They've had numerous CFTC files,but that is to be expected for a 90 year old firm. The claims were mostly small grievances from individual clients that were settled "out of court" and the complaints were dropped.
There was one other significant charge of not paying close enough attention to a rogue client from Texas (not me...) for which they paid a fine. I didn't see anything serious like misappropriation of funds or falsifying statements.
I'm just a simple man trading a simple plan.
My daddy always said, "Every day above ground is a good day!"
Last edited by ThatManFromTexas; July 10th, 2012 at 06:28 PM.
I hope that everyone with PFG is able to eventually get their money back - this is truly frightening.
This kind of incident is why I have upped the paranoia level a bit and recently moved funds from one of the larger brokerages that specializes in low commission, low margin rate trading to another larger brokerage that enables active trading including futures but has their foundation -- and many user accounts -- in longer term investing. The commissions are not as good but I can sleep a little easier (I think.)
People on elitetrader are always discussing commissions, margin rates, platforms, leverage .... one of the first things they should consider is the apparent financial strength of the brokerage and then maybe even consider altering their trading styles (do less frequent trading) to compensate for higher commissions. It could end up being a win-win for some people.
Don't know if you've looked at their data feed and executions lately but I disagree with that, not that I think day trading the futures is a good idea for most people. I am getting instant executions via TOS and the data feed is 'keeping up' with several other ones I look at. I am running it on a pretty beefy PC though ....
"The Future Ain't what it used to be"
The following 2 users say Thank You to heywally for this post:
Exactly. I compared time and sales with zenfire(mirus) on NT7 and TOS and while TOS is filtered they both updated the same instants at least as fast as my eyes could tell. And zenfire still slips plenty on CL. TOS was not any worse.
The following user says Thank You to Cloudy for this post:
I use rithmic feed with a server located close to the exchange to trade mainly CL via automated strategies. I also have a TOS account (long time TOS user). Instant is relative. I do not believe TOS is even close in speed to rithmic. Sub ms very important for my AT strategies which I get with my rithmic setup. When dealing in miliseconds eyes can be deceiving. Don't get me wrong TOS is a great platform but not if need speed.
"The day I became a winning trader was the day it became boring. Daily losses no longer bother me and daily wins no longer excited me. Took years of pain and busting a few accounts before finally got my mind right. I survived the darkness within and now just chillax and let my black box do the work."
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