stevehopwoodforex.com
https://www.stevehopwoodforex.com/phpBB3/
Print view

PFGBEST accounts - LIQUIDATION ONLY - NFA Problems!
https://www.stevehopwoodforex.com/phpBB3/viewtopic.php?t=687		 Page 10 of 10
Author:  Captain Jack [ Sat Mar 23, 2013 12:46 am ]
Post subject:  Re: PFGBEST accounts - LIQUIDATION ONLY - NFA Problems!
The IRS has ruled that losses from PFGBest qualify for "safe harbor" treatment and can be deducted as "losses due to theft".

the PFGBest scheme qualifies as a “specified fraudulent arrangement” within the meaning of Revenue Procedure 2009-20. Thus, investors who otherwise meet the requirements of Revenue Procedure 2009-20 may use the safe harbor, following the procedures as set forth in that revenue procedure.

You can read more at the CCC website....

http://commoditycustomercoalition.org/?p=2558

I've also attached the IRS pdf document with needed forms.

John
Author:  AnotherBrian [ Fri May 31, 2013 8:07 pm ]
Post subject:  Re: PFGBEST accounts - LIQUIDATION ONLY - NFA Problems!
garyfritz wrote:Brian, sounds like you shouldn't have any problems:

http://www.theglobeandmail.com/globe-in ... le4402543/
Actually my account was in the US so I have a problem. I originally opened it in Canada but they wouldn't let me trade with Empty4, to do that I had to move the account to the US branch.

I've read through the websites and can't really find any new information on this fiasco, seems like the forex accounts are stuck in court forever while the judges and lawyers are making their hourly wage.

The answer to me is real easy - everybody gets their money back - the government makes up the difference as it is their responsibility to audit these hammerheads. What good are rules without accountability? If not, then lock up a few of the people that were supposed to make sure PFG followed the rules. The third and last option - fire all the regulators and delete the rules, they don;t seem to help much, and think of the money the government could save not paying these incompetent people. Yah, this is the angry side of my brain thinking....

Fukc am I pissed off. :evil:

Here is a general question for all
What countries do you believe have the best protection for investors? Rate them in order (and USA shouldn't be on that list obviously, or Steve might kick you out of this forum! :lol: )
Author:  garyfritz [ Wed Jun 05, 2013 4:22 pm ]
Post subject:  Re: PFGBEST accounts - LIQUIDATION ONLY - NFA Problems!
This is VERY interesting: http://www.cftc.gov/PressRoom/PressReleases/pr6601-13

The CFTC has filed a complaint in US District Court, claiming US Bank (PFG's bank) "unlawfully held and used" the customer-segregated funds in PFG's accounts, and effectively abetted Wasendorf in siphoning off $200M.

The CFTC's Director of Enforcement says "we will seek to hold a bank to account if it falls short on complying with customer fund protection obligations. Wasendorf stole vast sums of customer money, but his crimes do not excuse U.S. Bank from its own independent responsibilities."

So it's possible CFTC may hold US Bank responsible, and they may even try to get US Bank to make good the pilfered accounts. US Bank had $5.6 billion in net income in 2012, so they could certainly afford to do so. However I'm sure they have armies of lawyers that will do everything possible to delay or prevent that result, so don't hold your breath...
Author:  AnotherBrian [ Wed Jun 05, 2013 4:48 pm ]
Post subject:  Re: PFGBEST accounts - LIQUIDATION ONLY - NFA Problems!
garyfritz wrote:This is VERY interesting: http://www.cftc.gov/PressRoom/PressReleases/pr6601-13

The CFTC has filed a complaint in US District Court, claiming US Bank (PFG's bank) "unlawfully held and used" the customer-segregated funds in PFG's accounts, and effectively abetted Wasendorf in siphoning off $200M.

The CFTC's Director of Enforcement says "we will seek to hold a bank to account if it falls short on complying with customer fund protection obligations. Wasendorf stole vast sums of customer money, but his crimes do not excuse U.S. Bank from its own independent responsibilities."

So it's possible CFTC may hold US Bank responsible, and they may even try to get US Bank to make good the pilfered accounts. US Bank had $5.6 billion in net income in 2012, so they could certainly afford to do so. However I'm sure they have armies of lawyers that will do everything possible to delay or prevent that result, so don't hold your breath...
I bet it's raising eyebrows in many offices. Thanks for the link!
Author:  garyfritz [ Wed Jul 10, 2013 5:27 pm ]
Post subject:  Re: PFGBEST accounts - LIQUIDATION ONLY - NFA Problems!
This and additional updates at http://managed-futures-blog.attaincapital.com/tag/pfg/

PFGBest One Year Later: Where’s my Money?

For those who had accounts at PFG – the overriding questions beyond what happened, what has changed, and all the politics and drama surrounding those items – is when am I going to get more of my money back, and how much of my money will I be getting back?

We provided our estimates of possible recovery amounts given varying circumstances either going for or against customers here (PFGBest Update: Recovery Scenarios/Percentages), and covered what exciting news the CFTC Suing US Bank was for the possibility of recovery is beyond that (the full missing amount of $200 million is only about 1% of US Bank’s annual revenue). But there remains a lot of confusion on what the time-frames are for all of this. To tackle that, we talked with the PFG Bankruptcy trustee Ira Bodenstein recently and have summarized the conversation below:

1. The main delay in processing further customer distributions at this point is the verification of all of the claims which have been submitted. There were over 3 times the number of claims expected with many people submitting multiple claim forms, and the trustee is now going through the process of verifying the amounts, objecting to duplicates, and objecting to claims which are invalid. His goal is to have the claim reconciliation done and a second distribution made before the end of the year.

2. The forex lawsuit (the trustee says the forex funds were not required to be segregated and thus should go to the benefit of futures customers, the forex customers have filed suit crying foul) should not hold up a second distribution, meaning a third distribution would likely be made upon the successful outcome – for futures customers – of the lawsuit. The lawsuit itself is progressing at a snail’s pace, with discovery to be completed by Sept. 30, 2013 and trial dates to be set around that time. We expect this suit to last through this time next year.

3. The trustee has met with the CFTC to discuss how their lawsuit against US Bank impacts the actions of the trustee, and following the CFTC suit requested and received an extension of the stay (delay) of the class action lawsuit through August of 2014. Interpretation – the class action lawsuit likely won’t go anywhere until the CFTC has finished their suit, and the CFTC suit is at the very least more than a full year away from any sort of resolution.
Author:  garyfritz [ Mon Oct 07, 2013 8:58 pm ]
Post subject:  Re: PFGBEST accounts - LIQUIDATION ONLY - NFA Problems!
I just received an offer to buy me out for 46% of the account value, net of any payouts -- i.e. if you already got 10%, they'd pay 36%.

This is a HUGE increase from the 10% level it started at last year. Obviously these guys are pretty darn confident we'll see full or nearly-full payout sometime soon. There must be good news coming out of the efforts to sue US Bank for their complicity in the fraud.

46% is a pretty darn good payout. The suit against US Bank could drag out for years, and the lawyers might siphon off a good chunk of the proceeds. 46% isn't unreasonable, especially if you want your money sooner rather than later.

Edit: hang on, it says that's the offer for **futures**. Not sure if it applies to forex. Hm.
Author:  AnotherBrian [ Wed May 14, 2014 2:38 am ]
Post subject:  PFGBEST accounts - LIQUIDATION ONLY - NFA Problems!
I just received an offer for 30% for my forex account. Is that worth it? TI can't find any discussion or opinions on the net anywhere. 100% should be the number, backed by the idiots who are supposed to be checking these crooks, but this isn't realistic I guess.
Is 30% good, bad, ugly? I don't have nay baseline to compare.
Author:  garyfritz [ Wed May 14, 2014 4:50 am ]
Post subject:  PFGBEST accounts - LIQUIDATION ONLY - NFA Problems!
30% is ugly. But it may be the best/only offer we get.

On the other hand if the lawsuit against US Bank succeeded, we could conceivably get 100%. But if you accept the 30%, I believe you sign away all rights to any future settlement. Lovely, eh wot?
All times are UTC Page 10 of 10

Powered by phpBB® Forum Software © phpBB Limited