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PFGBest Accounts Frozen (PFG scandal big thread)


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PFGBest Accounts Frozen (PFG scandal big thread)

  #481 (permalink)
 Cloudy 
desert CA
 
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liquidcci View Post

How could things have gotten much bigger or worse. Apparently of $200 million plus in customer funds there is only $5 million left in the account according to reports we have seen. I don't think Wasendorf could have gotten much more.

Like commonly shown in episodes of CNBC's American Greed, the ponzi perpretrator may not only be making wild massive losing bets, but making losing investments in other areas such as real estate or just plain siphoning money from the segregated accounts to fund his and his co-conspirators' lifestyle. Sr. had reportedly bought into a restaurant , some local factory, an incomplete industrial property under construction, and a private jet that cost at least $20 million. Probably there are also vacation homes, vehicles, yachts, maybe private land property and foreign bank accounts out there too. Plus the family and those inner circles' individual perks and trappings to maintain.

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  #482 (permalink)
 
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 aligator 
Las Vegas, NV
Market Wizard
 
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Platform: Abacus, Slide Rule, HP-65
Trading: Futures, Stocks, Options
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Big Mike View Post
I have accounts with Interactive Brokers, Velocity Futures, Mirus Futures, Optimus Futures, FXCM, MB Trading, and optionsXpress.

Mike

@Big Mike,

We know that you need to keep everyone happy and seem to have covered everyone out there. So, any favorites?

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  #483 (permalink)
 
Big Mike's Avatar
 Big Mike 
Manta, Ecuador
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Swing Trader
 
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aligator View Post
@Big Mike,

We know that you need to keep everyone happy and seem to have covered everyone out there. So, any favorites?

Those are my favorites

Mike

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  #484 (permalink)
 
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 ThatManFromTexas 
Houston,Tx
 
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steve2222 View Post
This would not have helped in the PFG case as Wasendorf Snr was the one (and only) person signing off transactions on the segregated funds account anyway.

Quote from Reuters about new CFTC rule:

"A measure known as the "Corzine rule" would require top executives at futures brokers to sign off on major withdrawals from customer accounts. A major withdrawal would be considered anything more than 25 percent of a customer's excess funds."

@steve2222

You are correct sir...

If the following was imposed on all FCM's all the time .... this is the only thing that would make a difference ....

.... the NFA regulator for the first time demanded Wasendorf allow its auditors an electronic, direct look at his bank accounts....

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

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  #485 (permalink)
 olobay 
Montreal
 
Experience: Intermediate
Platform: MultiCharts
Broker: DeepDiscountTrading.com
Trading: CL
Posts: 364 since Jul 2011

10 Key Details in the Peregrine Financial Collapse (JEF, JPM, USB) Good review of what transpired last week.

PFGBest Update: Ignore the Idiots | Attain Capital Managed Futures Blog

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  #486 (permalink)
 
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 ThatManFromTexas 
Houston,Tx
 
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If Attain is correct ... that would certainly be good news!

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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  #487 (permalink)
 Zelek11 
Tulare, CA
 
Experience: Beginner
Platform: Sierra Chart
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Posts: 7 since Nov 2011
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I wanted to share a different side to the PFG story, one about some of the cool people that worked there. PFG was pretty big on trader education and so recently they started offering 12-week introductory courses. They were free if you signed up in advance. You didn't need to have an account with them to participate (I didn't have one). They first offered Introduction to Futures, and then earlier this year added Intro to Forex and Intro to Options. Curt Wagaman taught Futures and Options and Steve Nurre taught Forex.

I signed up, a little skeptical at first, for the Forex class which started in March and finished a few weeks ago. It was very much like a college class. Two lectures a week, 90-120 minutes each, along with homework and exams, if you wanted the completion certificate afterwards. The focus really was on education. There was some PFG cheerleading of course, but no pressure. We even had guest lectures from Jimmy Young and Bob Iaccino.

Anyway, the summer Futures class was to start on July 10th, the day after the fraud was discovered. And the summer Forex class was going to start on the 17th. There was of course no class on the 10th as the instructors were out of jobs. But during the week both guys got together and then held an informational webinar on Friday.

As educators they didn't want to let their students down, so they decided to hold 5 week courses...for free. Futures is going to start on the 17th and Forex on the 24th. I was stunned that these guys would work for free like this. The core material should remain intact because you won't have any info about PFG and no midterm and final exam reviews.

The other reason for a 5 week course is because, as Steve Nurre said in the webinar, "I don't know where I'll be in 6 weeks..."

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  #488 (permalink)
 hector24 
austin, texas
 
Experience: Intermediate
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Big Mike View Post
I have accounts with Interactive Brokers, Velocity Futures, Mirus Futures, Optimus Futures, FXCM, MB Trading, and optionsXpress.

Mike

Thanks Mike, just wanted to get a little insight from you on what your thinking is.

Thanks,
Hector

PS: Great room by the way, I have learned a lot here. And I really like the way you are very
interactive with your members and how you police the site to make sure "Vendors" do not invade.

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  #489 (permalink)
 
ThatManFromTexas's Avatar
 ThatManFromTexas 
Houston,Tx
 
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Big Mike View Post
I have accounts with Interactive Brokers, Velocity Futures, Mirus Futures, Optimus Futures, FXCM, MB Trading, and optionsXpress.

Mike

@Big Mike

Who does Velocity clear through?

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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  #490 (permalink)
 
Big Mike's Avatar
 Big Mike 
Manta, Ecuador
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Swing Trader
 
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ThatManFromTexas View Post
@Big Mike

Who does Velocity clear through?

Multiple options, but am thinking NewEdge. But best to ask them directly.

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