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  • #221
  • Mar 26, 2008 2:18pm Mar 26, 2008 2:18pm
It took TWO YEARS for my 40% check from Refco to arrive... Might as well get a beer a watch the tube if you are waiting...
  • #222
  • Mar 26, 2008 2:42pm Mar 26, 2008 2:42pm
Quoting phy
It took TWO YEARS for my 40% check from Refco to arrive... Might as well get a beer a watch the tube if you are waiting...
Don't forget to mention that 40% was only for accounts under $10k.

Accounts above that(me) only got back 22.5%.
  • #223
  • Mar 26, 2008 2:47pm Mar 26, 2008 2:47pm
I did hear rumors of that, now confirmed...
  • #224
  • Mar 26, 2008 2:55pm Mar 26, 2008 2:55pm
The following was posted Jan. 4th
Quoting JFX81
I hate to let people down, but everyone should get used to this type of thing happening.

Proceedings like this are always delayed time and time again.

And don't get fooled into thinking it is easy to settle a buyout either. The parties involved can easily muddy up the waters and cause even more delays.
I stand by this. Sad, but true.
  • #225
  • Mar 26, 2008 3:13pm Mar 26, 2008 3:13pm
This is insane!!!!! How they allow these FX firms (none futures firms /
banks) to continue doing business is beyond me!!! After knowing about this
case you have got to be latterly out of your mind to do deposit funds with
anyone of these bucket shops and yes if the ones who have enough under cap Gain, FXCM, IBFX, what good is this cap if the NFA/CFTC doesn’t confirm nor do anything to protect clients when the firm go’s bankrupt, performs
mismanagement, fraud or scams. This is insane!!!!



Here is an interesting tidbit for those keeping up on this,, Herd roomers
that the owner of FXLQ Robert something is still supplying IBFX their
clearing? This may be a reason why the as the “Two very large claims
against this estate” maybe IBFX and FXLQ shell companies, I’ve read 11m owed to IBFX and something like 7m to a Unknown firm ,, bet you IBFX/FXLQ
figuring out a way to get funds out prier to clients.. Crazy,



CFTC get this dam new bill passed and regulate as you do the future firms
and banks or this market will stay the sleazy market for ever…
  • #226
  • Mar 27, 2008 9:00am Mar 27, 2008 9:00am
I agree.

As soon as you deposit money with a bucketshop, spot forex broker, your funds are at risk, even before you start trading.
  • #227
  • Mar 27, 2008 12:38pm Mar 27, 2008 12:38pm
I sent another email to Lillian Lee at Robb Evans & Associates trying to get clarification about the 60 to 90 days and also what percentage of our assets we are expected to receive. This is her emailed reply:

60-90 days is the best estimate for the timeline that we are filing the motion to the Court re: the approval for the claims procedure/distribution. Since the funds were commingled, the claims procedure may be required. We don't know the distribution percentage at this point, which depends on the approved claims and funds/assets recovered. In addition, we are seeking additional assets for the estate.

Our first report indicated that we froze approximately $26 million, the customer/investor liability amounted to approximately $25.5 million, and the vendor liability amounted to about $5 million. Most likely customers/investors will have the priority over non-customers, which again depends on the approval by the Court. And the 2 large disputes/claims we are currently resolving will affect the distribution percentage.

Very truly yours,

Lillian Lee
Deputy to the Receiver
  • #228
  • Mar 27, 2008 12:59pm Mar 27, 2008 12:59pm
Quoting TripTrap
I sent another email to Lillian Lee at Robb Evans & Associates trying to get clarification about the 60 to 90 days and also what percentage of our assets we are expected to receive. This is her emailed reply:

60-90 days is the best estimate for the timeline that we are filing the motion to the Court re: the approval for the claims procedure/distribution. Since the funds were commingled, the claims procedure may be required. We don't know the distribution percentage at this point, which depends on the approved claims and funds/assets recovered. In addition, we are seeking additional assets for the estate.

Our first report indicated that we froze approximately $26 million, the customer/investor liability amounted to approximately $25.5 million, and the vendor liability amounted to about $5 million. Most likely customers/investors will have the priority over non-customers, which again depends on the approval by the Court. And the 2 large disputes/claims we are currently resolving will affect the distribution percentage.

Very truly yours,

Lillian Lee
Deputy to the Receiver
next time ask them will there be chargers file against robert gray, ( they need to lock that M.F. up, this is not the first time this guy did some fraud shit. )
If I Go Broke Trying Then I Will die happy.
  • #229
  • Mar 28, 2008 7:22am Mar 28, 2008 7:22am
Sounds like Robert Gray might have shell companies laying claim on the assets. Who knows, he might may "shell" companies being part of the "vendor claim" and being part of the IB laying additional claims.

From these numbers already, we'll see less than 85% of our money... With additional IB claims in "millions", we'll be lucky to see 70% of our money.

But 60-90 days sounds like from this week, then what another 30 days for a court decision, 30 days for execution... so 5-6 months...

You should ask her to look into Robert gray's shell companies trying to extract cash from fxlq. I hope they are not that naive to let him get away with it.

Quoting TripTrap
I sent another email to Lillian Lee at Robb Evans & Associates trying to get clarification about the 60 to 90 days and also what percentage of our assets we are expected to receive. This is her emailed reply:

60-90 days is the best estimate for the timeline that we are filing the motion to the Court re: the approval for the claims procedure/distribution. Since the funds were commingled, the claims procedure may be required. We don't know the distribution percentage at this point, which depends on the approved claims and funds/assets recovered. In addition, we are seeking additional assets for the estate.

Our first report indicated that we froze approximately $26 million, the customer/investor liability amounted to approximately $25.5 million, and the vendor liability amounted to about $5 million. Most likely customers/investors will have the priority over non-customers, which again depends on the approval by the Court. And the 2 large disputes/claims we are currently resolving will affect the distribution percentage.

Very truly yours,

Lillian Lee
Deputy to the Receiver
  • #230
  • Edited 10:03pm Mar 31, 2008 8:55pm | Edited 10:03pm
I received an account statement from [email protected] today. Has any one else gotten one? It seems odd considering they are closed for business?
  • #231
  • Mar 31, 2008 9:03pm Mar 31, 2008 9:03pm
Have not received on today (yet), but I did for the end of February.

I was hoping it was a predecessor to sending me my balance... but no, it was just a tease.


Quoting lcfxtrader
I received an account statement from [email protected] today. Has any one else gotten one? It seems odd doesn't considering they are closed for business?
  • #232
  • Edited 9:51pm Mar 31, 2008 9:22pm | Edited 9:51pm
Quoting lcfxtrader
I received an account statement from [email protected] today. Has any one else gotten one? It seems odd doesn't considering they are closed for business?
I can STILL access my Refco account and pull statements at will even 2 years after they went under so don't get too excited.
  • #233
  • Mar 31, 2008 10:00pm Mar 31, 2008 10:00pm
Quoting JFX81
I can STILL access my Refco account and pull statements at will even 2 years after they went under so don't get too excited.
Thanks for Tip,
I just try and I can view My RefcoFX account statement on FXCM platform.
And this i come to know after so long period,

Thanks for help

Best Regards
Ramdas
  • #234
  • Apr 1, 2008 10:49am Apr 1, 2008 10:49am
Quoting lcfxtrader
I received an account statement from [email protected] today. Has any one else gotten one? It seems odd considering they are closed for business?
Yes, I recieved a statement too. It's nice to look at and imagine what it would be like to have our money back.

No new updates on the Robb Evans & Assocites website so far. If we don't hear anything sooner I plan to touch base with them at the end of the week and see how the battle goes. I will report anything of significance.
  • #235
  • Apr 2, 2008 5:31am Apr 2, 2008 5:31am
Thanks, TripTrap, for the updates. I would be in the dark as to what it going on otherwise.
  • #236
  • Apr 3, 2008 10:38am Apr 3, 2008 10:38am
Here is the link to the latest news from Robb Evans:
http://www.robbevans.com/pdf/forexlqmotion01.pdf

It looks like they are giving FXLQ an "enlargement of time for an additional 60 days" to let them get their act together. I am not sure why. Robb Evans Associates is now saying but not promising that May 31st is the date they are planning to submit to the court a recommendation to disperse funds to the customers. It is anyones guess how long the court will take to make their decision on the recommendation and the actual dispersement. At least it did say in the document gobbly goop that it is their top priority for a distribution of assets back to the customers.

Now we can just continue to hurry up and wait some more and some more and some more.....
  • #237
  • Apr 4, 2008 3:30am Apr 4, 2008 3:30am
What is this interim distribution they are referring to? Are they going to petition the court in 60 days May 30,2 2008 - but court may take another period to decide and excute?

Quoting TripTrap
Here is the link to the latest news from Robb Evans:
http://www.robbevans.com/pdf/forexlqmotion01.pdf

It looks like they are giving FXLQ an "enlargement of time for an additional 60 days" to let them get their act together. I am not sure why. Robb Evans Associates is now saying but not promising that May 31st is the date they are planning to submit to the court a recommendation to disperse funds to the customers. It is anyones guess how long the court will take to make their decision on the recommendation and the actual dispersement. At least it did say in the document gobbly goop that it is their top priority for a distribution of assets back to the customers.

Now we can just continue to hurry up and wait some more and some more and some more.....
  • #238
  • Edited 4:22am Apr 4, 2008 3:58am | Edited 4:22am
You'd be lucky to get your funds before the end of the year. These things normally drag on for an eternity.
  • #239
  • Edited 4:11pm Apr 4, 2008 3:55pm | Edited 4:11pm
One reason and one reason only they make it take so long.So the lawyers get paid more.Its the lawyers who make it take so long.So they can charge more and keep more of youre money.They dont do this out of love....

Quoting FrankTheTank
After I lost most of my funds in the Refco mess, I decided to keep most of my "big" money with a regulated futures broker.

Everyone who just trades EURUSD, GBPUSD and other majors... do yourself a favor and just trade currency futures and not spot fx. Then you dont have to worry about this crap, you pay less in transaction costs, and you dont have brokers trading against you.
Listen to him.
  • #240
  • Apr 4, 2008 9:51pm Apr 4, 2008 9:51pm
I got this email from my introducing broker clarifying some of the latest news out from Robb Evans. I thought it was helpful so here it is:
----------------------------------------------------------------

In regards to the Forex Liquidity case, we would like to provide you with an additional update:

As stated in Consent Order of Preliminary Injunction (http://www.robbevans.com/pdf/forexlqorder03.pdf). Forex Liquidity had originally until March 31, 2008 to answer or otherwise plead to the CFTC’s complaint. However, the receiver has requested and obtained by the U.S. District Court an extension on behalf of FXLQ until May 30, 2008.

Extension request: http://www.robbevans.com/pdf/forexlqmotion01.pdf

Order granting: http://www.robbevans.com/pdf/forexlqorder04.pdf

Among the reasons for such extension, the receiver has mentioned the fact that more time is needed to negotiate, and maybe to resolve, the settlement of existing or pending claims as described in the interim report filed on February 4, 2008 (see http://www.robbevans.com/pdf/forexlqreport01.pdf). One being the swap credit/interest claimed by Interbank over $2 Million dollars (see Tab 8 and detailed discussion on the report pages 7 - 9); the other being the claim by Forex Asia International of over $1 Million dollars (see Tab 8 and the report pages 6 & 17).

The extension does not affect the Receiver’s intentions to make recommendation to the U.S. District Court for an interim distribution of funds to FXLQ’s customers within 60 days.
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