Who are we?
We are contacting you as Peregrine Financial Group, Inc. (PFG) Forex and Metals account holders. Our goal is to share information that directly impacts Forex and Metals accounts during the current PFG bankruptcy proceedings. The information on this website pertains to the perilous status of our accounts and should be of concern to every Forex and Metals account holder. Please review the materials on this site in depth, paying particular attention to the FAQs page.
Peregrine Financial Group, Inc. (PFG) filed for Chapter 7 bankruptcy on July 10, 2012 after the owner, Russel Wasendorf, Sr., admitted to defrauding customer segregated accounts of approximately $219 million. All customer accounts were frozen and have been inaccessible as a result. Documents have been filed by the PFG bankruptcy Trustee using classifications and language that put PFG Forex and Metals account holders at risk of negligible to zero distribution. Please refer to the Resources page for additional details about how our FX/Metals accounts are at risk.
While other account holders are represented in court, PFG Forex and Metals accounts have not been. Several FX/Metals account holders have retained attorneys in a group action in order to establish and maintain representation of Forex and Metals accounts in court. Click to read the Adversary Complaint filed 10/15/2012 with the U.S. Bankruptcy Court by our attorneys.
Why did we create PFG Forex Metals Legal Account?
There is a pressing need to gather funds to defray the initial and ongoing legal fees related to the representation of PFG Forex and Metals accounts. Our goal is to find other Forex and Metals account holders willing to support the legal representation needed to help get our PFG Forex and Metals accounts returned.
We have opened a PFG Forex Metals Legal Account to act as a “collection plate” -- allowing us to collect voluntary contributions from account holders -- and pay for the legal and minor administrative expenses related to defending our PFG Forex/Metals accounts. If at the end of litigation a balance remains in the account, an effort will be made to make a fair and honest reimbursement of contributions.
There is no goal or intent to profit from or draw any income from this fund or the LLC. We are volunteering our time and doing this only as a means to collect contributions to defray the costs of legal representation and protect Forex and Metals accounts.
What are the primary arguments of our litigation?
We are customers of PFG who traded in foreign currency contracts and spot metals contracts through our accounts with PFG. We assert in three counts of our Adversary Complaint that PFG does not hold the equitable interest in the funds in our accounts based on the account agreement with PFG or by operation of a resulting trust or a constructive trust; our funds do not constitute property of the estate and cannot be utilized by the Trustee to satisfy the Debtor’s obligations. We assert in a fourth count that the contracts traded fall within the definition of “commodity contracts”, that we are “customers”, and that the funds we deposited with PFG should be treated as “customer property” under the Bankruptcy Code.
We are not attorneys, therefore we have hired attorneys to present our case to Judge Carol Doyle to rule on these premises. We invite fellow PFG account holders and industry persons to contribute to our grassroots efforts to protect our account interests. We must unite to prevent this case from setting discriminating legal precedent towards Forex and Metals traders.
How can you benefit from our litigation?
It is our belief that if the Judge rules in favor of our claims to our FX/Metals accounts (foreign currency contracts / spot metals contracts), it will also benefit the majority of FX/Metals account holders that are in a similar situation (similar account agreements, account types, etc.). We believe the Judge’s favorable ruling on one, several or all of our assertions would involve a change in terminology and re-categorization of similar FX/Metals accounts. It may help to think of the results of our litigation as having a similar impact as class litigation without having to go through the legal and logistical nightmare needed to organize one.
How can you help?
The following businesses are industry members who have generously contributed to the protection of our PFG Forex and Metals accounts. Help us thank them by visiting their websites.
Click here to learn about our Sponsors.
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DISCLAIMER: We are not regulators, attorneys or accountants and cannot give legal advice. We are attempting to provide honest and accurate information as it applies to the U.S. regulations and U.S. bankruptcy laws affecting PFG Forex and Metals accounts as we understand them. Due to the worldwide distribution of Forex and Metals account holders, we are unfamiliar with foreign regulations and foreign bankruptcy laws and how they may affect foreign PFG Forex and Metals accounts differently. Please inform us at Info@PFGForexMetalsLegalAccount.com if you find incorrect or inaccurate information on our website or in any of our communications.