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

  #711 (permalink)
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ref PFG: here is the pending order for distribution

@aligator
@olobay
@binary
@kevinkdog and other interested traders

attached appears to be the very last copy signed by the presiding judge in reference to pfg distribution matters,

which has been continued in her court room, to Thursday, OCTOBER 4, 2012.

hope it helps to clarify many concerns and uncertainties about the upcoming pending distribution.
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  #712 (permalink)
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good news for local traders


kevinkdog View Post
The above process is for International customers only. Here is the e-mail I just received:

"The email regarding PFG Best Distribution Registration was intended for International customers only. All Domestic customers entitled to partial distribution of funds will be receiving a check at the address listed on their account statement. I apologize for any confusion."

good news for local traders, indeed.

thx kevinkdog

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  #713 (permalink)
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kevinkdog View Post
The above process is for International customers only. Here is the e-mail I just received:

"The email regarding PFG Best Distribution Registration was intended for International customers only. All Domestic customers entitled to partial distribution of funds will be receiving a check at the address listed on their account statement. I apologize for any confusion."

What if I have moved? Which party can I notify to update my address? Thanks in advance.

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  #714 (permalink)
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walker View Post
What if I have moved? Which party can I notify to update my address? Thanks in advance.

Good question. I would probably contact the Bankruptcy Trustee, or maybe the NFA. There should be a link on the websites set up for the bankruptcy. If you have received e-mails from the NFA or Trustee, you might be able to respond to those, too.

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  #715 (permalink)
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Important Message for Customers of Peregrine Financial Group and Peregrine Asset Management - Updated on September 28, 2012

Important Message for Customers of Peregrine Financial Group and Peregrine Asset Management - Updated on September 28, 2012

General Information

Peregrine Financial Group, Inc. (PFG) filed for liquidation in a U.S. bankruptcy court in Chicago on July 10, 2012. Ira Bodenstein was appointed by the U.S. Trustee to act as trustee for PFG's estate. This includes marshaling and recovering the assets of PFG's estate, including customer property, and distributing those assets pursuant to the U.S. Bankruptcy Code and CFTC Part 190 rules. The Trustee has been authorized to operate PFG on a limited basis in order to wind down the business. Customers are encouraged to visit the website (Peregrine Financial Group, Inc.: Home) set up by the Trustee frequently to obtain current information about the case.

Customer Claim Information

Customer claim forms are now available on the Trustee's website which can be accessed by clicking here. Customers must file the applicable claim forms in order to preserve their rights to receive distributions of customer property. The forms are available based on the type of account held at PFG (futures, forex, physical precious metals, or OTC precious metals) and are due no later than 5:00 p.m. (CST) on November 16, 2012. Instructions for filing claim forms can be found beneath the forms listed on the Trustee's website.

The Trustee filed a motion on September 6, 2012 seeking approval from the court to make an interim distribution to PFG's futures customers. On September 20, 2012, the bankruptcy court entered an order granting the motion. A copy of the order containing details about the distribution can be viewed on the Trustee's website or by clicking here. Although all customers are required to submit a claim form by November 16, 2012, claim forms need not be received prior to this interim distribution.

We will continue to provide additional information as it becomes available on our website and via email.

Information for Farmers, Ranchers, and Agricultural Cooperatives

If you are a farmer, rancher, or agricultural cooperative, CME Group is accepting applications to register for benefits under the CME Group Family Farmer & Rancher Protection Fund. Information regarding the application deadline and the qualification requirements to receive benefits can be found at http://www.cmegroup.com/clearing/files/pfgbest-claims-cme-group-family-farmer-rancher-protection-fund.pdf. The application and other information about the program can be found at Family Farmer and Rancher Protection Fund. Questions relating to the program should be emailed to familyfarmerfund@cmegroup.com.

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  #716 (permalink)
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Peregrine Financial Group, Inc.: Standard Claim Form

Proof of claim forms can be filed now until Nov 16th 5:00pm CST.

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  #717 (permalink)
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PFG Forex Traders Still at the Back of the Line

A group of traders have started a website to try and rally support amongst PFG's forex customers: PFG Forex Metals Legal Account - Home

The Traders who have setup "Forex Metals Account LLC" have also sent out an email to PFG's forex customers updating them on the bankruptcy proceedings: Forums - PFG - What happens if you have accounts with them??


Quoting 

Our Forex and Metals monies are currently intact at JPMorgan Chase Bank and Royal Bank of Scotland as confirmed by the Trustee. You may think that because our accounts are listed in the Trustee’s documents that our accounts are safe. Initially we believed this as well. In fact, if you carefully read thru all the Motions, schedules and documents submitted to the bankruptcy court, nothing could be farther from the truth. Our accounts are at risk of being completely emptied in the current legal proceedings - effectively stealing our money in the next few weeks - and converted to pay Futures account holders and the Trustee’s law firm. We view what may be about to take place as equivalent to criminal theft/larceny. We never in our wildest dreams thought that one man or a group of lawyers could put 100 percent of our accounts at risk, do it openly, publicly, and legally get away with it. The Trustee’s Motions are designed to distribute $123 million to Futures account holders – which was approved in court on 9/20/12 – and will deplete the funds available to Forex and Metals account holders. We need to immediately protect our accounts. If we let the Trustee and the dozens of lawyers representing non-Forex and non-Metals clients take our money without doing anything about it, then we don’t have anyone else to blame but ourselves. We cannot sit idly by and watch our hard earned money be divided between creditors and other customers.

FXCM has been lobbying Congress since 2005 to include retail forex in any bankrupcy prodeeding but we have not had much success due to the hesitancy of Washington to re-open the bankruptcy code on behalf of retail forex customers. In the meantime, the PFG bankruptcy should give retail forex traders pause in regards to opening a retail forex account with a Futures Commission Merchant instead of a Retail Forex Exchange Dealer due to the disparity in treatment the two class of customers are getting in this bankruptcy.

We are also still encouraging traders to contact CFTC at secretary@cftc.gov to urge greater protections for retail forex traders.

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  #718 (permalink)
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credence and credential, pls....


FCMReform View Post
A group of traders have started a website to try and rally support amongst PFG's forex customers: PFG Forex Metals Legal Account - Home

The Traders who have setup "Forex Metals Account LLC" have also sent out an email to PFG's forex customers updating them on the bankruptcy proceedings: Forums - PFG - What happens if you have accounts with them??



FXCM has been lobbying Congress since 2005 to include retail forex in any bankrupcy prodeeding but we have not had much success due to the hesitancy of Washington to re-open the bankruptcy code on behalf of retail forex customers. In the meantime, the PFG bankruptcy should give retail forex traders pause in regards to opening a retail forex account with a Futures Commission Merchant instead of a Retail Forex Exchange Dealer due to the disparity in treatment the two class of customers are getting in this bankruptcy.

We are also still encouraging traders to contact CFTC at secretary@cftc.gov to urge greater protections for retail forex traders.

would you provide traders with some credence and credential of, per quote:

A group of traders....

The Traders who have setup "Forex Metals Account LLC"....

i asked because i am one of those still awaiting the distribution....

thx


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  #719 (permalink)
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nakachalet View Post
would you provide traders with some credence and credential of, per quote:

A group of traders....

The Traders who have setup "Forex Metals Account LLC"....

i asked because i am one of those still awaiting the distribution....

thx


I can't vouch for the traders themselves. However, if you goto the website they setup they have an extensive list of FAQ's that should answer your questions: FAQs - PFG Forex Metals Legal Account

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  #720 (permalink)
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PFG Trustee Moves on to Retail Forex


The Wall Street Journal is reporting that PFG's trustee is now going to address the status of PFG's retail forex customers:

http://online.wsj.com/article/SB1000...googlenews_wsj


Quoting 
Ira Bodenstein, the trustee liquidating Peregrine, in a notice Wednesday told holders of currency and precious metals accounts with the firm that addressing their claims was his "next agenda item," though no decisions have been made on how these will be handled or how much money these customers may get back.

"If the Bankruptcy Court concludes that payment in full to forex and metals customers is appropriate, there are sufficient funds to accomplish that outcome," Mr. Bodenstein wrote. "If the Bankruptcy Court reaches a different conclusion, there are sufficient funds to address whatever treatment of these claims that the Bankruptcy Court orders."

Of further interest to traders in the article is the NFA's support for additional legal protections, although nothing was specified.

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