PFGBest One Year Later: Where’s my Money?
For those who had accounts at PFG – the overriding questions beyond what happened, what has changed, and all the politics and drama surrounding those items – is when am I going to get more of my money back and how much of my money will I be getting back? To tackle that, we talked with the PFG Bankruptcy trustee Ira Bodenstein:
PFGBest One Year Later: a Chat with James Koutoulas
There’s no question that after the 1-2 punch of scandals involving PFG and MF Global, the managed futures community toke it upon themselves to advocate for changes. Shortly after the MF Global incident, the Customer Commodity Coalition was formed to conceptualize the frustrations of the customers into visible results. It only seems fitting that on the 1 Year Anniversary of the PFG scandal, we sit down with friend and colleague, James Koutoulas of the CCC and chat.
PFGBest One Year Later: New Rules
We’re dedicating our time to PFG coverage on the 1 year anniversary. But beyond talk about the hard work people have been doing – more than a few former PFG (and MF Global clients, too) want to know what exactly has been put in place since the PFG fraud to move the industry forward. Without further ado, the most important new rules and changes we’ve seen in the past year:
PFGBest One Year Anniversary Linkfest:
Not all anniversaries are pleasant. Today is one of those days in the futures industry, marking the 1 year anniversary since the PFG scandal was exposed to the world. We have fought tooth and nail on behalf of customers to recover funds, repair the regulatory landscape, and more over the past year (with work still to be done), and thank all those who have stood by us during that time. For all those who like to slow down and look at car crashes on the other side of the highway – here’s a linkfest with the bulk of our coverage of the PFG fraud over the past year. For those who don’t like guts and gore, turn away:
PFG Update: “Last” Asset to Be Sold?
More Money could be coming to PFG investors. the Wall Street Journal is reporting that two parties are interested in buying off one of the last asset’s belonging to Wasendorf Sr. It’s a Romanian Property venture that has 32 investments into property. Whatever proceeds come from this will be a small percentage of what customers are still owed, but a little bit helps.
Disclaimers
Managed futures, commodity trading, forex trading, and other alternative investments are complex and carry a risk of substantial losses. As such, they are not suitable for all investors. You should not rely on any of the information as a substitute for the exercise of your own skill and judgment in making such a decision on the appropriateness of such investments.
The entries on this blog are intended to further subscribers understanding, education, and – at times – enjoyment of the world of alternative investments. Unless distinctly noted otherwise, the data and graphs included herein are intended to be mere examples and exhibits of the topic discussed, are for educational and illustrative purposes only, and do not represent trading in actual accounts. Opinions expressed are that of the author.
The mention of specific asset class performance (i.e. +3.2%, -4.6%) is based on the noted source index (i.e. Newedge CTA Index, S&P 500 Index, etc.), and investors should take care to understand that any 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.
The performance data for various Commodity Trading Advisor (“CTA”) and Commodity Pools are compiled from various sources, including Barclay Hedge, 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.
The mention of general asset class performance (i.e. managed futures did well, stocks were down, bonds were up) is based on RCM’s direct experience in those asset classes, estimates of performance of dozens of CTAs followed by RCM, and averaging of various indices designed to track said asset classes.
The mention of market based performance (i.e. Corn was up 5% today) reflects all available information as of the time and date of the publication.
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Past Performance is Not Necessarily Indicative of Future Results. The regulations of the CFTC require that prospective clients of a managed futures program (CTA) receive a disclosure document when they are solicited to enter into an agreement whereby the CTA will direct or guide the client’s commodity interest trading and that certain risk factors be highlighted. The disclosure document contains a complete description of the principal risk factors and each fee to be charged to your account by the CTA.
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