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

  #721 (permalink)
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PFG Trustee to transfer $123,000,000 to Vision

Announcement re Customer Distributions
On October 4, 2012, the Trustee appeared before the Bankruptcy Court at a continued hearing on the Trustee’s motion to authorize an interim distribution for the benefit of future customers. The Trustee requested the entry of an order authorizing him to make a bulk transfer (the “Bulk Transfer”) to Vision Financial Markets LLC (“Vision”) of the customer funds that are subject of the interim distribution in the approximate amount of $123,000,000 and certain of the Debtor’s approximately 13,586 (4d Accounts) and 1,053 (30.7 Accounts). Vision has agreed to pay the Trustee $325,000.00 for the Bulk Transfer. The Trustee will submit a proposed order (the “Order”) to the Bankruptcy Court on October 5, 2012, which Order will authorize the Bulk Transfer. Details and other provisions regarding the Bulk Transfer will be incorporated into the Order. Upon entry of the Order, the Trustee shall cause the Bulk Transfer to occur and Vision shall accept the Bulk Transfer within ten (10) business days following the entry of the Order. Following the Bulk Transfer, Vision will hold the interim distribution amount in separate segregated or secured amount accounts for sixty (60) days during which time any holder of a covered futures account may request that Vision either return the funds, begin trading the funds at Vision or transfer the funds to another FCM. The Trustee anticipates the entry of the Order on October 5, 2012. As soon as the Order is entered, a copy will be posted on this website.

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  #722 (permalink)
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abdunbar View Post
Announcement re Customer Distributions
On October 4, 2012, the Trustee appeared before the Bankruptcy Court at a continued hearing on the Trustee’s motion to authorize an interim distribution for the benefit of future customers. The Trustee requested the entry of an order authorizing him to make a bulk transfer (the “Bulk Transfer”) to Vision Financial Markets LLC (“Vision”) of the customer funds that are subject of the interim distribution in the approximate amount of $123,000,000 and certain of the Debtor’s approximately 13,586 (4d Accounts) and 1,053 (30.7 Accounts). Vision has agreed to pay the Trustee $325,000.00 for the Bulk Transfer. The Trustee will submit a proposed order (the “Order”) to the Bankruptcy Court on October 5, 2012, which Order will authorize the Bulk Transfer. Details and other provisions regarding the Bulk Transfer will be incorporated into the Order. Upon entry of the Order, the Trustee shall cause the Bulk Transfer to occur and Vision shall accept the Bulk Transfer within ten (10) business days following the entry of the Order. Following the Bulk Transfer, Vision will hold the interim distribution amount in separate segregated or secured amount accounts for sixty (60) days during which time any holder of a covered futures account may request that Vision either return the funds, begin trading the funds at Vision or transfer the funds to another FCM. The Trustee anticipates the entry of the Order on October 5, 2012. As soon as the Order is entered, a copy will be posted on this website.

Story:
Vision Financial to take control of former Peregrine accounts - Yahoo! News

Mike

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  #723 (permalink)
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Who gets the $325,000 from Vision


Didn't pay attention when this happened at MFGlobal. Article implies that Vision bought those accounts also?

Seems the $325,000 should go to the segregated funds, not to the bankruptcy estate. And who says anyone wants an account at Vision.

My first reaction is to have it transferred to my Dorman account.

Archie

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  #724 (permalink)
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per chance, got some brokers in mind, pls?


abdunbar View Post
Didn't pay attention when this happened at MFGlobal. Article implies that Vision bought those accounts also?

Seems the $325,000 should go to the segregated funds, not to the bankruptcy estate. And who says anyone wants an account at Vision.

My first reaction is to have it transferred to my Dorman account.

Archie

do you have a good reliable broker to recommend, pls?

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  #725 (permalink)
tw
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nakachalet View Post
do you have a good reliable broker to recommend, pls?

@nakachalet
hey Nakachalet,
Let me know if you get any refund or any requirements from the trustee OMNI please.
Pray hard for a refund from the trustee distribution.

TradeWinds

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  #726 (permalink)
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you'll be the very first to know, K?


TradeWind View Post
@nakachalet
hey Nakachalet,
Let me know if you get any refund or any requirements from the trustee OMNI please.
Pray hard for a refund from the trustee distribution.

TradeWinds

alright, you'll be the very first to know, K?

and you do the same, alright?

just so all our trading bros and sis here could rejoice with us too.... LOL

maybe i should say, they ought to lament with us that we only would probably get less than 33% redistributed....

warm regards

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  #727 (permalink)
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Requirement from PFG Trustee

You do know that there is a deadline to file a claim if you are an account holder?

The deadline is sometime in November.

I tried to file my claim Saturday but the website for the trustee wasn't working correctly.

Archie

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  #728 (permalink)
tw
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abdunbar View Post
You do know that there is a deadline to file a claim if you are an account holder?

The deadline is sometime in November.

I tried to file my claim Saturday but the website for the trustee wasn't working correctly.

Archie

I did and sent them the bank's instruction for wire transfer last week.

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  #729 (permalink)
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abdunbar View Post
You do know that there is a deadline to file a claim if you are an account holder?

The deadline is sometime in November.

I tried to file my claim Saturday but the website for the trustee wasn't working correctly.

Archie

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


Quoting 
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 (www.pfgchapter7.com) 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.

Mike

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

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
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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  #730 (permalink)
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Pfg Claim



TradeWind View Post
I did and sent them the bank's instruction for wire transfer last week.

So... it wasn't exactly clear how the claim was to be submitted. I filled out the acrobat form, printed it. Then scanned it along with my June and July 2012 statements. Next I planned to submit via the trustees website.

Did you send a hardcopy or via the website?

Now it sounds like the funds are going to Vision whether we want them to or no?

very confusing situation,

Archie

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