Peregrine Financial Group Trustee Ira Bodenstein asked for more time to wrap-up liquidation of the failed futures broker and the Tokyo Stock Exchange and Osaka Securities Exchange completed their merger.
A group of Peregrine Financial Group (PFG) forex and metals account holders are asking a judge to order Trustee Ira Bodenstein to return these accounts to customers, arguing that they should not be considered assets of the estate.
Peregrine Financial Group customers will receive their first payout — totaling roughly $123 million — after a federal bankruptcy judge Thursday approved a distribution plan from trustee Ira Bodenstein.
In a Sept. 9 court filing, the agency asked the court to delay a distribution of funds to Peregrine Financial Group customers until trustee Ira Bodenstein has performed “reasonable due diligence to ensure that the data underlying the distribution are reliable.”
The Peregrine Financial Group Inc. trustee didn’t complete necessary tests before announcing a plan to distribute $123 million to customers of the defunct futures brokerage, the U.S. Commodity Futures Trading Commission said.
Nearly two months after the Peregrine Financial Group bankruptcy, Trustee Ira Bodenstein filed a motion Wednesday asking a judge to approve a distribution of funds to some of the defunct broker’s commodity customers.
Days after receiving a letter from a former PFG customer complaining about the lack of progress in getting money back to former PFG customers, the PFG trustee asks judge to give raise to PFG general counsel.