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PFGBest Accounts Frozen (PFG scandal big thread)


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PFGBest Accounts Frozen (PFG scandal big thread)

  #1 (permalink)
 
liquidcci's Avatar
 liquidcci 
Austin, TX
 
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Lets hope this is not another MF Global.

US futures broker PFGBest says its funds on hold | Reuters

"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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  #3 (permalink)
 
TradeFlightPlan's Avatar
 TradeFlightPlan 
Sweet Home Chicago
 
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this is the email that was sent to customers:


“Due to a recent emergency involving Russell R. Wasendorf, Sr., a suicide attempt, some accounting irregularities are being investigated regarding company accounts. PFGBEST is wholly owned by Mr. Wasendorf. Therefore, the NFA and other officials have put all funds on hold, and PFGBEST is in liquidation-only status with our clearing FCM. What this means is no customers are able to trade except to liquidate positions. Until further notice, PFGBEST is not authorized to release any funds. We will update you as any new procedures are stipulated and with any further information as it becomes available.”

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  #4 (permalink)
 
GridKing's Avatar
 GridKing 
San Diego, CA USA
 
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Quoting 
Apparently NFA and CFTC just walked into PFG’s offices and shut the broker down. According to our sources its Founder Russell Wasendorf attempted a suicide last night and some money may be missing from PFG’s accounts.

NFA shuts PFG down, puts it in liquidation only status, founder attempted a suicide | Forex Magnates

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  #5 (permalink)
 
wldman's Avatar
 wldman 
Chicago Illinois USA
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to people that might have an idea....reaching nobody. Is that market still funny?

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  #6 (permalink)
 
GridKing's Avatar
 GridKing 
San Diego, CA USA
 
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great...




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  #7 (permalink)
 
wldman's Avatar
 wldman 
Chicago Illinois USA
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very stern brush off from a well connected risk manager. I asked if there was anything to be concerned about in that news and his response was..."aren't you at Boy Scout camp this week...I though you where camping". Then we talked about fishing until I asked again and got the...gotta run, have fun at camp.
This was personal phone not firm recorded line.

Knowing this particular guy, until I hear different, I will take the response to mean that I'd be better off at camp.

Russ Jr and Mom both in senior positions at the firm that is 100% owned by the family.

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  #8 (permalink)
 
GridKing's Avatar
 GridKing 
San Diego, CA USA
 
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Broker's funds frozen after founder's suicide attempt | Reuters


Quoting 
One broker at the firm said that Wasendorf's son, Russ Wasendorf, Jr, told employees about the events earlier in the day, saying that a suicide note had been found alluding to some kind of financial troubles with the company.


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  #9 (permalink)
 
madLyfe's Avatar
 madLyfe 
Des Moines, Iowa
 
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i didnt know they were from iowa.. crazy stuff..

dont believe anything you hear and only half of what you see

¯\_(ツ)_/¯

(╯°□°)╯︵ ┻━┻
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  #10 (permalink)
 traderwerks   is a Vendor
 
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They say broker, but PFGBest also is a non-clearing FCM.

I guess they can't reporter couldn't Google "Peregrine Financial Group"

Math. A gateway drug to reality.
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