Comment Text:
I ask that the CFTC step in do the right thing in regards to PFG Forex accounts. The trustee has made it crystal clear to a couple of my customers that they will not be getting any of their monies returned, even though they have account for 100% of the FX funds held at PFG. The impression on the street is that the CFTC is in bed with the CME in effort to bring down the FX industry as it's known now. This is not right, and should not be done at the expense of 7000 clients with balances of almost $45M.
I personally spoke to a customer that drove non stop for 18 hours from Virginia to make it to one of the court proceedings for the PFG bankruptcy. While he was extremely intimidating by attorneys from the PFG trustee, CFTC, and other atttorneys all acting on behalf of Futures accounts. My customer was the only non attorney in the room, and was the only part their with interest in a PFG FX account.
I ask the CFTC to do what's best for the customer regardless if they have an Futures or Forex account. I can tell you that many have a very bad taste now towards the CFTC based on how things are proceeding with regard to PFG Forex accounts. I would say 90% of the clients that held FX accounts at PFG, also held Futures account. I truly think you would be serving a major blow to both the Futures and FX industry by not doing the right thing, and returning the FX monies to the account owners.
Your decision to do nothing will do nothing for the CME's effort to earn FX business, this will only hurt the overall US market for both Futures and FX. The flow of US business moving offshore in the FX arena will only expand, and this will only hurt the US.
