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PFGBest Accounts Frozen (PFG scandal big thread)
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PFGBest Accounts Frozen (PFG scandal big thread)

  #101 (permalink)
Site Administrator
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ThatManFromTexas View Post
Early warning signs....

Speaking of...

Source: PFGBest missing $220 million customer segregated funds, says NFA


Futures Magazine
One PFG customer we spoke with said that he saw a potential red flag back in June when a check from the firm did not clear. PFG indicated that it was simply a technical glitch and the check cleared a day later.

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  #102 (permalink)
Market Wizard
Cleveland Ohio/United States
 
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shanmugs View Post
Moved my account 3 months ago to Mirus/Dorman after futures.io (formerly BMT) best of trading 2012 results. Phew! dodged a bullet there!

Thank you Big Mike!!


You were one of the lucky ones!


Hopefully people reading this thread now realize that records can be faked, financial reports can be misleading, etc. I think there are a couple of lessons here (at least that I have followed since MFG):

1. Have multiple accounts through different clearing firms.

2. Put as little as possible in each acct - tell yourself you'll be OK if any one account suddenly vaporizes.

3. You could also wire money in and out every day/week/month, to not leave extra idle funds sitting around in a futures brokerage.


The net effect of doing this will still leave you open to an industry collapse, which I guess could happen. It also will effectively deleverage you (not necessarily a bad thing), since you won't be using margin optimally.


I'm guessing this debacle will lead to SIPC style insurance for futures accounts. A year ago I would have thought that idea was crazy. But after MFG and now PFG, it makes total sense.

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  #103 (permalink)
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ThatManFromTexas View Post
Look what's still working....

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The sad thing is, I bet there are plenty of people still funding yesterday, today, tomorrow that haven't heard the news.

Mike

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  #104 (permalink)
Market Wizard
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ThatManFromTexas View Post
Look what's still working....

Please register on futures.io to view futures trading content such as post attachment(s), image(s), and screenshot(s).


ThatMan -

Can you open an acct, and please wire in $200 million? Problem solved!


If you don't have it, just give Russ Wasendorf Sr. a call at the hospital. He can give you tips on how to pretend you have it.


Last edited by kevinkdog; July 10th, 2012 at 09:57 AM. Reason: added last sentence
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  #105 (permalink)
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I believe the NFA has stipulated that PFG cannot open new accounts.

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  #106 (permalink)
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kevinkdog View Post
I'm guessing this debacle will lead to SIPC style insurance for futures accounts. A year ago I would have thought that idea was crazy. But after MFG and now PFG, it makes total sense.

It might. But PFG is not going to garner the attention of Congress in the way that Corzine/MFG did.

I will be interested to hear what the CME says.

The real issue for me is "who's next". Because you know it will be someone.

Mike

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  #107 (permalink)
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furytrader View Post
I believe the NFA has stipulated that PFG cannot open new accounts.

Agreed, but I bet it still causes much grief to get your money back, unless somehow the wire transfers are being returned automatically (receiving account closed?)

Mike

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
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6)
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  #108 (permalink)
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aligator View Post
Sell CME calls !!!!!

CME up over 2% pre-market.

Mike

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers.
6)
Help using the forum? Watch this video to learn general tips on using the site.

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  #109 (permalink)
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Phew!

------------------

From: Nicholas Wittenburg
Sent: Monday, July 02, 2012 3:21 PM
To: xxx
Subject: PFGBEST Account

Dear xxx



Thank you for your relationship with PFGBEST. I was hoping to follow up with you in regards to your old account with us. I wanted to see how everything was going and to see if you were still trading futures. If you are I was hoping that you would consider coming back to PFGBEST. If you could please let me know.



Best regards,



Nick Wittenburg





Nick Wittenburg

Senior Customer Relations Representative

One Peregrine Way

Cedar Falls, IA 50613
1-800-361-6855

01-319-277-5240 Int'l

319.277.0880 Fax

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  #110 (permalink)
Site Administrator
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Just did a search on futures.io (formerly BMT)'s user database.

Well over 100 futures.io (formerly BMT) users have declared PFG as their broker. And this is a rarely used field (non-required field), so the actual number is going to be many, many times higher.

Sorry for these people...

Mike

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers.
6)
Help using the forum? Watch this video to learn general tips on using the site.

If you want
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