CCC Conference Call & PFG Distribution Update

Posted December 8th, 2014 by BonTrade and filed in BonTrade News, PFG News - Wasendorf Fraud

Conference Call.

The CCC (Commodity Customer Coalition – http://commoditycustomercoalition.org) has scheduled a conference call to discuss the PFG situation on Friday 12th December 2014, at 4pm CDT.

 

Further Distribution to PFG Customers.

The PFG Trustee entered a motion for another interim distribution to PFG customers, opposition is unlikely so clients of PFG should receive another distribution very soon, hopefully before the New Year.

FINALLY, 30.7 customers will have then received 100% of their money – Unfortunately, 3d customers will have received only a 44% recovery. The Trustee retains assets in excess of 50million which could be used for future distributions, but this amount is reserved “pending the outcomes of litigation” – WHY IS 50MILLION OF CLIENT MONEY RESERVED? CLIENTS OF PFG SHOULD HAVE RECEIVED EVERY CENT OF MONEY AVAILABLE – It is an absolute disgrace that so much money has been lost by clients who believed their funds were safe under Govt. & Futures Regulations.

CLIENTS OF PFG should PREFERENTIALLY get ALL THEIR MONY BACK before anyone else receives one cent from the estate of PFG – General Creditors, Professional Fees, fines, whatever – ALL at the end of the queue AFTER CLIENTS ARE MADE WHOLE.

The Govt. or at the very least the NFA/CFTC, should be footing the bills of the Trustee, and all other associated costs, it´s sickening that PFG clients are left in the cold when billions of dollars are spent frivolously – The PFG clients money is the clients money, simple fact. 

 

IRS Civil Penalty against PFG.

In addition the IRS have made an adjustment to PFG for tax years 2007 to 2011 “adding $97million to its adjusted gross income” and has levied a $16million civil penalty against PFG – How on earth does it make sense to increase a tax liability to a firm that has embezzled money from its client investors, and those clients are still scores of millions in the red? –  Will the PFG clients be  MADE WHOLE before the IRS get a look at receiving any penalty fees?

“Tax claims can take priority to general unsecured creditor claims, so the Trustee will have to reserve property until the dispute surrounding this penalty is resolved”.  Clients of PFG are not “unsecured creditors” – IT WAS THEIR MONEY – Tax claims can take priority above “general unsecured creditor claims” – SURE – But they do not take priority over CLIENT MONEY. It was clear long ago that there were not enough funds available in the PFG estate to pay back 100% of all client money, which should mean that NO-ONE else receives a dime – Plain and simple.

The Govt. and the NFA/CFTC once again shows it has little regard for the clients who lost a great deal of money in this Wasendorf/PFG scam, clients who were promised protection by the “Regulators” in “secured segregated accounts”, protection by the CFTC and NFA who were obliged to oversee and enforce the rules and regulations, yet even after multiple investigations into Wasendorf & PFG, both the CFTC and NFA failed to ever spot a problem that couldn’t be closed by Wasendorf himself simply sending a forged fax from photoshop  – Maybe the attached fax header said something along the lines of…..“Dear CFTC/NFA, the bank are incorrect, look here is the correct balance, of course we are doing everything correct, I wouldn’t lie, you can totally believe me”– That was enough for the authorities to simply close the case and look no further into it? Simply WOW –  It´s clear to anyone that all authorities in this from start to finish have neglectfully looked after the best interests of Futures customers, and in particular the bilked PFG customers.

Whilst 30.7 clients finally seem to get all their money back, 3d clients are still no where near even 50% of their funds back – Yet the CFTC and NFA reap the continual rewards and profits of “policing the industry”, even though they are proven to have neglectfully taken care of this. Who gets paid when they don’t do their job properly? I know I don’t! Yet the authorities continue and have no responsibility to their duty, it seems to be a case of “sorry guys, we did all we could, lets sue US Bank and see if we can blame them”.

Leave a Reply

You must be logged in to post a comment.