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PGF Files Chapter 7
The natural and sad end to every fraud: liquidation (and even sadder for the10-25K creditors of the company who will get nothing as a result of this liquidation proceedings).
Peregrine Financial Group Inc, the regulated unit of the brokerage PFGBest, has filed to liquidate under Chapter 7 of the U.S. bankruptcy code, a court filing shows.
Tuesday's filing with the U.S. bankruptcy court shows that Peregrine has between $500 million and $1 billion of assets, between $100 million and $500 million of liabilities, and between 10,000 and 25,000 creditors.
A board resolution authorizing the bankruptcy was signed by President Russell Wasendorf Jr, who also signed on behalf of Chairman Russell Wasendorf Sr.
The resolution said Russell Wasendorf Jr was empowered to act for Russell Wasendorf Sr in the event the latter became incapacitated, under a power of attorney dated July 3.
Russell Wasendorf Sr attempted suicide on July 9.
And via Bloomberg, this is how he tried to kill himself:
Thompson said in a phone interview today that Wasendorf was found in his car with a note, the contents of which the sheriff declined to divulge. A hose ran from the vehicle’s exhaust pipe into the passenger compartment, he said.
An officer with the sheriff’s office arrived just after 8 a.m. yesterday at Peregrine offices, where paramedics were attending to Wasendorf, according to an incident report e-mailed to Bloomberg News.
Wasendorf was breathing as he was taken from his car and was incoherent, according to the report. He was later airlifted to University of Iowa Hospitals in Iowa City, it said.
“A note was found in the vehicle that indicated possible discrepancies with accounts at Peregrine Financial Group,” according to the report.
There is now a receiver:
Pallmeyer’s order today prohibited the destruction of the firm’s books and records and granted the CFTC’s request for access to inspect them. She also appointed a receiver, Michael M. Eidelman of Chicago’s Vedder Price PC, placing him in charge of the business.
“Until further order of the court,” she said, “the receiver’s compensation is limited to $25,000 to be satisfied first out of available assets of defendant Russell R. Wasendorf Sr. and then from available assets of defendant Peregrine Financial Group Inc.”
Many more to come.
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But can we still open a new acct wiff them..??
Will they file as MFG did to put the interests of the creditors ahead of the clients?
Chances 100%?
Its a run off...debt wins.
Its PFG not PGF
Does it really matter? It's a BFD, and their clients are wondering WTF?
well if they take all my money eventually, all these motherfuckers in front of me in the food chain better be at -0- as well and that includes all of congress to buffett and gates.......
My Fellow Citizens,
I send my deepest condolences to all who have been and who will be adversely affected by this unfortunate event.
I will not rest until the truth of how & why this disaster transpired is uncovered, until all innocent parties who have suffered losses are recompensed fully, and I hereby personally pledge to do everything within my power to bring the wicked miscreants that were responsible for this criminal travesty to a swift justice.
Our system of finance, economics and justice, which all rely on trust in institutions, can not survive unless those who perpetrate fraud on this scale, obviously fueled by a seemingly unquenchable avarice and greed, are appropriately punished for their reprehensible deeds.
Sincerely,
The Hon. Jon S. Corzine
Former United States Senator (D-NJ), Former Governor of New Jersey, Former CEO of Goldman Sachs, Former CEO of MF Global (a former Primary Dealer), and prominent Obama Bundler
Well ain't this a bitch.
Hopefully ~ soon to be prisoner Corzine
well if they take all my money eventually, all these motherfuckers in front of me in the food chain better be at -0- as well and that includes all of congress to buffett and gates.......
It's PDF. As in "pre(meditated)death-fail" or "Pretty damn Fucked". or... now- "Pretty Damn Frequent". As in the frequency of dominoes falling.
It's like the end scene of "Fight Club" but only one little "few-hundred million" office-at-a-time and they're doing it to themseleves. No white vans necessary. (yet)
Slow motion.
Bass, how low can you go?
Death Row.
What a brother knows.
Perhaps is is PGF, as in their clients are getting a Pretty Good Fucking.
WHERE DID THE MONEY GO!! Were these not segregated funds? If so where are the police? Where is the perp walk. Go into the ICU if needed and serve the fucker.
It has been DIMON-ATED...
I heard that Martha Stewart closed her account with them on July 1 and had them wire transfer the funds to her bank in the Caymans. \sarc
And btw,
Eric Holder is fuckin fed up with all of this fraud and bullshit market manipulation.
He will personally lead the DoJ/FBI task force to get to the bottom of all this... He will appoint Jon Corzine and Jamie Dimon as co-chairs. They will leave no stone unturned in their pursuit of justice, especially those that they heap on the investing public and the US taxpayer...
Martha is toast!
All of your Martha Stewart toasters are belong to us.
Greatest Country in the World!TM
I have always wanted to ask Obama.....
How can the largest debtor country in the history of the world also be the richest country in the world?
It's all in the mind of the beholder.
debt IS money. What are ya new?
Just eat your peas ;-)
Check the balance sheet....
Debt = Assets
i was one of those creditors once for a lil mom and pop outfit called conseco.....ill make it short and sweet....they owed 30k+...and i was hustled to get invoices in.....just fix whatever needs fixin and get that bill in....on dec. 23rd i received a call from a girl that we had a 15yr. relationship from conseco....and she said..sorry we aint payin.....weeks later i recieve a cert. letter...now ive been around a little and i figured 10% back would be the final outcome...my wife calls from post office all excited saying we are getting 12k.....i said great...{knowing something nots right}...i get home and read a little deeper and what was said was...look asshole we could demand the recent 60k we sent you but we are going to be nice and just tell you to send us 12k more and will forget the 30k we owe you....now i am located in maryland and all i had to do to fight this was go to illinois hire a strange lawyer spend a few more thousand and than get fucked to the point i would have had to walk back to maryland.....this went on for 3 yrs....im not the kind that gets nervous...i tend to get even...i roughly went thru the entities that allowed this type of abuse of a blue collar type company...so i started balancing my morality to match theirs....a few weeks after their intent not to pay was transmittied, i received payment for an invoice that was posted after their banc. posting...learned they had to pay all future invoices...so while the mid atlantic area told them fuck you....i called and kept working for them...now the quaility and pricing may have changed but the payments came in ..and then 3yrs later i get a call from a different conseco attrny.....ended up paying me 10% on the dollar.......these assholes that "praise these corporate bancruptcies from some wonderful stand alone ceo who has the courage to fuck every person that provided parts and labor ........ah never mind....just dont feel bad for changing your life style to one of getting even instead of ..."we can fuck you..but all you can do is take it...thats the law....
I know it's hard, but you shouldn't hold a grudge. Ever since that baseball and steroids mess, he just hasn't been the same.
and it wasnt jose, it was hose b
You can't be a very good swindler if you also have a failed suicide attempt.
I heard he tried to hang himself with toilet roll.
Tube from the exhaust to the interior in the corporate HQ parking lot.
The guys even a failure at the most basic thing...breathing.
Did anyone else notice that his son is the President of the now bankrupt company? What is it with these corrupt guys that they just pass the keys on to their children? Oh yeah. Kings, Queens, Princes, etc. Fuck bootstraps. The United States has become the land of the silver spoon.
He's been President for a long time. The company was created in 1980 as "Wasendorf & Son, Inc". He must surely be complicit?
http://www.pfgbest.com/about/timeline.asp
Good catch. Whether he was complicit depends on whether he was just hanging out water skiing in local lakes while dad funded his trust, or actually running the business with the old man. I'm guessing from the quick action on the POA that he was involved.
toilet seat.
He couldn't help it. He was running on fumes.
Golf clap.
Why would he attempt suicide?
Must have been paying attention during Jon Corzine's sentencing... oh wait
Because he doesn't have Corzine's connections. This guy will be nailed like Maddoff while the big whales continue their plunder.
I am just amazed and baffled that the big whales still roam this planet having fucked so many people. Surely some justice will eventually take place , this world has a natural tendency to even things out somehow..... reversion to the mean they say those technicians in the trading world.
Dharma: Who is truly happy? What is the greatest wonder? What is the path? And what is the news?
Yudhishthira: He who has no debts is truly happy. Day after day countless people die. Yet the living wish to live forever. O Lord, what can be a greater wonder? Argument leads to no certain conclusion, the Srutis are different from one another; there is not even one Rishi whose opinion can be accepted by all; the truth about Dharma and duty is hid in caves of our heart: therefore, that alone is the path along which the great have trod. This world full of ignorance is like a pan. The sun is fire, the days and nights are fuel. The months and the seasons constitute the wooden ladle. Time is the cook that is cooking all creatures in that pan (with such aids); this is the news.
Didn't work on mad men either.
when the tide goes out you will see who was swimming naked.
if bernank doesnt send in a tsunami of QE we are gonna see a lot more of this shit
its pretty sad when the two choices we have are (a) watch your money vaporize into the fiat blackhole, or (b) watch your money become worth less than a flaming bag of shit
I wonder what will yeild a better BTU over longest?
A pallet of Dollar Bills or a barrel of fuel additive burning shit.
What are all those fish doing floppin' around in the harbor?
The third choice is to stack...
Derp!
No hard copies allowed.
From now on all documents will be electronic.
This is the death of Paper as a industry.
The poor schmuck who tried to keep ahead of the tsunami must now have nightmares of paper and the US Mail.
Tip of the iceberg.
better hurry cause this iceberg is melting fast,...
You know if we only had a group that was supposed to monitor fraud...........
And stop it.....
rather than these things only going belly up on their own.
Tuesday's filing with the U.S. bankruptcy court shows that Peregrine has between $500 million and $1 billion of assets, between $100 million and $500 million of liabilities, and between 10,000 and 25,000 creditors.
How can these fucking electronic traders not know the exact status of their accounts to 4 decimal places every fucking minute of every fucking day??? Same thing with MFG. I bet Walmart could tell you how many buckets of cheese balls they have at any given store on any day at any time.
And Walmart will consider how many buckets of cheeze whiz a confidential and privileged information.
Expand your thoughts to include Distribution Centers and it's 500 trucks inbound daily.
Not only do they know that but they also know exactly how much each vendor has. But I suppose keeping accurate track of inventory of grocery is much more important than keeping accurate count of monetary inventory as it were.
One has intinsic value, the other, not so much!
Grocery and perishable is for shit.
It's the money they track. And the EBT...
Oh wait..
Money seems to be pretty perishable these days too.
When the Fed / Banksters cock-blocked liquidity in the economy, I thought it would be a good idea for Congress to charter Walmart & UPS et. al. as Banks and open the "Window" to them.
Essentially, tell the Fed and Banksters: Fuck You. the American people are in charge.
I'm sure junior knew nothing about any improprieties at the firm. [/sarc]
I HAVE INFO FOR ANYONE WHO WANTS TO SUE THE NFA
"UPDATE 2: Just in case you didn't catch it, Russell Wasendorf, Sr. currently sits on the NFA's FCM Advisory Board. Go ahead and screen capture the following URL before they scrub it."
http://www.barnhardt.biz/
"Uh, so do you believe me now?
When I said, "Get the hell out," do you understand that I meant to GET. THE. HELL. OUT.?"
the line starts right behind JPM.........everyone else take a number
So let me get this fraud straight. You have a brokerage and then you get a PO Box and tell the regulators that your bank is at the PO Box. Must be even easier at JPM and Goldman since they are the brokerage and the bank. You can even have different people sign off.
List every person directly responsible for auditing this POS by name at the auditing agencies. Fire them, now. Bye, bye pension. Demand resignations at the top with loss of pension time. Dig for conspiracy, prosecute if found.
Suicide - when 2 and 20 just simply isn't enough.
oh my goodness, what a surprise. no one could have seen THIS coming.
Defendant?????
"Thompson said in a phone interview today that Wasendorf was found in his car with a note, the contents of which the sheriff declined to divulge. A hose ran from the vehicle’s exhaust pipe into the passenger compartment, he said."
What a friggin hoser.
Suicide is painless, the pain is always felt by those left behind..or stiffed…
http://forexmagnates.com/pfg-best-foot-forward/
His suicide selection demonstrates he was a coward.
Insert 38 special in mouth, push barrel against the teeth and pull trigger. Of course no suicide compares to hari kari under samurai bushido HONOR CODE. Wasendorf had no honor...he was a measly piss ant!
That's not how you commit suicide; this is how you commit suicide:
http://www.youtube.com/watch?v=lEYYYMuwCyA
Real suiciders do it by slashing their arms and stabbing themsleves to death.
http://philosophers-stone.co.uk/wordpress/2012/07/bank-of-england-official-commits-suicide-by-stabbing-himself-to-death-really/
Recent one in court after being found guilty of arson (former wall st. trader)
http://www.youtube.com/watch?v=eXeVyYAFEf0
or the classic Budd Dwyer (graphic)
http://www.youtube.com/watch?v=R66R3DXtbXE
Dumb bastard. He should have gone with 1929's technology. They still haven't found a cure for Jumpedfromthefiftiethflooritis.
The end to every fraud: Liquidation
Liquidate the FED!
Interesting the power of attorney was dated July 3...before the suicide attempt......he new then....
Weak MO. No conviction.
REAL PFG BEST AWARDS...
1)PFGBEST was named as one of the Top 50 Brokers by Futures magazine based on CFTC data for all Futures Commission Merchant (FCM) firms in the United States. This was the 13th consecutive year PFGBEST ranked in this elite group.
2)Five stars! PFGBEST ranks highly in the StockBrokers.com 2011
3)PFGBEST ranks #1 in forex customer service in a June 2011 Smart Money magazine feature on the “Best Firms For Forex Trading”.
4)PFGBEST of Cedar Falls has won a 2011 Iowa Character Award from Character Counts In Iowa. The achievement honors individuals, schools and organizations that consistently demonstrate and promote the six pillars of character: trustworthiness, respect, responsibility, fairness, caring and citizenship.
5)PFGBEST was named as one of the Top 50 Brokers by Futures magazine based on CFTC data for all Futures Commission Merchant (FCM) firms in the United States.
6)PFGBEST educational piece Foreign Exchange Basics won a Silver Trumpet Award from the Publicity Club of Chicago in the category of Brochures, Booklets or Books.
7)Russell R. Wasendorf, Sr., Chairman and CEO of PFGBEST, was given the Patriotic Employer Award
8)Russell R. Wasendorf, Sr., Chairman and CEO of PFGBEST, was named to the University of Northern Iowa President’s Club
source: http://www.pfgbest.com/about/awards/
"President of the United States in Iowa today to give a speech about..." all those arrests his Administration has made? worthless, corrupt influence peddlers? There's a new Sheriff in town?
9)PFGBEST renamed PIGBEST July 2012
Where did the money go? Did Wasenberg Sr. burn it in his fireplace?
He has a restaurant to run, be considerate.
The resolution said Russell Wasendorf Jr was empowered to act for Russell Wasendorf Sr in the event the latter became incapacitated, under a power of attorney dated July 3.
My tin foil hat just flipped.
Thanks dad.
If senior gets diagnosed with some terminal illness or Aspened like Kenny Boy Lay...
Thanks Dad indeed.
Watch the Kid closely..
It went where all money goes....Into Jamie Dimon's sock.
Wealth has become 1's and 0's spinning around some hard disk somewhere. Do you know what platter your savings are sitting on or who is going what with them? Technology is not well-suited for everything....
Kinda odd he'd try to kill himself over "possible discrepancies."
In any case, does this mean anything to anyone? I mean, isn't it just a bunch of rich-folks got ripped off? It's not like it can affect any real economic activity, right?
It's just MARKETS. Heh.
It's only 200 million. Hardly news worthy. We have cocksuckers/fed raping all of America to the tune Trillions and PGF is news?
Its news sheeple can use.
I wonder why Dimon had them file Chapter 7 when MFG, also flat bankrupt, filed Chapter 11 to reorganize (the fraud)?
Can (real) persons still file Chapter 20 (13 and then 7)?
PIG FEST
"Many more to come."
Death of crooks? This is justice.
Ah, I was waiting to see how he tried - though failed.
Much less suspicious than stabbing yourself multiple times.
(I keep referring to this article)
http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/9376436/Stressed-Bank-of-England-official-stabbed-self-to-death.html
OK, who is next?
Somehow I got cc'd on a company email from the white shoe law firm that's going to handle both Jon Corzine and Russ Wasendorf's defense. Apparently they'll be citing as precedent Brown vs. the Board of Education, claiming that both men were under the impression that segregation was no longer legal. "Our clients are not racist", attorneys will argue. "They have nothing against treating your money the same way they would treat their own. That's just how these two good men are built."
This line of defense is said to sit very well with AG Eric Holder.
This will be handled perfectly according to the law as it appears that only one 'little guy' go the dough. There was no corzine nor was the loot passed off to a Dimon so there won't be any protection for the thief. This will be used as an example of how good and fair the system still is.
Tradition! This has been going on for hundreds of years. I do feel sorry for the peasants who were wiped out. Especially as I could be next.