"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. ......"
Sorry Bo, too slow: Beau's Case is 1:12-cv-05624 if anyone is interested in reading the complaint. Pretty boring stuff.
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.
Is emg the one who said the s&p would crash into the 600s sometime 1-2 years ago? How did that work out? If I have the wrong person, my apologies.
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. 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?
Restoring Confidence in Futures Markets: An Open Letter to Our Customers http://view.e-cmegroup.com/?j=fe551...urce=ExactTarget&utm_campaign=CORP+Letterhead
Horses left that barn 20Y ago. The Corzine rule should have been implemented decades ago (under another name of course).