PFGBest Update: Speeding Up

As many have already heard, there have been some new developments in the PFGBest bankruptcy proceedings. Here’s what’s relevant:

  • Vision Financial filed the winning bid for reception of PFGBest accounts by way of bulk transfer, and will provide $325,000 to the Trustee. To read the full legal order, click here. Vision is one of the larger FCMs in the industry, primarily dealing with retail accounts. Information for former PFGBest brokers may be found here, while general reporting on the transfer may be viewed here. The target date for the move is October 19th, but as we’ve learned throughout this process, these sorts of targets are frequently moving. The amount to be moved will remain 30% of 4d (Segregated) balances and 40% of 30.7 (secured) balances.
  • At this point, we’re simply happy that the distribution is moving ahead, and are hopeful Vision acts in an honorable manner to provide the necessary assistance for these victims as they decide whether to send money home, transfer to a broker of their choice, or stay at Vision. Attain has a pre-established relationship with Vision, and will be working with their staff to help our clients through this process.
  • As a part of this agreement, the concept of a “first” or “second” wave of distributions is a thing of the past. The initial distribution to PFGBest clients will happen all at once, with the remaining funds distributed via a claims process, or, potentially, another bulk distribution.
  • There were, however, roughly 350 accounts which could not be initially verified, and will not be included in the initial distribution. Items that might have put an account into this category included accounts with a round number with no activity, accounts with no activity for 90 days prior to the bankruptcy, accounts where the SSN or corporate tax ID number could not be verified with the IRS. The list of these accounts has not yet been made public, and as of now, we’re unsure as to how the accounts will be handled. Our best guess? They’ll go straight to the claims process.
  • PFGBest victims will need to file a claim form by no later than November 16th. Attain is filling out all necessary paperwork on behalf of their clients, but for others, the information can be found here.

We’ll continue to follow the situation closely, but all in all, there’s really only one thing to say: it’s about time. The money of former PFG customers has been locked up too long.

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Disclaimer
The performance data displayed herein is compiled from various sources, including BarclayHedge, 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.

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