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

  #741 (permalink)
Trading Apprentice
KAUAI HAWAII USA
 
Futures Experience: Beginner
Platform: NINJA
Broker/Data: DormanTrading
Favorite Futures: ES,NQ
 
Posts: 19 since Sep 2012
Thanks: 3 given, 20 received

You are so Right

I agree you are so right.

Its like are there just a bunch of robbers out there ??? comon! Its a real sore point for me sorry just venting thanks Mike for the place to do it. I lost less than 50K and I know many people lost a lot more than that but it seemed like all the money in the world to me.

If you cant trade thats totally ok but dont become a robber !

If I lose 70 percent because of my actions thats fine its my fault its a very risky environment and robbers do exist everywhere but thats why we pay the NFA so I have to say I do blame the NFA for missing many very simple opportunities to check this out.

The NFA charges a fee for every trade we make and they bear a lot of responsibility for the problem. They should be making up the shortfalls. If they did that the goodwill and confidence they would create would be fantastic. It would bring traders back in and instill confidence and stability instead of fear and uncertainty and doubt within the industry and about them as an adequate regulator.

The CME should step up with them as well they are both totally blowing a great opportunity to create new business and to stabilize and enhance the entire futures Industry they themselves depend on to grow their own business. I have not seen either of them acknowledge this at all and I think that is pretty lame for them to run away like they have done.

Step up CME and Step up NFA lets see something real from you besides jut your fees you would be doing the right thing and the right thing for business expansion.

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  #742 (permalink)
Elite Member
El Paso, Texas
 
Futures Experience: Intermediate
Platform: Ninja
Favorite Futures: Euro
 
Posts: 25 since Jan 2011
Thanks: 28 given, 22 received

Pfg Claim submitted

My claim went through tonight, electronically Asked for an acknowlegement of my submission. nothing yet.

Archie

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  #743 (permalink)
Membership Temporarily Revoked
siam, west coast andaman sea
 
Futures Experience: Master
Platform: ninja
Favorite Futures: gc, cl, tf, 6e
 
nakachalet's Avatar
 
Posts: 512 since Aug 2011
Thanks: 559 given, 200 received

congrats, keep us posted, K?



abdunbar View Post
My claim went through tonight, electronically Asked for an acknowlegement of my submission. nothing yet.

Archie

congrats.

keep us informed, OK?

thx

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  #744 (permalink)
Elite Member
El Paso, Texas
 
Futures Experience: Intermediate
Platform: Ninja
Favorite Futures: Euro
 
Posts: 25 since Jan 2011
Thanks: 28 given, 22 received

PFG Claim submitted


abdunbar View Post
My claim went through tonight, electronically Asked for an acknowlegement of my submission. nothing yet.

Archie

received this email today;

It is not necessary to file by mail if you have already filed through email. We have received your Proof of Claim. Your Proof of Claim will be available to view on the Proof of Claim docket on our website www.pfgchapter7.com within 48-72 hours. Thank you.


-----Original Message-----
From: documentsend@omnimgt.com [mailto:documentsend@omnimgt.com]
Sent: Monday, October 08, 2012 9:00 PM
To: pfgbest
Cc: Katie Nownes
Subject: PFGBest - POC Submission

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  #745 (permalink)
Membership Temporarily Revoked
siam, west coast andaman sea
 
Futures Experience: Master
Platform: ninja
Favorite Futures: gc, cl, tf, 6e
 
nakachalet's Avatar
 
Posts: 512 since Aug 2011
Thanks: 559 given, 200 received

that is more like it.

for an advanced country like the usa, to ask for both electronics and snail mail confirmation is truly out of characters.

glad that you could confirm that electronics filing alone is sufficient, until further notices of course.... l o l

for what it is worth, just last week, one of the the police complaint dept attached to the civil courts, was asking for N-I-N-E certified copies for each cause of complaints.

each certified bundle which contains close to 1,000 pages would only cost about 25,000 baht or a little over 800 usd to compile.

yes, third world does have their own life styles, many are very inexpensive, while others are outrageously self-defeating at best.... L O L

if you do receive anything more, pls do enlighten us again.... will be much obliged indeed.

thx much again.


abdunbar View Post
received this email today;

It is not necessary to file by mail if you have already filed through email. We have received your Proof of Claim. Your Proof of Claim will be available to view on the Proof of Claim docket on our website www.pfgchapter7.com within 48-72 hours. Thank you.


-----Original Message-----
From: documentsend@omnimgt.com [mailto:documentsend@omnimgt.com]
Sent: Monday, October 08, 2012 9:00 PM
To: pfgbest
Cc: Katie Nownes
Subject: PFGBest - POC Submission


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  #746 (permalink)
 Vendor: www.fxcm.com 
New York/NY
 
Futures Experience: None
Platform: Ninja
Favorite Futures: Forex
 
Posts: 45 since Aug 2012
Thanks: 0 given, 38 received

PFG Forex Customers to File Suit against Trustee

In yesterday's hearing on Drohan Lee LLP's motion on behalf of PFG's retail forex customers Judge Carol Doyle advised the plaintiffs to file an "adversary" suit against the Trustee to force him to return the funds of PFG's forex customers.

Peregrine Forex, Metals Clients To Sue Over Funds, Atty Says - Law360

That is exactly what they are about to do. Futures Magazine has a good article regarding the new motion:

PFG forex, metals customers want justice


Quoting 
In total, there are 7,000 clients with forex and metals accounts at PFG, but Medley says the impact of the case could be much broader. “We feel like this is a precedent-setting case with respect to the rights of forex and metals account holders, and how it relates to the CFTC regulations.”

A victory for Drohan Lee would indeed be a huge precedent for all retail forex traders in the United States, and a welcome one at that. However, the precedent may not be to the liking of many in the futures industry. This quote from John Roe of the Commodity Customer Coalition is very telling:


Quoting 
Roe says the CCC has not made a decision on how to argue this but says, “The important thing once this is all said and done is that we don’t have a precedent at PFG that once someone steals something out of segregation, it doesn’t matter. That would mean segregation protection is completely meaningless,” he says. “The NFA said in its brief in the MF Global case that the intent of Congress was not to have to trace funds when the music stopped. If they aren’t there and there is a hole, you have to replace those with substitute assets. In this case, the substitute asset is FX customers’ money.”

If FX customer assets are no more than a backstop for futures customers in the event of bankruptcy then retail forex traders need to think long and hard before opening an account with a FCM whose primary business is futures. That is what is at stake in the adversary suit about to be filed.


Last edited by FCMReform; October 12th, 2012 at 01:55 PM.
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  #747 (permalink)
Elite Member
Montreal
 
Futures Experience: Intermediate
Platform: MultiCharts
Broker/Data: IB Canada/IQFeed
Favorite Futures: TF, CL
 
Posts: 260 since Jul 2011
Thanks: 288 given, 330 received

I sent this email and got this reply:

Hello,

I mailed my Proof of claim on Sunday September 30th from Montreal Quebec Canada. Has it been received and is everything in order? When will the wire disbursements begin?


Sent: Thursday, October 11, 2012 2:37 PM
To: pfgbest
Subject: Re: PFG Best - Distribution Registration Support

Thank you for submitting an inquiry with regards to obtaining confirmation information of receipt for your claim filed in the Peregrine Financial Group, Inc. (12-27488) bankruptcy matter. Confirmation of your received and processed claim can be obtained in the following methods:

1. All processed claims will be available for viewing on the “Proofs of Claim Docket” section found at www.pfgchapter7.com. Processing time will vary depending on the number of claims received.

2. All claimants with processed claims will also have mailed to them an “Acknowledge of Receipt of Proof of Claim” letter stating the “Date Claim Filed” and “Assigned Claim Number”.

If you provided an additional copy of your claim along with a self-addressed postage paid envelope, a filed stamped copy of your claim will be returned to you as well.

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  #748 (permalink)
Membership Temporarily Revoked
siam, west coast andaman sea
 
Futures Experience: Master
Platform: ninja
Favorite Futures: gc, cl, tf, 6e
 
nakachalet's Avatar
 
Posts: 512 since Aug 2011
Thanks: 559 given, 200 received

i felt so sorry for myself and numerous others who....

thx for your timely post.

i felt so sorry for myself and numerous others who.... have been asked to act in some manners as welfare recpients asking for free handouts.

many here might not mind being asked to go additional miles just because some atty and their office staff were too lazy to do. after all, they were paid alot more than what they deserved, not to mention other incidental expenditures included in each of their billings to personal as well as corporate clienteles. if my trader friends here also happen to be atty as well, my apology.

i just detest being ask to fill out more forms and besides having to pay for insured postage (about 20 usd per mailing) and stuff which appeared out of the last century work habits.... LOL

these groups really ought to modernize themselves and their antiquated practices to include other graphics verification so commonly used by paypal and all...

confound them all....

just letting off steam, my apology.

wishing everyone much better wkend.

just to let you all know, i for one will refuse to comply with their additional demands or requests or insistence or whatever. and we'll see what they can wiggle with my money already considered LOST AND GONE with the <pfg> wind.... <pls do not follow my action, it is not a wise decision for most. compliance is the name of the game in most societies, i am afraid. K?>


olobay View Post
I sent this email and got this reply:

Hello,

I mailed my Proof of claim on Sunday September 30th from Montreal Quebec Canada. Has it been received and is everything in order? When will the wire disbursements begin?


Sent: Thursday, October 11, 2012 2:37 PM
To: pfgbest
Subject: Re: PFG Best - Distribution Registration Support

Thank you for submitting an inquiry with regards to obtaining confirmation information of receipt for your claim filed in the Peregrine Financial Group, Inc. (12-27488) bankruptcy matter. Confirmation of your received and processed claim can be obtained in the following methods:

1. All processed claims will be available for viewing on the “Proofs of Claim Docket” section found at www.pfgchapter7.com. Processing time will vary depending on the number of claims received.

2. All claimants with processed claims will also have mailed to them an “Acknowledge of Receipt of Proof of Claim” letter stating the “Date Claim Filed” and “Assigned Claim Number”.

If you provided an additional copy of your claim along with a self-addressed postage paid envelope, a filed stamped copy of your claim will be returned to you as well.



Last edited by nakachalet; October 13th, 2012 at 07:48 PM.
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  #749 (permalink)
Elite Member
Des Moines
 
Futures Experience: Intermediate
Platform: td ameritrade
Favorite Futures: gold,oil
 
Posts: 716 since Feb 2012
Thanks: 270 given, 285 received

Question on filing the claim

what does VII.D mean? (on the commodity futures customer claim form)

"Is your claim based on securities futures products?"

what is a securities account?

thanks

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  #750 (permalink)
Market Wizard
Cleveland Ohio/United States
 
Futures Experience: Advanced
Platform: Tradestation
Broker/Data: various
Favorite Futures: futures
 
Posts: 2,368 since Jul 2012
Thanks: 1,130 given, 4,340 received



binary View Post
what does VII.D mean? (on the commodity futures customer claim form)

"Is your claim based on securities futures products?"

what is a securities account?

thanks

I think this would be for futures on stocks (One Chicago exchange, OneChicago The Single Stock Futures Exchange). although I cannot say for sure. I checked no on my claim, since I trade only typical CME/ICE futures.

You can always contact the trustee for a definite answer.

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