My assessment of PFG Trustee Bodenstein

#PFGBest Customers

Are you a customer of PFGBest? The CCC is working with regulators and monitoring the court on behalf of PFG customers. At this stage, we are advising customers to gather their statements and prepare for a claims or account transfer process.

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I think the trustee's priorities are clearly in the wrong place. It's sheer lunacy to take the time to draft and argue a motion to give a raise to a senior legal executive who let a 20 year massive fraud happen on her watch while customers have yet to have a penny returned to them. It's been more than 7 weeks since the PFG bankruptcy and none of the 150M under the trustees control has been released to customers. 6 weeks after the MFG bankruptcy, Giddens had 72% of customers' money returned to them.

And, even worse, the PFG trustee has remained silent to the thousands of aggrieved customers as to the reason for the delays, leaving them completely in the lurch. Hundreds of these victims call our office everyday. We've had retirees ask if they have to go back to work, or sell their homes and downsize since they can't pay mortgages due to their funds being completely frozen. CTAs are going out of business right and left. Yet Bodenstein fiddles like Nero with Rome burning and spurns the CCC's offers to help him, retorting with misguided and childish personal attacks. He is failing the victims he is charged with protecting and is a disgrace to the profession.

#MFGlobal Customers

Are you a customer of MF Global? The CCC formally represents more than 200 clients in the bankruptcy process of MF Global on a pro bono basis, and informally represents thousands more in the public domain.

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About James Koutoulas 209 Articles
Co-Founder and lead attorney of the CCC, CEO of Typhon Capital Management and Typhon Securities.

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