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PFGBest Accounts Frozen (PFG scandal big thread)


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PFGBest Accounts Frozen (PFG scandal big thread)

  #221 (permalink)
 
ThatManFromTexas's Avatar
 ThatManFromTexas 
Houston,Tx
 
Experience: Advanced
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Haverchuck View Post
It looks like their "CFCT/NFA Disciplinary Action" value could be skewing their numbers a bit, especially when you compare the other numbers to firms higher in the list. RCG was fined a few months ago for not cracking down on a single shady account hard enough (google "rosenthal collins group" and see a few entries down). This seems like a one-off type of event, but that could be wishful thinking (I'm also a RCG customer ;-)

@Haverchuck

Forget google, get it straight from the horses' mouth (CFTC) ...

Search Results: Rosenthal Collins Group, LLC

They've had numerous CFTC files,but that is to be expected for a 90 year old firm. The claims were mostly small grievances from individual clients that were settled "out of court" and the complaints were dropped.

There was one other significant charge of not paying close enough attention to a rogue client from Texas (not me...) for which they paid a fine. I didn't see anything serious like misappropriation of funds or falsifying statements.

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

My daddy always said, "Every day above ground is a good day!"
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  #222 (permalink)
 
TheWizard's Avatar
 TheWizard 
Houston, TX
Market Wizard
 
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shodson View Post
Ah crap, Rosenthal Collins (my broker, Mirus Futures, clears through them) is ranked even lower than PFG on that Atlas report!

I'm a Mirus customer & the daily statements I receive show Dorman Trading, LLC, not Rosenthal Collins. Please clarify.

After all, it's what you learn AFTER you know it all, that counts!
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  #223 (permalink)
 
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 ThatManFromTexas 
Houston,Tx
 
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TheWizard View Post
I'm a Mirus customer & the daily statements I receive show Dorman Trading, LLC, not Rosenthal Collins. Please clarify.


@TheWizard

Mirus clears through both Dorman and Rosenthal Collins. You decide which one you want an account with when you open your account.

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

My daddy always said, "Every day above ground is a good day!"
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  #224 (permalink)
 
heywally's Avatar
 heywally 
Pismo Beach CA
 
Experience: Intermediate
Platform: TOS, IB, Fidelity for 'swing' trades
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I hope that everyone with PFG is able to eventually get their money back - this is truly frightening.

This kind of incident is why I have upped the paranoia level a bit and recently moved funds from one of the larger brokerages that specializes in low commission, low margin rate trading to another larger brokerage that enables active trading including futures but has their foundation -- and many user accounts -- in longer term investing. The commissions are not as good but I can sleep a little easier (I think.)

People on elitetrader are always discussing commissions, margin rates, platforms, leverage .... one of the first things they should consider is the apparent financial strength of the brokerage and then maybe even consider altering their trading styles (do less frequent trading) to compensate for higher commissions. It could end up being a win-win for some people.

"The Future Ain't what it used to be"
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  #225 (permalink)
 
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 heywally 
Pismo Beach CA
 
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ThatManFromTexas View Post
@djkiwi

TD doesn't mention Ninja trader under platforms on their website even though NT lists them as a broker. You actually send trades to TD from NT?

Last I checked -- a few years ago -- you could do that but only to the 'TD side' (not TOS), which meant no futures trades.

"The Future Ain't what it used to be"
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  #226 (permalink)
 Cloudy 
desert CA
 
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Recent letter I got from ThinkOrSwim/TDA about Forex trading. Nothing yet about PFG.

Though I did get this letter from RCG back when the MFGlobal news first went down.
Looks like it's still family owned and operated , yet the firm has been around almost a century.

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  #227 (permalink)
 traderwerks   is a Vendor
 
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Exclusive: Iowa futures broker forged bank records for years-source

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  #228 (permalink)
 
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 heywally 
Pismo Beach CA
 
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liquidcci View Post
Plus their feed is not fast or robust enough to day trade futures. If taking long term positions works fine but not for intra day stuff.

Don't know if you've looked at their data feed and executions lately but I disagree with that, not that I think day trading the futures is a good idea for most people. I am getting instant executions via TOS and the data feed is 'keeping up' with several other ones I look at. I am running it on a pretty beefy PC though ....

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  #229 (permalink)
 Cloudy 
desert CA
 
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heywally View Post
Don't know if you've looked at their data feed and executions lately but I disagree with that, not that I think day trading the futures is a good idea for most people. I am getting instant executions via TOS and the data feed is 'keeping up' with several other ones I look at. I am running it on a pretty beefy PC though ....

Exactly. I compared time and sales with zenfire(mirus) on NT7 and TOS and while TOS is filtered they both updated the same instants at least as fast as my eyes could tell. And zenfire still slips plenty on CL. TOS was not any worse.

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  #230 (permalink)
 
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 liquidcci 
Austin, TX
 
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heywally View Post
Don't know if you've looked at their data feed and executions lately but I disagree with that, not that I think day trading the futures is a good idea for most people. I am getting instant executions via TOS and the data feed is 'keeping up' with several other ones I look at. I am running it on a pretty beefy PC though ....

I use rithmic feed with a server located close to the exchange to trade mainly CL via automated strategies. I also have a TOS account (long time TOS user). Instant is relative. I do not believe TOS is even close in speed to rithmic. Sub ms very important for my AT strategies which I get with my rithmic setup. When dealing in miliseconds eyes can be deceiving. Don't get me wrong TOS is a great platform but not if need speed.

"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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