PFG Forex Metals Legal Account

PFG Forex Metals Legal Account

Our attorneys filed the PFG Forex Metals Group Adversary Complaint with the U.S. Bankruptcy Court, 10/15/2012.

Our attorneys presented our Motion (filed 10/5/2012) in front of Judge Doyle 10/11/12. Due of the scope of our case, the Judge requested our Motion be withdrawn and re-filed as an Adversarial Complaint.

Excerpts from our attorney’s Adversary Complaint:

“COUNT I: Declaratory Relief for Return of Property Pursuant to § 541(d) of the Bankruptcy Code”
“Section 541 of the Code provides that the bankruptcy estate is comprised of “all legal or equitable interests of the debtor in property as of the commencement of the case.” 11 U.S.C. § 541(a)(1).”
“Because, in accordance with the explicit agreement and manifest mutual intention of Plaintiffs and Debtor at the time Plaintiffs deposited their monies, Debtor took no equitable interest in such properties, and to the extent that no equitable interest or right of offset in such properties has since accrued in Debtor’s favor, pursuant to §541 of the Code Plaintiffs’ funds do not constitute property of the estate, and cannot be utilized by the Trustee to satisfy the Debtor’s obligations.”

“COUNT II: Forex Broker Live Spread Comparison
“Because a trust resultant of the conduct, relationship and circumstances of the Parties should be deemed to have existed at the time Debtor took possession of Plaintiffs’ property, Debtor took no equitable interest in such properties at that time, and to the extent that no equitable interest or right of offset in such properties has since accrued in Debtor’s favor, pursuant to § 541(d) of the Code Plaintiffs’ funds do not constitute property of the estate, and cannot be utilized by the Trustee to satisfy the Debtor’s obligations.”

“COUNT III: Constructive Trust”
“Debtor’s fraud, misrepresentation, breach of its fiduciary duties, and/or other actions at the time it induced deposit of, accepted, and/or handled Plaintiffs’ properties require the imposition of a constructive trust over such properties by this Court as a matter of equity.”
“As constructive trustees of Plaintiffs’ properties, Debtor must be deemed to have had no equitable interest in such properties at that time it took possession of same, and to the extent that no equitable interest or right of offset in such properties has since accrued in Debtor’s favor, pursuant to §541 of the Code Plaintiffs’ funds do not constitute property of the estate, and cannot be utilized by the Trustee to satisfy the Debtor’s obligations.”

“COUNT IV: Declaratory Judgment Recognizing Statutory Priority under Article IV of the Code”
“Plaintiffs request that the Court declare that retail forex and/or metals contracts fall within the definition of Section 761(4), that Plaintiffs are therefore “customers” under Section 761(9) and that their property held by the Trustee is consequently “customer property” for purposes of Subchapter IV.”

An Adversarial Proceeding will allow our evidence to be presented in support of our arguments and make the Judge’s decision more solid if there is any appeal. Unfortunately, this will be a more expensive legal process for us. We need your support. We ask that fellow account holders please support our efforts and contribute to defray the costs of legal representation.

Joyce Wells | info@pfgforexmetalslegalaccount.com

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