THANKS TO EVERYONE FOR YOUR INCREDIBLY KIND COMMENTS AND EMAILS, I AM HUMBLED BY ALL OF THEM
I have to admit in our tiny little forum here we are actually doing a bit of good it appears. Here is the latest at this moment. It does appear that Jeffries does have a fair amount of segregated money from PFG. The amount is not currently known, but is rumored to be close to half. There are a lot of moving parts here so I am not sure that any one person knows exactly how much if anything is there. They did forced liquidations today across the board, so everyone should be flat. I do have one friend that is not being allowed to exit, and they are not liquidating his trades either, and they are now giving him a monstrous margin call which is not anywhere near accurate. Also, Canadian clients have been made completely whole due to government intervention up there. We do not have such rules here so that will not likely happen here.
My friends situation tells me there is still a lot of confusion in all of this, it is a bigger mess than MF even though the dollar amount is smaller. What was done here was outright theft of segregated funds, whereas MF used the funds to make trades allegedly. Larry Williams has launched a lawsuit for gross negligence against the NFA and I am going to meet with an attorney tomorrow to investigate this as well.
I will report what I know when I know it, and I will sum up my post with the following truthful event of yesterday. When the news first hit I was not worried, I thought everything would be ok. When I then found the NFA complaint I began to realize how bad this might be for everyone. I was away from home on other business and when I drove back through the gates to my ranch, the emotion overcame me. Just seeing my great place and all of my wonderful animals, and thinking it all could be taken away by a criminal was just overwhelming. As I came upon my wife I had tears in my eyes and did not even realize it. I told her what had happened and we might be wiped out but I was not sure. Her reaction was what I could only have hoped for. She said don't worry these types of things happen to people all the time and they survive, and so will we. I kept telling her I was sorry, just because I had just lost it for the moment. I knew it was not my fault, but still I have a responsibility to look out for her and the rest of the family.
I felt I had let her down, and just could not be John Wayne. Your kind comments and emails have made a big difference for me and I cannot thank all of you enough. I will get through this and we will move on together positively here at some point soon. This is going to change me some I think and most likely for the better. I might even join in the Gold Bug Klan. We all have to realize that most of the people in the world are great folks with good hearts, and there are a few bad apples who take advantage of us. That still makes it a good world to live in regardless of these bad things that happen to us.
Best wishes to all and I will be back as soon as there is more information on all of this. I don't have many market comments tonight, I am not even watching them at the moment, sorry. The Bond system has not fired off any trades for a few days now so there has not been one missed by my absence.
5 comments:
Go to the commoditycustomercoalition.org website for access to a call-in today at 5:15 EDT for information.
you are rigfht to sue the NFA - the ruse used was so low tech and easily investigated it appears - but duh....
http://www.futuresmag.com/2012/07/11/pfgbest-fraud-details-come-to-light-files-for-bank?eNL=4ffda6b2140ba08624000168&ref=hp&ref=hputm_source=DailyMarketFocus&utm_medium=eNL&utm_campaign=FUT_eNL&_LID=76317205
Ann Barnhardt just posted some interesting info re: PFGBest, for your attorney's use. (Posted on Jesses Cafe Americain.)
don
I agree on the comment that neither political party has a suitable solution. My feeling is that it needs to be made physically impossible for these people to do anything other than move the money between the bank and the FCM in the segregated funds area. Anything beyond that needs to be not made illegal, it already is. It needs to be physically impossible to do. There needs to be no way a criminal can break that law no matter how hard he tries.
Don I have been trying to contact that gal at the NFA and she has not responded to my voice or emails. I have dealt with the NFA before when I was a CTA and they are just a bunch of drones. I guess the rub is the compliance people at the NFA should be people like me, but they won't pay enough to get people that are qualified to really catch the criminals, so they never will catch them.
I like how fiesty that Ann Barnhardt is, I have read comments and articles from here before. We are investigating the legal aspects of this but this is going to drag on for months if not years I fear.
Post a Comment