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

  #761 (permalink)
Market Wizard
Las Vegas, NV
 
Futures Experience: Advanced
Platform: Abacus, Slide Rule, HP-65, Metastock, TOS, NT
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aligator's Avatar
 
Posts: 3,424 since Aug 2010
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Tax Treatment of your Loss Because of PFG

I would assume that most likely the 30% distribution is all we will see.
In that case, everyone has a loss of 70 percent of their account. Here is another question regarding PFG.

Q; What are the possible tax treatment for this loss?

It is certainly not a trading loss or a capital gain or loss (1250) deduction. Is it a theft, robbery, disaster, bad loan loss or what?

I know the answer would be to talk to your accountant or lawyer. But would be nice if someone with knowledge would comment here.

Thanks.

p.s. I will ask Robert Green, CPA (GreenTradersTax), during his appearances in the Vegas Traders Expo on 11/14-17/2012.

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

vision statement

I received my statement from Vision and filled out and emailed required forms to them to receive 30% of my PFG account.

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



aligator View Post
I would assume that most likely the 30% distribution is all we will see.
In that case, everyone has a loss of 70 percent of their account. Here is another question regarding PFG.

Q; What are the possible tax treatment for this loss?

It is certainly not a trading loss or a capital gain or loss (1250) deduction. Is it a theft, robbery, disaster, bad loan loss or what?

I know the answer would be to talk to your accountant or lawyer. But would be nice if someone with knowledge would comment here.

Thanks.

p.s. I will ask Robert Green, CPA (GreenTradersTax), during his appearances in the Vegas Traders Expo on 11/14-17/2012.

found this link, regarding deductibility and theft loss;

Securities Fraud and the Theft-Loss Deduction

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The following 3 users say Thank You to abdunbar for this post:
 
  #764 (permalink)
Elite Member
Houston, TX
 
Futures Experience: None
Platform: TOS, Ninja
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Posts: 70 since Dec 2010
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Can you believe this? The site is still up... and i can even fill out the new account form... wow..nice going authorities...

PFGBEST | About

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  #765 (permalink)
Membership Temporarily Revoked
siam, west coast andaman sea
 
Futures Experience: Master
Platform: ninja
Favorite Futures: gc, cl, tf, 6e
 
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Posts: 512 since Aug 2011
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yes, here is the email notice from vision.


aligator View Post
So, supposedly 123M was transferred to Vision for distribution to Futures Accounts claims last week. Did anyone get anything in the mail from Vision?

here is the email notice from vision.

there are three inclusion correspondences.

hope, it could help traders still searching for refunds.

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  #766 (permalink)
Membership Temporarily Revoked
siam, west coast andaman sea
 
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and what did you find out pls?


binary View Post
i got a letter by post from Vision Financial Markets, Connecticut
the letter shows as of 10/22/2012 a credit of USD x.x (30% of my pfgbest account balance).
and a new account number Vxxxxx (xxxxx is my old pfgbest account number).

i shall call Vision on monday and get more details.

and what did you find out from them, pls?

thx

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  #767 (permalink)
Market Wizard
Cleveland Ohio/United States
 
Futures Experience: Advanced
Platform: Tradestation
Broker/Data: various
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I received a stmt from Vision a few days ago. I filled out Form 2 for Vision (for them to sent me my money). I e-mail Vision all required docs on Thursday.

Today I got reply from Vision saying they were processing my info.

I expect a check in the next few weeks.

Kevin

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  #768 (permalink)
Membership Temporarily Revoked
siam, west coast andaman sea
 
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Posts: 512 since Aug 2011
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and who are you going to hire to hold your funds this time, pls?


kevinkdog View Post
I received a stmt from Vision a few days ago. I filled out Form 2 for Vision (for them to sent me my money). I e-mail Vision all required docs on Thursday.

Today I got reply from Vision saying they were processing my info.

I expect a check in the next few weeks.

Kevin

hi kevin

and who are you planning to go with, to hold your funds, pls?

it is ok, if you do not wish to share, alright?

thx

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  #769 (permalink)
Market Wizard
Cleveland Ohio/United States
 
Futures Experience: Advanced
Platform: Tradestation
Broker/Data: various
Favorite Futures: futures
 
Posts: 2,388 since Jul 2012
Thanks: 1,138 given, 4,386 received
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nakachalet View Post
hi kevin

and who are you planning to go with, to hold your funds, pls?

it is ok, if you do not wish to share, alright?

thx


The money will go to one of the Forex brokers I have, or 1 of the futures firms I use. I have 2 of each right now. I'd really rather not mention them by name in this forum. You can PM me though.

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  #770 (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

BOY oh boy.... trouble in the process....


attached is the responding email from those holding my fun funds.

it just have to wait till monday before i could respond.

my fun and free unencumbered time has practically expired for today.

just wondering, where actually dwells the error, really?

have a safe and wonderful wkend everyone.
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nakachalet View Post
here is the email notice from vision.

there are three inclusion correspondences.

hope, it could help traders still searching for refunds.

Please register on futures.io to view futures trading content such as post attachment(s), image(s), and screenshot(s).


Please register on futures.io to view futures trading content such as post attachment(s), image(s), and screenshot(s).


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