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

  #141 (permalink)
Market Wizard
Cleveland Ohio/United States
 
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djkiwi View Post
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


He actually did get it in writing from a TS rep on 6/5/2012. Here is what the rep said (bolding is mine):

karoshiman,

SIPC protection applies only to equities accounts. Futures and forex accounts would be covered by the excess SIPC insurance policy described above. We have not made any changes to our policies regarding customer funds since being acquired by Monex. If you have further questions regarding these issues, please send an email to ClientService@tradestation.com.

Thank you,

Greg
TradeStation Technical Support



I am asking TS the same question, just to confirm.

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  #142 (permalink)
Elite Member
Houston, TX
 
Futures Experience: None
Platform: TOS, Ninja
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Local news - Cedar Falls, IA - Video

Cedar Falls futures broker PFGBest under investigation - KWWL.com - News & Weather for Waterloo, Dubuque, Cedar Rapids & Iowa City, Iowa |

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  #143 (permalink)
Elite Member
Working on my LCD tan
 
Futures Experience: Advanced
Platform: NinjaTrader
 
Posts: 127 since Jun 2009
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Crap.. I have an account with Mirus and RCG. I haven't had any problems but should I be emptying my account? I only keep minimal amounts in my account to cover my trading but that ain't a pretty list. Any other lists to compare data with?

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  #144 (permalink)
Elite Member
California
 
Futures Experience: Intermediate
Platform: NT
Favorite Futures: Index Futures
 
Haverchuck's Avatar
 
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jungian View Post
In Mikes post above...

Look who is two rungs below Peregrine..

YIKES!!!!

I think one of the main reasons RCG is ranking so low on that list is because their "CFTC/NFA Disciplinary Action" score is so high. They were fined a few months ago for not realizing that someone had opened an account that was used for fraudulent purposes.

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  #145 (permalink)
Site Administrator
Manta, Ecuador
 
Futures Experience: Advanced
Platform: My own custom solution
Favorite Futures: E-mini ES S&P 500
 
Big Mike's Avatar
 
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Source: PFG's quarterly profitability numbers are actually up - a moment of sarcasm | Forex Magnates


Forex Magnates
Although PFG was put in liquidation-only mode by the NFA which then reported that its “highly effective” brokers supervision mechanism failed to notice that over $200 million in client funds went missing for more than 2 years, its quarterly forex profitability numbers actually improved in Q2 2012..

Q1 2012 PFG’s profitable and non-profitable figures were 28% and 72% respectively. This quarter PFG even managed to update the stats before being raided and the profitable figure shows 32.86%. Of course this is a calculation mistake and the actual figures for profitable and non-profitable are 0% and 100% respectively…

Apparently PFG BEST already knew about its problems otherwise you cannot explain this PFGBEST SpongeBob Coin Set promotion which tells you what kind of coins PFG BEST’s clients may expect to get back.. Someone at PFG definitely has a sense of humor.

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  #146 (permalink)
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OMG! just finished watching the 5 min video.

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  #147 (permalink)
Site Administrator
Manta, Ecuador
 
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I won't put too much stock in those "Atlas" ratings personally. Several things in that report make no sense to me, and go directly against what I know about some of these companies.

But don't take that as advice... everyone needs to have their own relationship with their broker, and be comfortable with them, and of course in light of recent events - just be "smart" (ie: maintain minimum balances to cover margin).

Mike

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

Need help?
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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.

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  #148 (permalink)
Elite Member
Working on my LCD tan
 
Futures Experience: Advanced
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Thanks: 25 given, 51 received

I'm no expert on these numbers but RCG doesn't look too bad based on these numbers?

http://www.cftc.gov/ucm/groups/public/@financialdataforfcms/documents/file/fcmdata0412.pdf

Feel free to correct me if I'm wrong.

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  #149 (permalink)
Freemason
Chicago, IL
 
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Peter Brandt was just on bloomberg and said he was a pfg customer, he had some really nice things to say about the cftc

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  #150 (permalink)
Elite Member
Des Moines, Iowa
 
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jungian View Post
In Mikes post above...

Look who is two rungs below Peregrine..

YIKES!!!!

look who is 2 up...

dont believe anything you hear and only half of what you see

¯\_(ツ)_/¯

(╯°□°)╯︵ ┻━┻
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