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July 25th, 2012, 07:37 PM
Montreal
Experience: Intermediate
Platform: MultiCharts
Broker: DeepDiscountTrading.com
Trading: CL
Posts: 364 since Jul 2011
Can you help answer these questions from other members on NexusFi?
Best Threads (Most Thanked) in the last 7 days on NexusFi
July 26th, 2012, 02:17 PM
Cleveland, OH
Experience: Advanced
Platform: QST
Broker: QST, DeCarley Trading, Gain
Trading: Options on Futures
Posts: 3,081 since Jul 2011
Thanks Given: 980
Thanks Received: 5,785
I have Liberty Trading's Disclosure Doc from Dec 2010 when he became a CTA again. It said all clients had to use PFG as their FCM .
It says he had 245 clients and was trading $53 million then.
I luckily pulled my money out Dec 2011.
July 26th, 2012, 07:43 PM
Manta, Ecuador
Site Administrator Developer Swing Trader
Experience: Advanced
Platform: Custom solution
Broker: IBKR
Trading: Stocks & Futures
Frequency: Every few days
Duration: Weeks
Posts: 50,607 since Jun 2009
Thanks Given: 33,345
Thanks Received: 101,971
Poll closed, results:
Mike
August 1st, 2012, 01:46 AM
Manta, Ecuador
Site Administrator Developer Swing Trader
Experience: Advanced
Platform: Custom solution
Broker: IBKR
Trading: Stocks & Futures
Frequency: Every few days
Duration: Weeks
Posts: 50,607 since Jun 2009
Thanks Given: 33,345
Thanks Received: 101,971
Source: JPM To Be Subpoenaed Over Defunct PFG's Missing Segregated Money | ZeroHedge
Quoting
The blunt trauma that JPMorgan was implicated in the missing millions from segregated accounts in Jon Corzine's bankrupt MF Global may have passed but the memory lingers, especially for all those whose cash is still locked up somewhere in vapor space. Yet one event that may tear the scab that patiently was healing, courtesy of a Copperfield market full of distractions such as JPM's CIO fiasco, Lieborgate, oh and, Europe, right off is the recent bankruptcy of Peregrine Financial, aka PFG, whose story we first broke, and which just as we suspected, has promptly become the second coming of MF Global, as at least $200 million has "evaporated." It is thus with little surprise that we find that the first party of interest is none other than JPMorgan, which together with various other banks, will be the target of a subpoena by the PFG trustee. How shocking will it be to find that Dimon's company is once again implicated in this particular episode of monetary vaporization.
From Bloomberg:
The trustee liquidating Peregrine Financial Group Inc. asked a judge for authority to subpoena the defunct futures brokerage’s banks including JPMorgan Chase & Co. (JPM) and Citigroup Inc. (C) for information about transfers from segregated accounts and proprietary accounts.
Citing a lawsuit by the U.S. Commodity Futures Trading Commission against the company and founder Russell Wasendorf Sr. over misappropriation of customer funds, the trustee said he needs records from “various financial institutions” to identify “abnormalities” in the company’s records.
The trustee liquidating Peregrine Financial Group Inc. asked a judge for authority to subpoena the defunct futures brokerage’s banks including JPMorgan Chase & Co. (JPM) and Citigroup Inc. (C) for information about transfers from segregated accounts and proprietary accounts.
Citing a lawsuit by the U.S. Commodity Futures Trading Commission against the company and founder Russell Wasendorf Sr. over misappropriation of customer funds, the trustee said he needs records from “various financial institutions” to identify “abnormalities” in the company’s records.
And while Jamie Dimon may have to spend another 2-3 hours before his muppets explaining how a few hundred million in PFG cash just may have ended up on his balance sheet, with nobody gaining anything, except for C-Span once again beating all other TV channels in the 10 am-12 pm block, the one definitive winner from this, and all the other unraveling financial fraud is more than clear:
[The trustee] asked the judge to set up procedures for paying his fees and expenses, and said he is seeking to hire as bankruptcy adviser Shaw Gussis Fishman Glantz Wolfson & Towbin LLC, the law firm where works, at rates of as much as $650 an hour.
This is money that ultimately would have gone to creditors and clients of the firm in liquidation. Instead it will go to funding yet another witch hunt which will achieve absolutely nothing, however it will, briefly, hopes of a few thousand traders and farmers who had entrusted their money to a criminal whom the CFTC could not catch for 20 years. All those hopes will, in the end, be dashed because if there is one thing the past 4 years have taught us, is that in America the bigger the crime, the greater the golden parachute.
Mike
August 1st, 2012, 05:05 PM
desert CA
Experience: Intermediate
Platform: NT7, various
Broker: various, TDA
Trading: NQ,ES
Posts: 2,124 since Jul 2011
Thanks Given: 2,396
Thanks Received: 1,749
August 1st, 2012, 05:26 PM
Montreal
Experience: Intermediate
Platform: MultiCharts
Broker: DeepDiscountTrading.com
Trading: CL
Posts: 364 since Jul 2011
August 1st, 2012, 11:30 PM
Manta, Ecuador
Site Administrator Developer Swing Trader
Experience: Advanced
Platform: Custom solution
Broker: IBKR
Trading: Stocks & Futures
Frequency: Every few days
Duration: Weeks
Posts: 50,607 since Jun 2009
Thanks Given: 33,345
Thanks Received: 101,971
August 7th, 2012, 06:11 PM
siam, west coast andaman sea
Experience: Master
Platform: ninja
Trading: gc, cl, tf, 6e
Posts: 512 since Aug 2011
pfg clients' money and jpmorgan dead SILENCE as of 2012-08-07....!
thx mike.
per mike's,
the info is moved to:
----------------------------
PFGBest Update: What is JPMorgan Hiding?
by Attain Capital
What is JPMorgan Hiding?
Throughout the PFGBest bankruptcy and liquidation process, there’s been a deafening silence coming from one big player: JPMorgan.
While US Bank was supposed to have held the $220mm that has turned out to be missing, PFG was supposed to have had $400mm in client assets… and
the rest of that money was supposedly held at JPMorgan – where any and all clients actually wired their money when opening accounts with PFG .
Naturally, one would expect inquiries into the status of this money, and that’s exactly what the PFG trustee Ira Bodenstein has done. Cue JPMorgan’s response (via Reuters):
-------------------
i am also awaiting my money, besides, i am also trying to find out--
JUST WHERE TO FILE, or is there anything that needs to be done beside just waiting....?
ANYONE KNOWS.... pls?
thx much [email protected]
August 7th, 2012, 10:55 PM
siam, west coast andaman sea
Experience: Master
Platform: ninja
Trading: gc, cl, tf, 6e
Posts: 512 since Aug 2011
nakachalet
pfg clients' money and jpmorgan dead SILENCE as of 2012-08-07....!
thx mike.
per mike's,
the info is moved to:
----------------------------
PFGBest Update: What is JPMorgan Hiding?
by Attain Capital
What is JPMorgan Hiding?
Throughout the PFGBest bankruptcy and liquidation process, there’s been a deafening silence coming from one big player: JPMorgan.
While US Bank was supposed to have held the $220mm that has turned out to be missing, PFG was supposed to have had $400mm in client assets… and
the rest of that money was supposedly held
at JPMorgan – where any and all clients actually wired their money when opening accounts with PFG .
Naturally, one would expect inquiries into the status of this money, and that’s exactly what the PFG trustee
Ira Bodenstein has done. Cue JPMorgan’s response (via Reuters):
-------------------
i am also awaiting my money, besides, i am also trying to find out--
JUST WHERE TO FILE, or is there anything that needs to be done beside just waiting....?
ANYONE KNOWS.... pls?
thx much
[email protected]
HERE IS THE ENTIRE LINKAGE TO THE NEWS ON JP MORGAN IS HIDING SOMETHING....?
PFGBest Update: What is JPMorgan Hiding? | Attain Capital Managed Futures Blog
ENJOY EVERYONE.
August 7th, 2012, 11:45 PM
desert CA
Experience: Intermediate
Platform: NT7, various
Broker: various, TDA
Trading: NQ,ES
Posts: 2,124 since Jul 2011
Thanks Given: 2,396
Thanks Received: 1,749
Last Updated on April 6, 2016