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

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

PFG Scandal

Hello everyone thanks for the info. Has anyone heard anything about potential future distrubitions ?

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  #802 (permalink)
Elite Member
New York
Trading Experience: Beginner
Platform: Ninjatrader
Broker/Data: IB/AMP
Favorite Futures: ES
Posts: 36 since Dec 2011
Thanks: 568 given, 22 received

Tax return

Does anyone know if we will receive any form for tax claims due to the loss? From which party? Thanks in advance.


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  #803 (permalink)
Market Wizard
Cleveland Ohio/United States
Trading Experience: Advanced
Platform: Tradestation
Broker/Data: Tradestation, DeCarley, others
Favorite Futures: futures
Posts: 2,609 since Jul 2012
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walker View Post
Does anyone know if we will receive any form for tax claims due to the loss? From which party? Thanks in advance.


I recommend you contact the trustee. They might be able to give you some info.

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  #804 (permalink)
Elite Member
Raleigh NC USA
Trading Experience: Advanced
Platform: CTS T4 and TradeStation
Favorite Futures: Oil
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Thanks: 0 given, 7 received

Wave View Post
Hello everyone thanks for the info. Has anyone heard anything about potential future distributions ?

They have just said that there will be future distributions and nothing more.

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  #805 (permalink)
Trading Apprentice
Trading Experience: Intermediate
Platform: Ninja
Favorite Futures: NQ, TF
Posts: 3 since Feb 2011
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wrc1169 View Post
I sent my claim to Vision to have the 30% that was transferred them to be sent to me via check. I got an email on 12/21/12 with the forms I had filled out scanned into a PDF file so I have confirmation that they received the request. As of today I still have not received my funds and have gotten no response to a couple of emails asking about it. Anyone else who requested a check still waiting??? Growing a little impatient here!!

FYI... I talked to customer service at Vision today and asked about the funds I requested. He told me according to their records the check was sent on December 27 but since I haven't received it they are going to stop payment on that check and send me another one.

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  #806 (permalink)
New York/NY
Trading Experience: None
Platform: Ninja
Favorite Futures: Forex
Posts: 45 since Aug 2012
Thanks: 0 given, 38 received

Judge Nears Decision in PFG Complaint

The bankruptcy judge for the PFG Best case is expected to decide on the complaint filed by the forex/metals account holders at PFG. AP has an article out detailing the conflict between futures and forex customers:

Customers who traded foreign currency through Peregrine Financial Group, Inc. say their money is sitting in bank accounts that can be traced directly to them ó and they want it back. Yet seven months after the company collapsed when Chairman Russell Wasendorf Sr. confessed to a stunning fraud, they havenít received a dime. Other customers who traded commodities such as oil and corn have received up to 40 percent back ó even though Wasendorf looted their accounts to expand his business empire and fund his lavish lifestyle.

Retail forex traders still have an opportunity to tell Washington that this kind of disparate treatment of retail forex customers needs to end. The CFTC comment period on additional customer reforms remains open:

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  #807 (permalink)
Elite Member
Raleigh NC USA
Trading Experience: Advanced
Platform: CTS T4 and TradeStation
Favorite Futures: Oil
Posts: 17 since May 2011
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I think it would be useful to first try to help all former PFG customers by suing to recover funds from other deep-pocketed potential defendants who may have been negligent by ignoring signs of problems in PFG's accounts (or even helping PFG cover up):

U.S. Bank
J.P. Morgan

Let's ask for a thorough investigation of potential liability of these parties. I am not saying that all of them were negligent, but just let's look into it closely and sue them if grounds can be found.

This investigation should be done by

The PFG Trustee
The Justice Dept.

If all of these fail to investigate adequately, as a last resort it will be done in the class-action lawsuit, but it should not have to be left to private parties.

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  #808 (permalink)
Elite Member
desert CA
Trading Experience: Intermediate
Platform: NT7, TOS, IB
Broker/Data: AMP/wCQG, TDA, IB
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Posts: 2,060 since Jul 2011
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Wasendorf sentenced 50 years.

Wasendorf Gets 50 Years -

Ouch. First time I had a little sympathy. Just my opinions. I don't think justice was fully equally served. Imo, there were many collaborators. The "homemade" accountant, Wasendorf Jr., Mrs. , and all the executive staff, the CFO Brenda Cuypers who was in charge of the segregated accounting, all must have known about it and were probably complicit. Notice that up to now, the executive staff have either kept silent or denounced Wasendorf singularly. No help from them in helping the clients receive restitution and one reason I suspect is if one or a few spoke up, the depths of how they were all complicit would be quickly revealed. If they were all arraigned and sentenced it should have been split around more with Wasendorf Sr. maybe getting 15-20 years. He still was relatively small compared to Madoff and Corzine as nicest as can be said. Plus all the banking and financial execs who brought about the 2008 collapse all got away scottfree along with party bonuses from the TARP handouts. Anyways it looks like Sr. planned to assume the full blame sacrificing himself as the patriarch. Similar with Madoff and other similar cases. Everyone else probably complicit got away with their assets protected from clawbacks. Soon to come CNBC's 'American Greed' episode.

Last edited by Cloudy; February 2nd, 2013 at 12:00 PM.
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  #809 (permalink)
Elite Member
South Lyon Michigan USA
Trading Experience: Intermediate
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Posts: 61 since Sep 2012
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Pfg loss and taxes

I had to phis around a little but this how I did my taxes. Consult a pro if necessary.
If you have the Mark to Market designation then you fill out form 4797 part two.
Line 14 is: Net gain or loss from form 4684
Copy a form 4684 Casualties and THEFT!!!
fill out section B parts I and II.
Hope that helps.
If we recover more cash then use this form next year to report the gain.
Good luck and its better than filling out college credit crap written by morons.

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  #810 (permalink)
Elite Member
Raleigh NC USA
Trading Experience: Advanced
Platform: CTS T4 and TradeStation
Favorite Futures: Oil
Posts: 17 since May 2011
Thanks: 0 given, 7 received

Do not take offers for your claim

I am getting several offers for my PFG claim in the mail.

They are currently offering another 25% or so beyond the initial 30%.

These companies will be our best friends after they accumulate a large number of claims, because they will sue the banks and others involved on a class action basis and they will do so aggressively.

They would not be offering a total of 55% (less the 30% already distributed) if they thought that ultimately only 60% would be recovered.

So do not sell your claim.

If things go well when they pursue the class actions, we may eventually see a much higher recovery if the banks and auditors etc. settle. And everyone will get the benefit of the final recovery settlement if they hold out and do not sell their claim!

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