Options, Already | Attain Capital Managed Futures Blog

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Peregrine president set to testify


Peregrine president set to testify before grand jury next week - Yahoo! News

CHICAGO (Reuters) - An Iowa grand jury is expected to hear testimony from Peregrine Financial Group's president next week as it begins considering alleged wrongdoing at the failed futures brokerage.
Russell Wasendorf Jr., Peregrine's president and the son of the brokerage's accused chief executive, has been subpoenaed by the grand jury and will likely testify next week, his lawyer told Reuters.

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Grand Jury to Convene Monday in Peregrine Probe - WSJ.com

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  #635 (permalink)
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more on pfg.... and protection of traders' seg funds

more on pfg.... and

traders' seg funds....; enjoy:

Weekend Reads | Attain Capital Managed Futures Blog

PFGBest Update: Give Us Some Options, Already | Attain Capital Managed Futures Blog

PFGBest Update: No More Stalling | Attain Capital Managed Futures Blog

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Glad to see the CFO will have to testify too. imo and speculation, at least five or more of the execs and inner circle(including that suburban "accountant") knew about it.


Last edited by Cloudy; August 12th, 2012 at 06:01 AM.
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NIBA Journal - National Introducing Brokers Association > PFGBest Trustee Message

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PFGBest Update: How far did the apple fall from the tree?

PFGBest Update: How far did the apple fall from the tree?

PFGBest Update: How far did the apple fall from the tree? | Attain Capital Managed Futures Blog

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  #639 (permalink)
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6:14p
BREAKING
Peregrine Financial CEO indicted on 31 counts

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Market Sniper 88 View Post
6:14p
BREAKING
Peregrine Financial CEO indicted on 31 counts

Source: UPDATE 1-Peregrine CEO indicted for lying to regulators | Reuters


Quoting 
Aug 13 (Reuters) - Peregrine Financial Group founder and CEO Russell Wasendorf Sr was indicted on charges of lying to regulators, a little over a month after his botched suicide attempt and his signed confession to bilking customers of his brokerage for years.

Wasendorf "overstated the value of PFG's customer segregated funds by at least tens of millions of dollars" to the Commodity Futures Exchange Commission, according to the indictment, filed in federal court in Cedar Rapids, Iowa.

The indictment carries a possible maximum sentence of 155 years in prison, a $7.75 million fine, and 93 years of supervised release following any imprisonment, the U.S. Attorney's office said.

The public defender representing Wasendorf Sr could not immediately be reached for comment.

Peregrine, which operated as PFGBest, filed for bankruptcy protection on July 10, one day after Wasendorf Sr attempted suicide and left a note describing how he had bilked customers of more than $100 million over nearly 20 years.

Using little more than a P.O. Box, laser printers and Photoshop software, Wasendorf Sr said he forged and intercepted financial statements that were mailed between U.S. Bank, where some Peregrine customer money was held, and the firm's auditors at the National Futures Association. He also said he spent most of the stolen money to try to keep his brokerage afloat.

The indictment does not mention Wasendorf's alleged misuse of customer money, but only asserts that he misrepresented the value of customer funds from February 2010 to June 2012.

An indictment means a person has been formally charged by a grand jury. Additional charges can be added later, in superseding indictments, as the grand jury continues to weigh testimony and evidence.

The federal probe into Wasendorf Sr continues and the grand jury hears testimony from witnesses, including Russ Wasendorf Jr, son of the CEO and the company's president.

"He testified and answered all questions and continues to cooperate with the FBI," said Nicholas Iavarone, Wasendorf Jr's attorney.

Wasendorf is being held in a county jail and his next appearance for an arraignment has not yet been set, the U.S. Attorney's office said.

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