#PFGBest Customers: What You Can Do Today to Help Return Funds

#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.

Stay tuned to our website for more information.

I have been copied on several emails sent by PFGBest customers to various members of the industry and officials demanding information on why they have not received at least a partial distribution of their property from the Trustee.  I have tired to respond to as many as I can, but I am just one volunteer who is on his way to Congress.    I understand customer frustration--as both a creditor and customer of MF Global, believe me I understand.  Even though many customers at MF Global had received some kind of distribution at this point in the timeline for PFGBest, substantive distributions would be many more weeks away.  Some customers--holders of 'secured' or 30.7 funds--are just now receiving their first distribution, almost 10 months later.  Let me assure everyone that the fast return of customer property from PFGBest is a priority for this organization.  I wish I could wave a magic wand and get things moving, but there is a limit to what we can do at this point.

However, there is something that you can do to help.

Tomorrow, the one person who can affect a distribution of PFGBest customer property--the Chapter 7 Trustee, Ira Bodenstein--will testify to the Senate Committee on Agriculture, Nutrition and Forestry as part of a two-panel hearing on the appropriate policy response MF Global and PFGBest.  I will testify in the second panel.  If you have questions you think should be asked of Mr. Bodenstein, we urge you to contact a Senator on the Committee he will face tomorrow and ask that Senator to post your question to Mr. Bodenstein.

We've posted the name of every member of the Ag committee below, along with their DC contact information and social media presence.  Simply click on the links in the document below to navigate to various places where you can communicate with these Senators.  You can expand the file below or download it so you can read it more easily.  It has been our experience that the fastest method of contact is to call the Senator's DC office.  It will be very unlikely that you will actually reach the Senator, but you can ask to speak to a Legislative Assistant to convey your story or questions to the Senator.   If one of these Senators is from your home state, start with that one and move on from there.

We've also discovered that Twitter is an effective means to contact members of Congress.  If you don't have a Twitter account, sign up for one and tweet questions to one or more of these Senators.

If you miss the opportunity to communicate with someone prior to the hearing tomorrow, please send your questions anyway.  Typically, these committees leave the Congressional record open so members can submit questions to hearing panelists in writing.  Your question may be asked and answered in writing if it is not addressed at the hearing tomorrow.

If your question is not addressed at all, then send it to the Trustee or counsel for the Trustee.  Also, send it to the Bankruptcy Judge, the Honorable Carol A Doyle.  It is important Judge Doyle knows the plight of PFGBest's customers as well.

If you don't have any questions for the Trustee, tell these people how the asset freeze is affecting you.  At a minimum, you can provide them with the human toll of PFGBest's fraud.  Your story is important and it can have an impact. 

Download (XLSX, 12KB)

 

#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.

Get the latest news on #MFGlboal.

About John Roe 91 Articles
Co-Founder of the CCC and head of BTR Trading and Roe Capital Management.

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