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PFGBest Accounts Frozen (PFG scandal big thread)


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PFGBest Accounts Frozen (PFG scandal big thread)

  #371 (permalink)
 
liquidcci's Avatar
 liquidcci 
Austin, TX
 
Experience: Master
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Matt at Optimus sent this out to customers today. I attached the pdf he references. Good info in the PDF for Optimus customers.

Dear Customers,

Please find attached a letter from Howard Rothman, the president of our FCM, Vision Financial Markets. Mr. Rothman wrote this letter in reaction to the MF Global fallout back in November of 2011. We are sending this letter to our customers because there has been some fearful discussion regarding the PFG fallout and everything in this letter is still relevant. Mr. Rothman wrote this letter to ensure both investors and brokers of the financial health and stability of Vision Financial Markets.

I invite you to take some time to visit their website and the CME's website for additional financial information and disclosures.

If you have any questions or concerns please feel free to contact me at 561-367-8686 or toll free at 1-800-771-6748.

Thank you for your business and trust.

Best regards,



Matt Zimberg

President

Optimus Trading Group

"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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PFGBest Accounts Frozen (PFG scandal big thread)-mf_global_events_letter.pdf  
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  #372 (permalink)
 
ThatManFromTexas's Avatar
 ThatManFromTexas 
Houston,Tx
 
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marks View Post
Bank Balance must be electronically verified, thats the key to this fiasco.

@marks

PFGBest Allegations Shake Industry, Raise Regulatory Questions - WSJ.com

Regulators said Tuesday Mr. Wasendorf had deceived authorities to hide his misuse of customer money for more than two years before the alleged fraud was exposed. Problems were uncovered only after a regulator moved to start verifying customer assets electronically, rather than relying on paper statements that authorities now believe Mr. Wasendorf used to cover the misappropriation, according to people familiar with details of the investigation.


aligator View Post
Yes, so did PFGRuss, and he was a committee member and adviser to the regulators. I am sure MFG had auditors also as a public company.

So far, all I have seen in 30 some years of trading is that the fox is watching the hens.

@aligator

Some members of Congress are calling for less government regulation of the financial markets .... unbelievable



TrendTraderBH View Post
Yes, I prefer to lose money trading due to fault on my own lol

@TrendTraderBH

The market will always accommodate you

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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  #373 (permalink)
 SeeTrader 
Missouri
 
Experience: Intermediate
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Here's an interesting email I got this morning...




----- Original Message -----
From: Ron Rabune
To:
Sent: Thursday, July 12, 2012 4:07 AM
Subject: Try BESTDirect Powered by PFGBEST


Jeremy,




I invite you to test our BESTDirect trading platform with a 30 day demo.

REGISTER for a 30 day BESTDirect demo

The BESTDirect trading platform allows execution on futures, futures options and forex contracts with a surprising list of features, including:

· Trailing stops and profit targets

· OCO orders

· Depth of Market Trading Panel

· Trade window with complete positions summary, trade panel, order history, and real-time account status

· Strategy window

· Immediate access to your existing PFGBEST trading account or demo account

· Sortable order management panels that can be filtered by product or by order status

· Flexible workspace that lets you build the trading environment you are most comfortable using



In addition to BESTDirect, PFGBEST also offers execution on all of the most popular third-party trading platforms. If you’re interested in a demo of a specific trading platform, please let me know.

Please contact me via email or by calling 1.800.553.1711 / 319.553.2100 Monday – Friday from 7:00 A.M. – 4:00 P.M. (CST).


BEST Regards,

Ron Rabune, Director Wealth Management Group
One Peregrine Way
Cedar Falls, Iowa 50613
[email protected]
Phone: 1.800.553.1711 Toll Free / 319.553.2100 | 319-277-0880 fax




There is a substantial risk of loss in futures, futures options and forex trading!

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  #374 (permalink)
 
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 djkiwi 
Mercer Island WA
 
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Hi guys, I've conducted my own due diligence of IB, TD and Tradestation after phone discussions with all 3 firms this morning to decide what I'm going to do with my own accounts. I've written a fairly detailed summary of notes in a new thread if anyone is interested. I spoke to the following people at the firms:

1. TD- Manager of the Trade desk,
2. IB - Margin desk manager
3. Tradestation - Senior account rep.



Cheers
DJ

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  #375 (permalink)
 kevinkdog   is a Vendor
 
Posts: 3,647 since Jul 2012
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kevinkdog View Post
Since I got a different answer directly from TS (via e-mail), it is obvious that they don't even know. Great.

Latest e-mail from Tradestation...bottom line - no extra protection...


"Dear Mr. Davey,



I apologize for the confusion. Since the wording on our website is not perfectly clear, I spoke with our compliance department to verify the interpretation. In the Account Security Statement posted on our website, which can be found on the Other Information page, it is stated that the Lloyd’s of London policy covers “securities brokerage accounts the custody and clearing of which are handled by TradeStation Securities”. While futures accounts are held by TradeStation Securities, futures contracts are not securities, so the policy will only cover equities accounts. For futures accounts, TradeStation segregates customer funds and maintains adequate capital to meet its regulatory obligations, but there is no additional policy that covers futures accounts in the unlikely event of our financial failure, resulting in loss of customer assets. Please let me know if you have any further questions or concerns.



Sincerely,




Contact Team Manager"

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  #376 (permalink)
 Midas 
Yellowknife, NT
 
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Latest Info from NFA here.

Important Message for Customers of Peregrine Financial Group and Peregrine Asset Management - Updated on July 12, 2012

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  #377 (permalink)
 
liquidcci's Avatar
 liquidcci 
Austin, TX
 
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djkiwi View Post
Hi guys, I've conducted my own due diligence of IB, TD and Tradestation after phone discussions with all 3 firms this morning to decide what I'm going to do with my own accounts. I've written a fairly detailed summary of notes in a new thread if anyone is interested. I spoke to the following people at the firms:

1. TD- Manager of the Trade desk,
2. IB - Margin desk manager
3. Tradestation - Senior account rep.



Cheers
DJ

Problem is all of these are so so for trading futures. Depends how you trade I guess.

"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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  #378 (permalink)
 
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 cory 
virginia
 
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kevinkdog View Post
Latest e-mail from Tradestation...bottom line - no extra protection...


.... For futures accounts, TradeStation segregates customer funds and maintains adequate capital to meet its regulatory obligations, but there is no additional policy that covers futures accounts in the unlikely event of our financial failure, resulting in loss of customer assets. ....

Sincerely,

Contact Team Manager"

at least this guy makes it crystal clear 'no protection' instead of sugarcoating it.

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  #379 (permalink)
 Cloudy 
desert CA
 
Experience: Intermediate
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Peregrine Financial Fallout - CNBC
Peregrine Financial Fallout - CNBC
PFG Collapse From a Broker's View - CNBC

PFGBest chief: Prickly Iowa hero met stiff welcome in Chicago - Yahoo! Finance

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  #380 (permalink)
 
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 Big Mike 
Manta, Ecuador
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