PFG - What happens if you have accounts with them??

Quote from comintel:

"Another investor files suit against PFG"

http://wcfcourier.com/news/local/an...cle_a9e20411-2858-55fe-9d7f-1fef679d06cc.html

"Beau Wolinsky of Danville, Ky., is seeking class-action status in a lawsuit filed last week in U.S. District Court for the Northern District of Illinois against PFG's Russell Wasendorf Sr., Russell Wasendorf Jr., Neil J. Aslin, Brenda Cuypers and Susan Mary O'Meara and others referred to in court papers as John Does 1-10.
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Sorry Bo, too slow:

The action was filed four days after customer Michael LaSalvia of Naperville, Ill., filed a similar class-action suit against PFG, leveling similar charges.
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Beau's Case is 1:12-cv-05624 if anyone is interested in reading the complaint. Pretty boring stuff.
 

Attachments

The real question is, is there much money left, or assets or insurance of PFG or anyone involved here to recover. Or are they all "judgment proof."

We know that there is the margin money held by Jefferies. That will be recovered.

But are there more large pots of money elsewhere?

One place to look is non-segregated account margin deposit balances for certain foreign customers trading on foreign exchanges, hedge funds, PFG partners etc. These may be sizable. Of course these entities would want their funds returned too, but if retail customers with segregated accounts do come first, they come first.
 
Quote from emg:

futures and forex markets are not cover under SIPC. do u get it? they are at risk losing their entire investment. SIPC will never cover in the futures and forex markets. Never will. If u dont like the idea the gov will not FORCE sipc to cover futures and forex markets, don;t trade.


Don't trade futures and forex markets.
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What happened emg?

Quote from emg:

Now that my work is done on passing along negative about trading due to 99% of ET members are extreme successful traders and own luxury tangible goods, i will begin posting positive.
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I joined the Commodity Customer Coalition's phone conference call this evening, sounds like they've got solid lawyers involved in the PFG case.

While the big question remains about how much and when, I feel like we've got quality representation on our side of the PFG equation.

The first indication will be in about 2 weeks when the trustee determines the initial pro rata basis for the 11 customers with specifically identifiable property, that'll give us an idea of what the trustee thinks he's got in as far as assets.

The CCC placed a replay of previous phone confernces on their site, I imagine that they'll do the same for todays conference call anyone who's interested.

All in all, I feel that the lawyers are ahead of the curve on this one, not like MFG where the big banks has their lawyers influencing events from the get go.

Quote from masterm1ne:
What happened emg?
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I don't know either, perhaps he had a change of heart, after all, the common bond here is that we're all traders, an exclusive lot to ourselves.
 
It is my understanding that there is an advantage to depositing T Bills instead of cash even though you need some cash to meet the mark-to-market adjustments. Does this relate to that edge if it exists or is the edge just the interest income?

Quote from dangerkitty:

trustee determines the initial pro rata basis for the 11 customers with specifically identifiable property, that'll give us an idea of what the trustee thinks he's got in as far as assets.
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