This broker transferwould be ideal, and is historically what happened during previous failures. I had an acct at Lind Waldock/Refco when they imploded, and my cash and positions were transferred very seamlessly to MFG.
The problem in this case is that they can't transfer cust seg acct money, since it looks like the money is not even there!
I'm leaving my positions open for now. Not sure if that is the right decision...
No offense, but let me know which broker you decide to go with next, so I can make sure and not have an account there You've had bad luck!
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The following user says Thank You to Big Mike for this post:
There is no escape, you are going to get it if you hang in long enough with the same broker (yes, they do have a shelf life). We should have read the tea leaf when we got an unsolicited e-mail, letter from PFG in November 2011 claiming no relations to the MFG scandal at that time.
My strategy after Option America in 80's and Lind-Waldock and Refco (three-times victim now) has been to only day trade in two separate accounts with minimum over-margin funds and change one broker every six months, yes it is a pain but you will not become complacent.
Between three busted brokerage accounts and several blown accounts I could have had a couple or more of 7-11s and gas stations by now.
I was literally 2 hours away from funding my account with them this morning before i got an email from Erich, what a blessing in disguise it was that my bank required a letter to raise the telegraphic transfer limit on my account
Never had an account with PFG (had one with Lind Waldock in the 90s) but kept in touch with Paul Kavanaugh who works for them (for now) and is a real good guy. Hope he makes it through ok.
Looks like the regulators could use a regulator to keep track of their less than stellar work....they are asleep at the wheel big time (especially after the MF Global).....if nothing changes....nothing changes.....<sigh>
Let's all make a side-bet of how many emails we get from our current brokerages explaining how strong they are and how protected we are and how it would never happen to us.....<sigh again>