PFGNextBest: More Money Released

While most of us in the futures industry would like to forget the Peregrine Financial Group (PFG) story, we believe it pays to remember past mistakes so they don’t happen again in the future. As a reminder, the PFG story was that of one Russel Wassendorf Sr. and his becoming known as the “Madoff of the Midwest” after making more than $200 million in customer funds disappear from his firm PFG.

Fast forward 7 years and a new wave of good news has come out, with PFG clients receiving another round of money from the bankruptcy. As of March 15, 2020, PFG trustee Ira Bodenstien has been authorized by the Bankruptcy Court to distribute 72.16% of PFG customers allowed 4d customer claims. (full doc here). Per our calculations, that comes out to another 9.16% of each former PFG customer’s allowed 4d Claim, with the Trustee having mailed out checks beginning on May 15, 2020.

The Bankruptcy Court previously approved a 100% distribution to the holders of Allowed 30.7 Customer Claims.

The industry and its customer protections have come a long way since 2012, as evidenced by coming through this CoronaVirus sell off rather unscathed (interactive brokers and their tech glitch with Oil going negative was the most headline worthy hiccup during this time). And the team at RCM is here to help answer any questions you have on FCM setups, risk profiles, and protections – with business at more than 13 FCMs.

If you have any questions regarding FCMs or the PFG distribution, we’re here to help: 855-726-0060.

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