PFG - What happens if you have accounts with them??
- Thread starter gmst
- Start date
Latest story on Madoff's Victims
http://www.businessweek.com/news/2012-06-25/madoff-customer-pool-may-grow-to-7-billion-by-july-16
Obvious, some did not received the "splitting."
More proofs are coming
http://www.businessweek.com/news/2012-06-25/madoff-customer-pool-may-grow-to-7-billion-by-july-16
Obvious, some did not received the "splitting."
More proofs are coming
Here is another lastest news on Madoff:
http://www.foxbusiness.com/business...ff-victims-see-no-end-in-sight-to-legal-maze/
In this article, Picard used "net equity formula" to determine who gets paid or not.
"The net equity calculation methodology is the formula for determining eligibility for pro rata distributions to BLMIS customers with allowed claims from the Customer Fund, based on âcash-in, cash-outâ of BLMIS."
More proofs are coming!
http://www.foxbusiness.com/business...ff-victims-see-no-end-in-sight-to-legal-maze/
In this article, Picard used "net equity formula" to determine who gets paid or not.
"The net equity calculation methodology is the formula for determining eligibility for pro rata distributions to BLMIS customers with allowed claims from the Customer Fund, based on âcash-in, cash-outâ of BLMIS."
More proofs are coming!
And what pray tell is wrong with that?
You understand that Madoff never actually did any trading in those client accounts? The account balances shown on investor statements were entirely fictitious numbers pulled from thin air. Net equity, i.e return of principal is the only formula that makes any sense.
Net equity formula. Cash in, u deposit into the account. cash out u withdraw some of the money out of the account based on the ponzi model.
Get it!
Higher Education is the key to become a successful trader!
Higher Education!!
P.S
some didnt get paid at all because the recovery money depleted. The rich one, gets the recovery money first. The poor gets them last or none at all. But in this case, dealing with high new worth clients. Pretty much Rich vs Richest. But if those only invested $500k or $200K, are doomed.
Keep in mind, lawyers are in charge of who gets the money what. High price lawyers win. Fox formed a group of low net worth clients to help pay for high price lawyers.
Say emg, about these proofs, weather you're right or wrong, it's a moot point in this thread about PFG, show some compassion for your fellow traders and take your arguements to another thread.
Now back to the thread subject.
A good source for information about the PFG proceedings is the commodity customer collation found at this link,,,,
www.commoditycustomercoalition.org/
The National Futures Association has been posting updates as well,,,,
http://www.nfa.futures.org/NFA-investor-information/PFG.HTML
If anyone else has found good sources of info, please post them.
I agree - have compassion for the traders that lost money. However, getting your updates from the NFA is a bit ironic considering they blew it for 20 years...
one of only two dunderheads I have on ignore.
I suggest you do the same.