Saw on CNBC that Wasendorf did appear in court wearing a blue polo shirt and looking haggard. How does someone apparently in a coma only a few days ago, appear in court so soon? Was the coma a fraud also?
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Sounds like he hired some script writers from Hollywood to write this confession statement, so fake and scripted. An attempt to keep Jr. , his wife, other family members, other big boys and girls in Iowa, and U.S. Bank clean.
I say bull, his suicide was a fake, he is not alone, and authorities should look into the whole PFG gang affairs. They have substantial energy investments in Iowa (perhaps where the money was funneled to) in partnership with well connected Iowans and major Iowa's politicians in their back pocket.
It could be a conspiracy theory, but If our analytical minded authorities can't figure out this whole cover up, we need some help from MI5 and MI6 in this country.
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I thought he was referring to pulling the money out of a brokerage firm and taking the cash rather than moving it to another brokerage. I've transferred an IRA from one brokerage to another in the past.
The problem is, how do you know who you can trust? With my luck, I'd transfer my IRA to another brokerage and that brokerage would be shut down. It would be like those MFG accounts that were moved to PFG.
The day I found out about PFG I read that about a banker who swindled $17 million out of his bank customers, left a note/confession and disappeared. They're not sure if he left the country or committed suicide. They're looking for him, or his body. This happened in either Georgia or Florida.
Mostly agree. All their actions before the exposure incident was to prevent clients from leaving and keeping a good face. Now it's about leaving a personal legacy and Sr. deciding to be the sole fall guy, so clawback attempts can be hindered as much as possible legally from the rest of the conspirators. Similar to Madoff keeping silent.
I'm not so sure about the suicide attempt being fake. Maybe it was unexpected to the others.
You are absolutely correct. I have a friend who has been in the insurance business for almost 40 years and we discussed this very issue. He lost two accounts with PFG and he is hopping mad. He's calling for a meeting with his congressman next week....and I'm sure he'll give him an earful. An insurance company would have a vested interest in making sure proper audits are conducted and as you said, they would do the risk analysis. With all the "news" that has come out, with Sr. fudging the records/statements for 20 years....it doesn't sound like the NFA or the CTFC were doing their jobs......and it would seem that they were negligent and should be held accountable right along with Wasendorf. Maybe someone should investigate the CFTC and NFA! I can understand PFG flying under the radar for 2, maybe 3 years, but 20??!! The regulators had to have known about this a long time ago and maybe it's possible since he was on the NFA board he was given preferential treatment?
Last edited by brevco; July 13th, 2012 at 10:48 PM.
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