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

  #161 (permalink)
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who are PFG customers?

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  #162 (permalink)
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cory View Post
who are PFG customers?

I see now that the CCI trading room is a paid subscription ($99/mo). I'm pretty sure it used to be free.

Hope they can at least get some money back - CME produced some funds in the MFG case.

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  #163 (permalink)
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liquidcci View Post
The problem is we can all recommend brokers but have no reference point to know if any are truly safe.

We could go back to buy and hold equities... they're insured ... but then again when Wall Street can create a flash crash when it suits them... you would be better off hoping your broker stole your money ... at least then it would be insured ...

Let's face it... trading futures is NOT for the faint of heart... never has been... never will be... if we wanted safety and security ... we would be bragging about getting 1.5% APR on our jumbo CD's ...

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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  #164 (permalink)
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ThatManFromTexas View Post
We could go back to buy and hold equities... they're insured ... but then again when Wall Street can create a flash crash when it suits them... you would be better off hoping your broker stole your money ... at least then it would be insured ...

Let's face it... trading futures is NOT for the faint of heart... never has been... never will be... if we wanted safety and security ... we would be bragging about getting 1.5% APR on our jumbo CD's ...

@ThatManFromTexas futures trading not for faint of heart that is for sure. But "customer segregated" has always been what we thought was a backstop. Really should not need SIPC or any other insurance because our money should be our money walled off from the rest of the company. If firm went down from risky trading we would get our money back. Instead firm takes on risk then when they need money they simply dip into our accounts.

Many risks in trading futures but this should not be one of them.. I take risks everyday but they are my risks. But a firm risking my money when it is supposed to be segregated is unacceptable. What is really sickening is to read that letter PFG sent to customers after MF Global insuring PFG accounts were safe. I know you probably agree with this so I am preaching to choir. Not much we can do if going to trade futures. Ridiculous risk but it is what it is for the moment. Not holding my breath but lets hope the industry cleans up or at least puts some safeguards in place that really protect our accounts.

"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."

Last edited by liquidcci; July 10th, 2012 at 01:39 PM.
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  #165 (permalink)
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liquidcci View Post
Not much we can do if going to trade futures. Ridiculous risk but it is what it is for the moment. Not holding my breath but lets hope the industry cleans up or at least puts some safeguards in place that really protect our accounts.

I doubt that hoping they do it without real pressure from their clients is going to work; it's too useful and profitable for them to be able to dip into customers' accounts.

What we need is a forum for retail traders to organize and start pestering and pressuring their brokerage firms to either insure or truly segregate customers' funds. If a few of them change and then attract clients because they are safer, the industry will begin to change.

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  #166 (permalink)
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liquidcci View Post
@ThatManFromTexas futures trading not for faint of heart that is for sure. But "customer segregated" has always been what we thought was a backstop. Really should not need SIPC or any other insurance because our money should be our money walled off from the rest of the company. If firm went down from risky trading we would get our money back. Instead firm takes on risk then when they need money they simply dip into our accounts.

Many risks in trading futures but this should not be one of them.. I take risks everyday but they are my risks. But a firm risking my money when it is supposed to be segregated is unacceptable. What is really sickening is to read that letter PFG sent to customers after MF Global insuring PFG accounts were safe. I know you probably agree with this so I am preaching to choir. Not much we can do if going to trade futures. Ridiculous risk but it is what it is for the moment. Not holding my breath but lets hope the industry cleans up or at least puts some safeguards in place that really protect our accounts.

@liquidcci

Back when gambling was prevalent in Galveston .... state troopers would raid a gambling den detain all of the "customers" ... turn over the tables and show them the electro magnets and switches on the bottom of the tables the dealers used to cheat the "customers" with ... at the next raid... the same customers were detained... a baffled trooper asked the customers why they kept coming back when they knew the games was rigged ... the customers would say... it's the only game in town...

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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  #167 (permalink)
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ThatManFromTexas View Post
@liquidcci

Back when gambling was prevalent in Galveston .... state troopers would raid a gambling den detain all of the "customers" ... turn over the tables and show them the electro magnets and switches on the bottom of the tables the dealers used to cheat the "customers" with ... at the next raid... the same customers were detained... a baffled trooper asked the customers why they kept coming back when they knew the games was rigged ... the customers would say... it's the only game in town...

Dang @ThatManFromTexas unfortunately I agree.

"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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  #168 (permalink)
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Quoting 
WASHINGTON—Federal regulators sued Peregrine Financial Group Inc. and Chief Executive Russell Wasendorf Sr. on Tuesday alleging fraud, customer funds violations and making false statements.

The complaint from the Commodity Futures Trading Commission comes a day after the National Futures Association, the futures industry's self-regulatory body, said it had taken an emergency enforcement action against broker PFGBest's parent company, Peregrine Financial Group.

The CFTC and National Futures Association received information indicating that Mr. Wasendorf "may have falsified certain bank records" in the aftermath of a suicide attempt by Mr. Wasendorf on Monday, according to the complaint.

The complaint, which was filed in the U.S. District for the Northern District Court of Illinois, alleges that Peregrine told the National Futures Association in a July audit that it had $220 million in customer funds, when there was actually only $5.1 million.

The CFTC said there were shortfalls in customer accounts since at least February 2010 and seeks restitution and civil monetary penalties.

The CFTC is seeking an injunction and restraining order to halt the firm's business and preserve records.

Customers of the embattled futures and currency brokerage saw trades held with PFGBest liquidated Tuesday.

All open trading positions held by clients of PFGBest were to be liquidated by Jefferies Group Inc., JEF -1.11% which clears transactions for the struggling company, customers were told in a notice early Tuesday, a copy of which was reviewed by Dow Jones Newswires.

Jefferies later confirmed that it "liquidated a substantial portion of those positions and expects to be able to expeditiously liquidate the remainder in a fair and reasonable manner," adding "after which all proceeds of the liquidation will be maintained in segregated accounts."

Jefferies said it began an orderly liquidation after PFG was unable to meet a margin call that the investment bank made in response to an action by the National Futures Association.

Jefferies, which had trading positions held on behalf of PFG's clients secured by cash held in margin accounts, said it doesn't expect to incur "any loss in respect of PFG."

Shares of Jefferies moved lower following the company's confirmation of the clearing relationship with Peregrine Financial Group, falling 1% to $12.51.

PFGBest didn't immediately respond to a request for comment.

Late Monday, PFGBest's brokerage and retail customers had their accounts frozen as regulators began looking into the company's books. In June, the company reported to the Commodity Futures Trading Commission that it held approximately $400 million in customer assets.

CFTC Sues Peregrine Financial Group - WSJ.com

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  #169 (permalink)
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"It would seem account holders at Pioneer Futures, Rosenthal Collins Group, Crossland, Forex Capital Markets, and Velocity Futures should be checking in on those funds?"

Velocity Futures is my third broker. When I started trading 3 years ago I started with Dorman and moved to Trade Pro based on the advice of the course instructor saying he was moving to Trade Pro because there was a fund issue with Dorman and I read an article regarding that, but don't remember the particulars. I switched to Velocity for cheaper commissions and heard good things when I joined futures.io (formerly BMT) and now their at the bottom of the barrel.

And I was going to deposit more funds this month, actually been meaning to do it the last few weeks, but was not urgent. I have been spending the day doing some home work on where to park my money, seems like a crap shot now.


Last edited by itrade2win; July 10th, 2012 at 02:49 PM. Reason: Spelling error
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  #170 (permalink)
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Fox Business


I know I am new here, and many of you do not know me, but I will be on Fox Business Channel's Closing Bell with Liz Claman" at 3 PM EDT today, to give perspective from a PFG account holder.

I figure if it helps people, even a little bit, get their money back, it is worth my time.

Kevin

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