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PFGBest Accounts Frozen (PFG scandal big thread)


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PFGBest Accounts Frozen (PFG scandal big thread)

  #351 (permalink)
 
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 ThatManFromTexas 
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marks View Post
would like to know if Tradestation is FCM? PFGBEST appeared not be a FCM.

@marks

According to the CFTC ... yes they are


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  #352 (permalink)
marks
Los Angeles, California
 
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@ThatManFromTexas thanks for checking.

could you also check if it's listed at CME Group FCM Clearing Member list?

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  #353 (permalink)
 
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 ThatManFromTexas 
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marks View Post
@ThatManFromTexas thanks for checking.

could you also check if it's listed at CME Group FCM Clearing Member list?

@marks

Doesn't appear so. I know they used to clear futures through R.J. Obrien. Do not know if that is still true.

Clearing Firms

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  #354 (permalink)
 itrade2win 
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  #355 (permalink)
marks
Los Angeles, California
 
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PFGBest clears futures through Jefferies.

should it be a cause of concern if futures brokerage is not a FCM?

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  #356 (permalink)
 
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 liquidcci 
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marks View Post
PFGBest clears through Jefferies.

should it be a cause of concern if brokerage is not a FCM?

@marks FCM's under more stringent rules. But as we have seen that does not stop fraud from happening.

"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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  #357 (permalink)
 
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 ThatManFromTexas 
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marks View Post
PFGBest clears through Jefferies.

should it be a cause of concern if brokerage is not a FCM?

@marks

What is important is knowing what the entire food chain consists of. I have an account with Mirus that clears through Rosenthal Collins. All my financial concerns would center on RCG.

I'm just a simple man trading a simple plan.

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  #358 (permalink)
 Cloudy 
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Ok, got the new expected reassurance letter from Rosenthal Collins Group (RCG):

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PFGBest Accounts Frozen (PFG scandal big thread)-message-les-rosenthal-bob-collins-scott-gordon.pdf  
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  #359 (permalink)
 
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 aligator 
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Cloudy View Post
Ok, got the new expected reassurance letter from Rosenthal Collins Group (RCG):

O'boy, it reminds me of a similar letter PFG sent me after the MFG mess. They were just buying time to send my money to the Island. Should have read between the lines. Too bad, too late.

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  #360 (permalink)
 
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 Big Mike 
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Source: News Headlines


Quoting 
CEDAR FALLS, Iowa — Just days before Peregrine Financial Group collapsed, the firm's president sent an email to employees suggesting the crisis had passed, CNBC has learned.

"It is believed that based on current cost cuts and projections for increases in income in particular from international business ... that PFGBEST will be able to run at break even," wrote President and Chief Operating Officer Russell Wasendorf, Jr., in the July 6 email obtained by CNBC and verified by multiple PFG employees.

The email is attached.

Mike

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