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

  #131 (permalink)
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brevco View Post
I never received an email from them either. I called this morning and they said it was sent about 3:00 yesterday. If it weren't for futures.io (formerly BMT), I would not have known!!

THANK YOU Big Mike for keeping me informed!

Did they say anything about honoring withdraw requests? Did you try to place a wire out?

Mike

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  #132 (permalink)
Market Wizard
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karoshiman View Post
I did not refer to the SIPC insurance, but the EXCESS SIPC insurance, which is an additional insurance policy. I asked about this also in the tradestation community and a TS rep confirmed it.

Thanks for the clarification. I remember reading your post over there. It sounds like that additional policy is through Lloyd's of London. That is why I am confused - it is not the gov't (SIPC) backing your futures account, but rather a third party insurer.

Thanks again for pointing this out.

Let us hope we never have to find out how good this extra protection is!

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  #133 (permalink)
Market Wizard
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Big Mike View Post
Did they say anything about honoring withdraw requests? Did you try to place a wire out?

Mike


Mike -

All funds are frozen.

From yesterday's e-mail: "Until further notice, PFGBEST is not authorized to release any funds."

And, as of this morning, they are closing all open positions.

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  #134 (permalink)
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kevinkdog View Post
Mike -

All funds are frozen.

From yesterday's e-mail: "Until further notice, PFGBEST is not authorized to release any funds."

And, as of this morning, they are closing all open positions.

Yes sorry, I meant whether they said anything about a timetable.

Mike

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Need help?
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  #135 (permalink)
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Source: Jefferies Begins Liquidation Of PFG Positions, Will Keep Proceeds In Segregated Accounts | ZeroHedge


Quoting 
The MF Global playbook is playing out step by step:

JEFFERIES HAS BEGAN AN ORDERLY LIQUIDATION OF PFG’S POSITIONS
JEFFERIES DOESN'T EXPECT TO INCUR ANY LOSS IN RESPECT OF PFG
JEFFERIES ALREADY LIQUIDATED SUBSTANTIAL PORTION OF POSITIONS
JEFFERIES SAYS PFG POSITIONS SECURED BY CASH HELD IN MARGIN ACC
JEFERIES TO KEEP PFG LIQUIDATION PROCEEDS IN SEGREGATED ACCOUNTS

And the full statement:

In response to inquiries, Jefferies today confirmed that it has a clearing relationship with Peregrine Financial Group ("PFG") with trading positions held on behalf of PFG's clients fully secured by cash held in margin accounts. After PFG was unable to meet a margin call that Jefferies made in response to yesterday's National Future Association's Member Responsibility Action, Jefferies began an orderly liquidation of PFG's positions.

Jefferies has already liquidated a substantial portion of those positions and expects to be able to expeditiously liquidate the remainder in a fair and reasonable manner, after which all proceeds of the liquidation will be maintained in segregated accounts. Jefferies does not expect to incur any loss in respect of PFG.

Mike

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  #136 (permalink)
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Big Mike View Post
Did they say anything about honoring withdraw requests? Did you try to place a wire out?

Mike

Monday, July 9, 2012

Due to a recent emergency involving Russell R. Wasendorf, Sr., a suicide attempt, some accounting irregularities are being investigated regarding company accounts. PFGBEST is wholly owned by Mr. Wasendorf. Therefore, the NFA and other officials have put all funds on hold, and PFGBEST is in liquidation-only status with our clearing FCM. What this means is no customers are able to trade except to liquidate positions. Until further notice, PFGBEST is not authorized to release any funds. We will update you as any new procedures are stipulated and with any further information as it becomes available.

Note: They can't release funds.

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  #137 (permalink)
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Canadians -Interactive Brokers? Clearing?

For Canadian traders,

Anyone know what Interactive Brokers ranking is? I didn't see it on the list. Who do they clear with?

Interactive Brokers Canada, from their financial statment

Interactive Brokers Canada inc, was incorporated under the Canada Business Corporation Act in the City of Toronto, Ontario on December 14, 2000 and is wholly-owned by Interactive Brokers Group LLC. The Company began its operations in June 2002 and carries customer accounts of Canada residents for execution and clearing of securities and commodities transactions. These transactions are cleared through its affiliate in the U.S.A., Interactive Brokers LLC.

Is anyone immune? Is IB Safe?

Jungian

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  #138 (permalink)
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Source: How Rule 1.25 Impacts Professional Investors: Where did MF Global Money Go?


Wasendorf in an interview about MF Global
Every single day [a futures commission merchant] must file a segregated report. On Friday, prior to the (MF Global bankruptcy) everything was fine, on Monday the bells went off,' according to Russ Wasendorf, Sr., founder of FCM PFGBest.

Speaking on PBS Nightly Business report, Wasendorf, a former NFA board member, offered one potential opinion on the case of the disappearing $600 million: 'Something happened in the middle of that time. Futures regulations work just fine. Once the money was transferred it went into a new regulatory environment, probably covered by banking rules, which supersede the regulations of the futures industry.

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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  #139 (permalink)
Identify Evaluate Execute
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karoshiman View Post
I did not refer to the SIPC insurance, but the EXCESS SIPC insurance, which is an additional insurance policy. I asked about this also in the tradestation community and a TS rep confirmed it.

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.

http://www.tradestation.com/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

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  #140 (permalink)
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jungian View Post
Anyone know what Interactive Brokers ranking is? I didn't see it on the list. Who do they clear with?

They are on that list, ranked "70". IB is a clearing FCM.

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
to support our community, become an Elite Member.

Reply With Quote
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