http://harveyorgan.blogspot.com/2012/08/fomc-punts-to-ecb-tomorrowgold-and.html
* * *
I received this from JB Slear as they go on the offensive against the criminal banks who confiscated their customer segregated accounts and I thought that this might be of interest to you:
From J.B Slear:
and......
http://www.zerohedge.com/news/jpm-be-subpoenaed-over-defunct-pfgs-missing-segregated-money
Submitted by Tyler Durden on 07/31/2012 23:35 -0400
* * *
I received this from JB Slear as they go on the offensive against the criminal banks who confiscated their customer segregated accounts and I thought that this might be of interest to you:
From J.B Slear:
Fort Wealth feels our money should still be in our segregated accounts at JPMorgan which is where all funds are received and deposited into segregated accounts. How can these funds be used for anything else without JPMorgan’s knowledge (or the NFA for that matter)? .... This is the center point of the crime which Fort Wealth feels all of our accounts should be made 100% whole (with damages) by JPMorgan .... Stay Tuned J
JB
http://www.bloomberg.com/news/2012-07-31/peregrine-trustee-seeks-to-subpoena-banks-on-transfers.html
Peregrine Trustee Seeks to Subpoena Banks on Transfers
By Linda Sandler - Jul 31, 2012 3:31 PM MT
The trustee liquidating Peregrine Financial Group Inc. asked a judge for authority to subpoena the defunct futures brokerage’s banks including JPMorgan Chase & Co. (JPM) and Citigroup Inc. (C) for information about transfers from segregated accounts and proprietary accounts.
Citing a lawsuit by the U.S. Commodity Futures Trading Commission against the company and founder Russell Wasendorf Sr. over misappropriation of customer funds, the trustee said he needs records from “various financial institutions” to identify “abnormalities” in the company’s records.
Ten financial institutions maintained account applications, authorization forms, agreements, statements, wire transfers, canceled checks, deposit slips and correspondence, he said.
“Official financial institution records will also enable the trustee to examine transfers from the debtor’s proprietary accounts and segregated accounts,” Ira Bodenstein, the trustee, said in a filing today in federal court in Chicago.
The other financial institutions that will be asked for information are U.S. Bank, Bank of New York Mellon Corp., First Premier Bank, Commerzbank AG, Royal Bank of Scotland Plc, Jefferies Bache LLC, Morgan Stanley (MS) and Goldman Sachs Group Inc. (GS), he said.
Customer Accounts
Peregrine’s July 10 bankruptcy, cutting off customers’ access to their accounts, came less than a year after the failure of MF Global Holdings Ltd. (MFGLQ), whose clients are still missing $1.6 billion. In district court in Chicago, a receiver is finding and securing Wasendorf’s assets on request of the CFTC, which is probing more than $200 million of missing customer money, as is the Justice Department.
Wasendorf may have funded his personal investments with Peregrine brokerage money, the receiver has said.
In its bankruptcy petition, Cedar Falls, Iowa-based Peregrine listed more than $500 million in assets and more than $100 million in liabilities. The brokerage estimates it has more than 10,000 creditors, according to the filing. Peregrine had 241 employees, of which 56 were retained to help liquidate the company.
Separately, Bodenstein asked the judge to set up procedures for paying his fees and expenses, and said he is seeking to hire as bankruptcy adviser Shaw Gussis Fishman Glantz Wolfson & Towbin LLC, the law firm where works, at rates of as much as $650 an hour.
The criminal case is U.S. v. Wasendorf, 12-mj-131, U.S. District Court, Northern District of Iowa (Cedar Rapids). The bankruptcy case is Peregrine Financial Group Inc., 12-27488, U.S. Bankruptcy Court, Northern District of Illinois (Chicago). The regulatory case is U.S. Commodity Futures Trading Commission v. Peregrine Financial Group Inc., 12-cv-05383, U.S. District Court, Northern District of Illinois (Chicago).
JB Slear
Fort Wealth Trading Co LLC.
Fax: 817-764-2537
and......
http://www.zerohedge.com/news/jpm-be-subpoenaed-over-defunct-pfgs-missing-segregated-money
JPM To Be Subpoenaed Over Defunct PFG's Missing Segregated Money
The blunt trauma that JPMorgan was implicated in the missing millions from segregated accounts in Jon Corzine's bankrupt MF Global may have passed but the memory lingers, especially for all those whose cash is still locked up somewhere in vapor space. Yet one event that may tear the scab that patiently was healing, courtesy of a Copperfield market full of distractions such as JPM's CIO fiasco, Lieborgate, oh and, Europe, right off is the recent bankruptcy of Peregrine Financial, aka PFG, whose story we first broke, and which just as we suspected, has promptly become the second coming of MF Global, as at least $200 million has "evaporated." It is thus with little surprise that we find that the first party of interest is none other than JPMorgan, which together with various other banks, will be the target of a subpoena by the PFG trustee. How shocking will it be to find that Dimon's company is once again implicated in this particular episode of monetary vaporization.
From Bloomberg:
The trustee liquidating Peregrine Financial Group Inc. asked a judge for authority to subpoena the defunct futures brokerage’s banks including JPMorgan Chase & Co. (JPM) and Citigroup Inc. (C) for information about transfers from segregated accounts and proprietary accounts.
Citing a lawsuit by the U.S. Commodity Futures Trading Commission against the company and founder Russell Wasendorf Sr. over misappropriation of customer funds, the trustee said he needs records from “various financial institutions” to identify “abnormalities” in the company’s records.The trustee liquidating Peregrine Financial Group Inc. asked a judge for authority to subpoena the defunct futures brokerage’s banks including JPMorgan Chase & Co. (JPM) and Citigroup Inc. (C) for information about transfers from segregated accounts and proprietary accounts.Citing a lawsuit by the U.S. Commodity Futures Trading Commission against the company and founder Russell Wasendorf Sr. over misappropriation of customer funds, the trustee said he needs records from “various financial institutions” to identify “abnormalities” in the company’s records.
And while Jamie Dimon may have to spend another 2-3 hours before his muppets explaining how a few hundred million in PFG cash just may have ended up on his balance sheet, with nobody gaining anything, except for C-Span once again beating all other TV channels in the 10 am-12 pm block, the one definitive winner from this, and all the other unraveling financial fraud is more than clear:
[The trustee] asked the judge to set up procedures for paying his fees and expenses, and said he is seeking to hire as bankruptcy adviser Shaw Gussis Fishman Glantz Wolfson & Towbin LLC, the law firm where works, at rates of as much as $650 an hour.
This is money that ultimately would have gone to creditors and clients of the firm in liquidation. Instead it will go to funding yet another witch hunt which will achieve absolutely nothing, however it will, briefly, hopes of a few thousand traders and farmers who had entrusted their money to a criminal whom the CFTC could not catch for 20 years. All those hopes will, in the end, be dashed because if there is one thing the past 4 years have taught us, is that in America the bigger the crime, the greater the golden parachute.
No comments:
Post a Comment