PFG Best client money likely gone, but where?
BusinessWeek reports that temporary equity receiver Michael Eidelman, who was appointed on request of the CFTC, stated that “it is possible assets owned by… Wasendorf entities may have been procured with funds embezzled from PFG.”
Essentially, Wasendorf’s claims in his (attempted) suicide note that the money was spent to cushion his trading firm’s capital, to fund a new corporate headquarters, and to pay regulatory fines and fees just don’t add up (to anywhere near $215 million), so authorities continue to search for evidence of where the money might have gone — and to see if any of it still exists in any of Wasendorf’s personal or other business ventures.
BusinessWeek also reported that the judge overseeing the case has barred anyone else (other than Eidelman) from trying to establish or enforce any claims against Wasendorf and his companies for the time being. No civil lawsuit can be started or litigated, and no debts can be accelerated by lenders.
Ironically, on PFGBest’s still-active home page there are two self-promotions for the now-defunct company — one entitled “Good investing habits start early”, and the other “How much will you need to retire?” Pretty funny stuff, except to those owed money by the company.
PFG Best client money likely gone, but where Conclusion
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