NexusFi: Find Your Edge


Home Menu

 





PFGBest Accounts Frozen (PFG scandal big thread)


Discussion in Brokers

Updated
      Top Posters
    1. looks_one Big Mike with 94 posts (100 thanks)
    2. looks_two olobay with 91 posts (76 thanks)
    3. looks_3 nakachalet with 73 posts (22 thanks)
    4. looks_4 ThatManFromTexas with 57 posts (54 thanks)
      Best Posters
    1. looks_one djkiwi with 1.7 thanks per post
    2. looks_two Big Mike with 1.1 thanks per post
    3. looks_3 ThatManFromTexas with 0.9 thanks per post
    4. looks_4 olobay with 0.8 thanks per post
    1. trending_up 260,894 views
    2. thumb_up 588 thanks given
    3. group 66 followers
    1. forum 859 posts
    2. attach_file 81 attachments




 
Search this Thread

PFGBest Accounts Frozen (PFG scandal big thread)

  #141 (permalink)
 kevinkdog   is a Vendor
 
Posts: 3,647 since Jul 2012
Thanks Given: 1,890
Thanks Received: 7,338


djkiwi View Post
Hi, this is not true. It only covers stocks. I looked into this awhile ago as well when looking at tradestation as a potential broker. Never take reps assurances on the phone, always get it in writing.

https://www.tradestation.com:443/site-wide-items/disclaimers/legal/disclosures/account-security

You have ZERO coverage with Tradestation if you only trade futures unless they sweep the cash into an insured sweep account. If you trade stocks AND futures at trade station you will probably be ok if the cash is swept to the insured equities sweep account. If you only trade futures it is possibly swept to an uninsured account. You should contact trade station and get it in writing.

At least Tradestation is high up on the list Mike posted.

Cheers
DJ


He actually did get it in writing from a TS rep on 6/5/2012. Here is what the rep said (bolding is mine):

karoshiman,

SIPC protection applies only to equities accounts. Futures and forex accounts would be covered by the excess SIPC insurance policy described above. We have not made any changes to our policies regarding customer funds since being acquired by Monex. If you have further questions regarding these issues, please send an email to ClientService@tradestation.com.

Thank you,

Greg
TradeStation Technical Support



I am asking TS the same question, just to confirm.

Follow me on Twitter Reply With Quote
Thanked by:

Can you help answer these questions
from other members on NexusFi?
NexusFi Journal Challenge - April 2024
Feedback and Announcements
Futures True Range Report
The Elite Circle
The space time continuum and the dynamics of a financial …
Emini and Emicro Index
New Micros: Ultra 10-Year & Ultra T-Bond -- Live Now
Treasury Notes and Bonds
NT7 Indicator Script Troubleshooting - Camarilla Pivots
NinjaTrader
 
Best Threads (Most Thanked)
in the last 7 days on NexusFi
Get funded firms 2023/2024 - Any recommendations or word …
59 thanks
Funded Trader platforms
36 thanks
NexusFi site changelog and issues/problem reporting
22 thanks
The Program
20 thanks
GFIs1 1 DAX trade per day journal
19 thanks
  #142 (permalink)
 
Skidboot's Avatar
 Skidboot 
Houston, TX
 
Posts: 202 since Dec 2010
Thanks Given: 203
Thanks Received: 299

Local news - Cedar Falls, IA - Video

Cedar Falls futures broker PFGBest under investigation - KWWL.com - News & Weather for Waterloo, Dubuque, Cedar Rapids & Iowa City, Iowa |

Reply With Quote
  #143 (permalink)
 Treggs 
Working on my LCD tan
 
Experience: Advanced
Platform: NinjaTrader
Posts: 127 since Jun 2009
Thanks Given: 25
Thanks Received: 52


Crap.. I have an account with Mirus and RCG. I haven't had any problems but should I be emptying my account? I only keep minimal amounts in my account to cover my trading but that ain't a pretty list. Any other lists to compare data with?

Reply With Quote
  #144 (permalink)
 
Haverchuck's Avatar
 Haverchuck 
California
 
Experience: Intermediate
Platform: NT
Trading: Index Futures
Posts: 115 since Jul 2009
Thanks Given: 88
Thanks Received: 93


jungian View Post
In Mikes post above...

Look who is two rungs below Peregrine..

YIKES!!!!

I think one of the main reasons RCG is ranking so low on that list is because their "CFTC/NFA Disciplinary Action" score is so high. They were fined a few months ago for not realizing that someone had opened an account that was used for fraudulent purposes.

Reply With Quote
  #145 (permalink)
 
Big Mike's Avatar
 Big Mike 
Manta, Ecuador
Site Administrator
Developer
Swing Trader
 
Experience: Advanced
Platform: Custom solution
Broker: IBKR
Trading: Stocks & Futures
Frequency: Every few days
Duration: Weeks
Posts: 50,399 since Jun 2009
Thanks Given: 33,173
Thanks Received: 101,538

Source: PFG's quarterly profitability numbers are actually up - a moment of sarcasm | Forex Magnates


Forex Magnates
Although PFG was put in liquidation-only mode by the NFA which then reported that its “highly effective” brokers supervision mechanism failed to notice that over $200 million in client funds went missing for more than 2 years, its quarterly forex profitability numbers actually improved in Q2 2012..

Q1 2012 PFG’s profitable and non-profitable figures were 28% and 72% respectively. This quarter PFG even managed to update the stats before being raided and the profitable figure shows 32.86%. Of course this is a calculation mistake and the actual figures for profitable and non-profitable are 0% and 100% respectively…

Apparently PFG BEST already knew about its problems otherwise you cannot explain this PFGBEST SpongeBob Coin Set promotion which tells you what kind of coins PFG BEST’s clients may expect to get back.. Someone at PFG definitely has a sense of humor.



Mike

We're here to help: just ask the community or contact our Help Desk

Quick Links: Change your Username or Register as a Vendor
Searching for trading reviews? Review this list
Lifetime Elite Membership: Sign-up for only $149 USD
Exclusive money saving offers from our Site Sponsors: Browse Offers
Report problems with the site: Using the NexusFi changelog thread
Follow me on Twitter Visit my NexusFi Trade Journal Reply With Quote
Thanked by:
  #146 (permalink)
 
Skidboot's Avatar
 Skidboot 
Houston, TX
 
Posts: 202 since Dec 2010
Thanks Given: 203
Thanks Received: 299



OMG! just finished watching the 5 min video.

Reply With Quote
  #147 (permalink)
 
Big Mike's Avatar
 Big Mike 
Manta, Ecuador
Site Administrator
Developer
Swing Trader
 
Experience: Advanced
Platform: Custom solution
Broker: IBKR
Trading: Stocks & Futures
Frequency: Every few days
Duration: Weeks
Posts: 50,399 since Jun 2009
Thanks Given: 33,173
Thanks Received: 101,538

I won't put too much stock in those "Atlas" ratings personally. Several things in that report make no sense to me, and go directly against what I know about some of these companies.

But don't take that as advice... everyone needs to have their own relationship with their broker, and be comfortable with them, and of course in light of recent events - just be "smart" (ie: maintain minimum balances to cover margin).

Mike

We're here to help: just ask the community or contact our Help Desk

Quick Links: Change your Username or Register as a Vendor
Searching for trading reviews? Review this list
Lifetime Elite Membership: Sign-up for only $149 USD
Exclusive money saving offers from our Site Sponsors: Browse Offers
Report problems with the site: Using the NexusFi changelog thread
Follow me on Twitter Visit my NexusFi Trade Journal Reply With Quote
Thanked by:
  #148 (permalink)
 Treggs 
Working on my LCD tan
 
Experience: Advanced
Platform: NinjaTrader
Posts: 127 since Jun 2009
Thanks Given: 25
Thanks Received: 52

I'm no expert on these numbers but RCG doesn't look too bad based on these numbers?

financialdataforfcms/documents/file/fcmdata0412.pdf', 'external'); return false;">https://www.cftc.gov/ucm/groups/public/@financialdataforfcms/documents/file/fcmdata0412.pdf

Feel free to correct me if I'm wrong.

Reply With Quote
  #149 (permalink)
 mongoose 
Chicago, IL
 
Experience: None
Platform: oil super computer
Trading: multiple
Posts: 272 since Jun 2011
Thanks Given: 817
Thanks Received: 433

Peter Brandt was just on bloomberg and said he was a pfg customer, he had some really nice things to say about the cftc

Reply With Quote
  #150 (permalink)
 
madLyfe's Avatar
 madLyfe 
Des Moines, Iowa
 
Experience: None
Platform: Ninja, TOS
Broker: AMP/CQG, TOS
Trading: CL, TF, GC
Posts: 1,641 since Feb 2011
Thanks Given: 9,220
Thanks Received: 1,020



jungian View Post
In Mikes post above...

Look who is two rungs below Peregrine..

YIKES!!!!

look who is 2 up...

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

¯\_(ツ)_/¯

(╯°□°)╯︵ ┻━┻
Visit my NexusFi Trade Journal Reply With Quote




Last Updated on April 6, 2016


© 2024 NexusFi™, s.a., All Rights Reserved.
Av Ricardo J. Alfaro, Century Tower, Panama City, Panama, Ph: +507 833-9432 (Panama and Intl), +1 888-312-3001 (USA and Canada)
All information is for educational use only and is not investment advice. There is a substantial risk of loss in trading commodity futures, stocks, options and foreign exchange products. Past performance is not indicative of future results.
About Us - Contact Us - Site Rules, Acceptable Use, and Terms and Conditions - Privacy Policy - Downloads - Top
no new posts