PFGBest Update: It’s About Time

Today is August 30th. It has been a month and a half since PFGBest declared bankruptcy. After silence from the Trustee – FINALLY – news from his offices:

We will be waiting with bated breath. This process has been bungled – BADLY – but at a minimum, that means clients will be getting at least SOME of their money back. How much that is remains to be seen. As soon as we get more news, we’ll be with you.

4 comments

  1. just how much longer are the segregated funds customers are expected to wait before they would see their money in the mail or electronically, pls?

    nakachalet@gmail.com

  2. Is anyone addressing the following two specific issues:

    (1) Can we try to base distributions on the market value of the account immediately prior to liquidation, not the value of the account after liquidation (we should not have to take losses due to poor execution during liquidation)?

    (2) Can we try for priority of accounts which were segregated funds over other accounts (I understand that some non-retail accounts existed that were not required to be segregated).

  3. At this point, we’re waiting to hear specifics on the distribution from the Trustee. We’re assuming it will be based on account value post-liquidation, and that segregated accounts, following the letter of the law, will be given preference. That being said, we won’t know for sure until the Trustee provides more information.

  4. I opened my account with ten grand, and wired the funds to Morgan. I never once made a trade on any exchange, does that in any way distinguish me from the rest in terms of priorty?

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Disclaimer
The performance data displayed herein is compiled from various sources, including BarclayHedge, RCM's own estimates of performance based on account managed by advisors on its books, and reports directly from the advisors. These performance figures should not be relied on independent of the individual advisor's disclosure document, which has important information regarding the method of calculation used, whether or not the performance includes proprietary results, and other important footnotes on the advisor's track record.

Benchmark index performance is for the constituents of that index only, and does not represent the entire universe of possible investments within that asset class. And further, that there can be limitations and biases to indices such as survivorship, self reporting, and instant history.

Managed futures accounts can subject to substantial charges for management and advisory fees. The numbers within this website include all such fees, but it may be necessary for those accounts that are subject to these charges to make substantial trading profits in the future to avoid depletion or exhaustion of their assets.

Investors interested in investing with a managed futures program (excepting those programs which are offered exclusively to qualified eligible persons as that term is defined by CFTC regulation 4.7) will be required to receive and sign off on a disclosure document in compliance with certain CFT rules The disclosure documents contains a complete description of the principal risk factors and each fee to be charged to your account by the CTA, as well as the composite performance of accounts under the CTA's management over at least the most recent five years. Investor interested in investing in any of the programs on this website are urged to carefully read these disclosure documents, including, but not limited to the performance information, before investing in any such programs.

Those investors who are qualified eligible persons as that term is defined by CFTC regulation 4.7 and interested in investing in a program exempt from having to provide a disclosure document and considered by the regulations to be sophisticated enough to understand the risks and be able to interpret the accuracy and completeness of any performance information on their own.

RCM receives a portion of the commodity brokerage commissions you pay in connection with your futures trading and/or a portion of the interest income (if any) earned on an account's assets. The listed manager may also pay RCM a portion of the fees they receive from accounts introduced to them by RCM.

See the full terms of use and risk disclaimer here.