PFGBEST accounts - LIQUIDATION ONLY - NFA Problems!

[garyfritz]

As I write this, they are all still open. None have been offset or liquidated as they say they have done. I'm sure the futures accounts have all been closed out, but what of our forex accounts?

I read that the positions have been liquidated but I get the statement as well that shows 3 open position, all in profit (for now). So that makes me feel any better?

I wouldn't trust the statements. The email from PFG says "Jefferies has liquidated the majority of open positions held by PFGBEST customers. Please note that your platform may not accurately reflect your correct position. ... Many of the liquidating trades are still being keypunched..." (WTF is this, the 60's!?)

[Captain Jack]

As I write this, they are all still open. None have been offset or liquidated as they say they have done. I'm sure the futures accounts have all been closed out, but what of our forex accounts?

I read that the positions have been liquidated but I get the statement as well that shows 3 open position, all in profit (for now). So that makes me feel any better?

I wouldn't trust the statements. The email from PFG says "Jefferies has liquidated the majority of open positions held by PFGBEST customers. Please note that your platform may not accurately reflect your correct position. ... Many of the liquidating trades are still being keypunched..." (WTF is this, the 60's!?)

I received this email from PFGBest Operations today:

John:
We are in the process of liquidating all FX positions. We hope to have this issue rectified soon. Please check your daily statements as these will indicate when your position has been closed

The customer portal on their website still updates your positions and balances as prices change on the pairs involved with my open trades. But 5 days and they can't close the freakin trades??? Give me a break.

Here's a link to a webinar hosted by a lawyer familiar with these type cases...it's worth watching if you trade forex.

http://www.fxstreet.com/webinars/sessio ... 2a732d4a62

John

[AnotherBrian]

Here is some interesting information if your tired of getting bent over by rich dudes running br0kerages
Post on forex br0kers

[Captain Jack]

Here is some interesting information if your tired of getting bent over by rich dudes running br0kerages
Post on forex br0kers

Too bad for us in the US that Canadian brokers won't open an account for us due to bullying by the NFA. If you really want a good read, visit this site:

http://barnhardt.biz/

BTW, all 14 of my orders are STILL open at PFGBest....

John

[AnotherBrian]

Too bad for us in the US that Canadian criminals won't open an account for us due to bullying by the NFA. If you really want a good read, visit this site:

http://barnhardt.biz/

BTW, all 14 of my orders are STILL open at PFGBest....

John

I read that already, she's a bit of a nut but I agree with her spin on the PO Box, take a look at the link, it takes you to a youtube video and her presentation.

My orders also show as open. It wont matter much if we end up getting 10 cents on the dollars.

I spoke to IIROC and PFG legal rep this morning and asked if I was allowed to open an account in the US. IIROC was surprised but the PFG legal person told me there is no rule against it.

Here is an interesting link if you need to talk to someone at PFG

PFG Director of compliance - Susan 312.775.3591
PFG Rebecca Wing legal council - 312.775.3464
Call Rebecca about your open positions, she's in the know on the bankruptcy thing and how it works.

While you at it, leave the old man a voice mail for when he gets out of jail!! His name is on the phone list (link above).

[Captain Jack]

Thanks for the info....Here's is a bit of good news if there is such a thing in this case. Attain Capital seems to be ahead on this and here is some of the latest info the posted:

Further, the bankruptcy proceedings are, from all reports, not under the purview of SIPC as MF Global was, and instead will have the CFTC heavily involved. CFTC regulation 190.08(b) states:

Allocation of property between customer classes. No portion of the customer estate may be allocated to pay non-public customer claims until all public customer claims have been satisfied in full. Any property segregated on behalf of non-public customers must be treated initially as part of the public customer estate and allocated under paragraph (c)(2) of this section.

This would indicate that clients have top priority over any other creditors when it comes time to divvy up the company assets . It’s important to note here that, per our understanding, the amounts in customer segregated accounts do not even become part of the pool of assets for the general creditors – they are customer funds only.

Perhaps there is some hope of some recovery. I hope this applies to retail forex account customers as well as futures customers.

Want to send a message to Wasendorf's ex-wife, who's living in a 500,000.00 home, paid for by her ex! http://www.facebook.com/connie.wasendorf

Russ Jr is on there as well as many PFGbest workers..

CJ

[AnotherBrian]

Well, at least it's encouraging news. We might all be retired before we see the cash, these things take sooooo long to resolve.
I wonder if the bank JP Morgan is going to have to fork over some cash too?

AB

[garyfritz]

There might be an option if you'd like to see 20% of your cash sooner:

http://www.marketwatch.com/story/fulcru ... 2012-07-16

[AnotherBrian]

Interesting that there is a firm willing to buy this risk. What do they know that we don't?

If you want to read something interesting about this event, check out this link to the FBI report. It describes how this hammer head pulled this off for so long.

[hiredwhip]

A world class crook and wonderful human being, without a doubt!!

http://bottomline.msnbc.msn.com/_news/2 ... money?lite

Have a great week

whip