In July 2012 Mr Russell Wasendorf Sr the CEO of PFG Best, attempted to commit suicide. He left a suicide note detailing how he had been stealing his clients funds over the previous 2 decades. All accounts including my Futures and Forex accounts at PFG Best were instantly frozen. Shortly thereafter PFG Best filed to liquidate under chapter 7 of the US Bankruptcy code.
2 options were available:
1) Give up and walk away or:
2) be proactive and do some thing to replace the money stolen from the account.
The latter option was chosen. This led to the birth of Trading Systems and Signals and the creation of 2 new and unique trading systems:
The Black and White System (B&W) and the Predictor
The B&W system is the bringing together of all the various ideas, signals and indicators (that had been effectively utilised over the previous few years) into a single, cohesive and robust trading system.
The B&W combines both Price and Volume in a very special way to create an incredibly powerful yet simple to understand and use, trading system. To get a 7 day free trial
The Predictor was an accidental discovery. When compiling the B& W System there appeared some chart patterns that had previously been missed and that, on inspection, looked interesting.
When these patterns were coded up and placed on a chart the results were stunning and in some respects unbelievable.
The indicator would appear just before a change in price direction and then disappear as the price changed direction.
Initially this was thought to be a one-off or a fluke but the more charts types, markets and time-frames that were checked the more obvious it became that this was not a fluke and that, in reality, the indicator had predictive properties.
Time and time again, the same zones kept appearing before the price direction change and then disappearing at the turning point.
And so was born the Predictor.
The perceived wisdom in trading is that all indicators are lagging and therefore it is not possible to predict the future direction of price movement. The Predictor would appear to contradict that perceived wisdom.
To say that an indicator can foretell future events is a very bold and ambitious statement.
Most people are sceptical of such claims.
The definition of the word, predict, is: to tell about something in advance of its occurrence.
Does the Predictor do that?
The answer is to take the 7 Day Free Trial and check it out for yourself.
There are 3 reasons for selling these systems:
1) To provide traders with new and exciting trading tools that will give them a terrific trading edge.
2) To re-capitalise a new retail Futures and Forex trading account. The previous account balance was stolen by the C.E.O. (Mr R Wasendorf) of PFGBest.
3) To donate cash to the PFG Forex and Metals account holders legal fund in which a group of PFGBest Forex account holders have grouped together to pursue court action. They are attempting to stop the PFGBest bankruptcy trustee paying other creditors by plundering the intact balances of their Forex and Metal accounts.
For each Predictor or B&W System sale, $200 will be donated to the legal fund
(donations will cease when the judge determines the fate of the funds in the Forex accounts)
Below are some extracts from http://pfgforexmetalslegalaccount.com/ which give an outline of the situation. For full details please check the website.
15. Did Mr. Wasendorf defraud our Forex and Metals accounts?
The financial documentation provided by the Trustee lists an intact balance of $44.58 million in FX and Metals accounts. The documentation lists an intact balance of $28.35 million in Regulation Section 30.7 (foreign) Futures/Options/Commodities accounts. The documentation lists a balance of $162.62 million and a shortfall of $218.97 million in Regulation Section 4D (domestic) Futures/Options/Commodities accounts. Statements made in court that the Forex and Metals accounts went untouched by Mr. Wasendorf have gone undisputed in court.
50. How are Forex and Metals accounts currently associated within the PFG bankruptcy account classes and distribution priority?
Under Chapter 7 Bankruptcy Code, distributions follow a strict ranking – all higher classified claims must be paid in full before any distributions may be made to the next lower tier of creditors. Secured claims are paid in full while unsecured claims receive a pro rata share of any payments. Since this is a bankruptcy of an FCM, there are additional CFTC Part 190 Bankruptcy Rules affecting customer claims.
The Bankruptcy Code and CFTC Part 190 Rules afford claims of FCM customers the highest priority, subject only to the payment of claims (expenses) relating to the administration of customer property. For purposes of claims in an FCM bankruptcy, customers of the FCM are divided into several account classes. In an FCM bankruptcy the claims of customers whose funds are held in defined account classes have priority to those funds over other proprietary claims and the claims of general creditors. All property segregated on behalf of, or otherwise traceable to, a particular account class is allocated to that class and distributed to customers in that class on a pro-rata basis.
The Trustee has submitted multiple documents stating that Forex and Metals claims are considered “unsecured” and Forex and Metals customers are not considered “customers” under bankruptcy code. The Trustee claims Forex and Metals customers are not Commodity customers and thus not entitled to priority status under the Bankruptcy Code. The Court has recognized the Commodity customers as customer account classes but has not included Forex/Metals accounts in any of these priority distribution classifications.
It is our understanding that the current “unsecured” creditor and “non-customer” classifications of FX/Metals accounts essentially means our account funds are to be pooled with general estate assets. We believe that under this low priority distribution class, Forex/Metals claims will only get distributions if there is money left in the estate after all other higher priority creditors have been paid. It is the “unsecured” and “non-customer” statements that have prompted us to bring our Adversary Case in front of Judge Doyle in order to represent our rights to our accounts. Account classification and distribution of retail Forex and spot Metals accounts will be determined by Judge Doyle as a result of our Adversary Case.
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CFTC Commission rule 4.41(b)(1)(i) hypothetical or simulated performance results have certain inherent limitations. Unlike an actual performance record, simulated results do not represent actual trading. Also, since the trades have not actually been executed, the results may have under-or-over compensated for the impact, if any, of certain market factors, such as lack of liquidity. Simulated trading programs in general are also subject to the fact that they are designed with the benefit of hindsight. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown. IMPORTANT: The risk of loss in trading futures, options, cash currencies and other leveraged transaction products can be substantial. Therefore only “risk capital” should be used. Futures, options, cash currencies and other leveraged transaction products are not suitable investments for everyone. The valuation of futures, options, cash currencies and other leveraged transaction products may fluctuate and as a result you may lose more than the amount originally invested and may also have to pay more later. Consider your financial condition before deciding to invest or trade.