MF Global Australia - What are you doing?

[mmis4168]

Done. Thank you Hatton01

 

[BrianFXman]

The other problem is all the people who were running the MF Trading desks are now off trying to pickup their volume generated commissions again at other brokers.

The regulators dont act until its too late.

 

[peterfootwork]

Hey guys and girls, just found this one

http://www.asiaone.com/A1Business/General%2BNews/Story/A1Story20121012-377249.html

Cheers

 

[IFocus]

Any one else been asked to send in a copy of their bank statement.......I only have a $200 in MF not keen to send a statement off to a request


Any thoughts anyone

 

[skc]

Any one else been asked to send in a copy of their bank statement.......I only have a $200 in MF not keen to send a statement off to a request


Any thoughts anyone

What's the worry there? MFGA had your bank account details and Deloittes is just as reputable.

 

[IFocus]

What's the worry there? MFGA had your bank account details and Deloittes is just as reputable.

Just that the email was genuine.


Interesting that I questioned the email and got a reply Sunday from Paul Bennett

 

[skc]

Exactly 1 year on, client moneys are finally coming out of MFGA.

Last night I received 78% of my CFD account balance and it is a fanastic feeling to be able to put this saga (mostly) behind. It is amazing that there was no appeal to the court decisions... common sense actually prevailed amongst the thousands of account holders (a true miracle imo).

I understand that futures account got paid out a lower % which is most unfortunate since they aren't even dealing with an OTC product... so it still highlights how crap the system is in protecting investor funds.

For the record I didn't sell my account. I was fine with a buyer offering 80c to my claim, but I didn't sell on the basis that it would be very hard to chase them if they don't pay me as promised. One gets a bit more suspicious about these things when they ahve been let down by the system...

 

[ct327]

Exactly 1 year on, client moneys are finally coming out of MFGA.

Last night I received 78% of my CFD account balance and it is a fanastic feeling to be able to put this saga (mostly) behind. It is amazing that there was no appeal to the court decisions... common sense actually prevailed amongst the thousands of account holders (a true miracle imo).

I understand that futures account got paid out a lower % which is most unfortunate since they aren't even dealing with an OTC product... so it still highlights how crap the system is in protecting investor funds.

For the record I didn't sell my account. I was fine with a buyer offering 80c to my claim, but I didn't sell on the basis that it would be very hard to chase them if they don't pay me as promised. One gets a bit more suspicious about these things when they ahve been let down by the system...

The Futures account holders got 57cents in the dollar - what a complete joke. I am guessing that the rest will get chewed up by Deloittes etc in administration fees and the fight with MFGUK etc.... Well not 1cent of the pitiful amount returned to me will be going into a brokerage account for these scumbags to steal again.

 

[levine]

The Futures account holders got 57cents in the dollar - what a complete joke. I am guessing that the rest will get chewed up by Deloittes etc in administration fees and the fight with MFGUK etc.... Well not 1cent of the pitiful amount returned to me will be going into a brokerage account for these scumbags to steal again.

I received my pathetic 56% distribution yesterday, and Deloittes are going to withhold $40million for costs???

Does anybody know of the timeline for final distributions? Surely this cant be it??

 

[ct327]

I received my pathetic 56% distribution yesterday, and Deloittes are going to withhold $40million for costs???

Does anybody know of the timeline for final distributions? Surely this cant be it??

Apparently we should be getting an update today or tomorrow outlining the first distribution and then another update next week on the status of the ASX held funds etc. I can only hope for all of us involved that this gets resolved quickly and remaining funds are distributed - 1 year and 57cents in the dollar back is not good enough for the Futures clients. Looks like the other client pools fared considerably better than us.

 

[captain black]

A good story on lateline business last night regarding MF and client fund protection in Australia (or lack of)

http://www.abc.net.au/news/2012-11-29/the-six-billion-dollar-bust-aussie-investors-are/4399952

 

[ct327]

Any one out there any idea what the latest (posted on 13/12/2012) judgements mean ?

 

[captain black]

MF Global clients received another distribution today. Current status of returns is 91% for futures clients and 89% for CFD clients.