I doubt very many people continued to trade with RefcoFX after the bankruptcy, I also read that during the short time frame from the news of RefcoFX's troubles and the freezing of the accounts that close to 1/2 of the funds were withdrawn, I think about 5 days. So RefcoFX clients did act quickly. I wasn't one and did make a few trades after the bankruptcy only because I thought I had a Canadian account, when I found out my account was actually a USA one I stopped trading it.
Are there anything we can do? Are we so helpless when those big creditors are taking our money away? As TMcKenna described before: ¡_the creditors (Bank of America, Wells Fargo and similar trillioners and billioners) objected and forced judge to cancel his previous decision. These creditors want to erase us from the face of the earth and steal our money, because they are stronger, have thousands of lawyers if neccessary and so on. Is ¡®might is right¡¯ rule the only rule in current United States? Can we have public media to help us? Can US government or US legal system do anything, or they can only worship to big powers£¿ What steps can we take now?
Not much we can do. Just wait and see if the GAIN proposal goes through. If the GAIN proposal does go through I might submit it to Man Financial Canada http://www.manfinancialfx.ca and see if they would be interested in giving me the same deal. I don't think they care or even know about us.
Forgive my lack of knowledge on this subject. I would be interested in know this as well, I thought there was some regulatory safe guards in place to protect client deposits. Does anyone in the know whether or not client deposits guranteed / protected in anyway by any US government agency or regulatory body?
Thank you for your reply, Lenwhistler. I am also a Canadian. I did not know that Canada also has Forex brokers before I opened the account with Refco in USA. I only got to know that there is a Refco Canada after this bankruptcy mess. Manfinancialfx is the second Canadian Forex broker which I just heard from you. In your previous message, you mentioned that you had filled out extra paperwork and faxed your Canadian passport to RefcoFX, does that help? Should I do that as well? How do you think of the efforts of 'RefcoFX Customer Coalition'? They have a website: http://www.refcofxaccountholders.com/
Did anyone else receive a legal letter about a month ago from the bankruptcy stating that they were planning for one more, if not possibly two more, distributions?
I even got a cheque again last month, out of the blue. Sour money but as I have totally wriitten the whole amount off, every distribution feels like X-mas ;-)