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

  #231 (permalink)
Elite Member
virginia
 
Futures Experience: Intermediate
Platform: ninja
Favorite Futures: ES
 
cory's Avatar
 
Posts: 5,198 since Jun 2009
Thanks: 627 given, 6,285 received



no wonder he wanted to be gone, must have learned that trick from Madoff

Quoting 
Wasendorf had set up a post office box in Cedar Falls, Iowa, according to a second person involved in the matter. It was to that post office box that NFA sent the documents, which were addressed to the bank.

The post office box was neither in Wasendorf's name nor registered to the bank, the second person said.

Wasendorf then forged signatures and fabricated bank balances on the documents and simply mailed them back to the Chicago-based NFA, the person said.


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  #232 (permalink)
Elite Member
San Diego, CA USA
 
Futures Experience: Intermediate
Platform: NinjaTrader
Favorite Futures: ES
 
GridKing's Avatar
 
Posts: 3,650 since May 2011
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I wonder if anyone is checking the travel arrangements of other head honchos this week...

"Successful trading is one long journey, not a destination" Peter Borish Former Head of Research for Paul Tudor Jones speaking on conversations with John F. Carter
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  #233 (permalink)
Identify Evaluate Execute
Mercer Island WA
 
Futures Experience: Advanced
Platform: Ninjatrader/Strategy Desk
Broker/Data: Various
Favorite Futures: TF/NQ/ES/Stocks
 
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Posts: 561 since May 2010
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heywally View Post
Last I checked -- a few years ago -- you could do that but only to the 'TD side' (not TOS), which meant no futures trades.

@heywally, yes you right on futures for TD. I was talking equities as I only will be trading equities through TD via ninja. How are you finding the reliability of the datafeed on TOS? I used TOS quite a bit before the acquisition for my option trades but the datafeed was very erratic so stopped using it. It looks like they have improved it quite a bit post acquisition.

Cheers
DJ

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  #234 (permalink)
Market Wizard
Boca Raton
 
Futures Experience: Advanced
Platform: Variety
Broker/Data: Optimus Futures, LLC
Favorite Futures: Futures
 
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Posts: 2,042 since Sep 2010
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trendisyourfriend View Post
@mattz

Thank you for replying quickly i appreciate. I was wondering about the 'other variables that retail guys dont take into consideration', what would you suggest we do/ask before selecting a broker? What do you think about PrivateBanker's recommendations here?

I was a bit different in my approach building my IB, I went to actually work for the FCM that I thought would clear my business in the future. I ended up there for almost three years.
Can a broker do more due diligence?

I don't know what else to add as far as what a retail trader can do for due diligence.
Here are the FCMs that I think are trust worthy: Vision, Dorman, Rosenthal and Crossland.
I am not saying that others are bad, I just trust these guys for a variety of reasons.
I trade exclusively via Vision at this point.

PM with any questions about optimusfutures (800) 771-6748 (561) 367 8686. THERE IS A SUBSTANTIAL RISK OF LOSS IN FUTURES TRADING.
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  #235 (permalink)
Elite Member
Pismo Beach CA
 
Futures Experience: Intermediate
Platform: TOS, IB, Fidelity for 'swing' trades
Favorite Futures: ES, NQ, IBB, IWM, NG
 
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djkiwi View Post
@heywally, yes you right on futures for TD. I was talking equities as I only will be trading equities through TD via ninja. How are you finding the reliability of the datafeed on TOS? I used TOS quite a bit before the acquisition for my option trades but the datafeed was very erratic so stopped using it. It looks like they have improved it quite a bit post acquisition.

Cheers
DJ

I wasn't using TD/TOS very much back then and so can't compare but I'm using TOS as my main platform now and have been for about 2 months, trading mostly individual stocks/ETF's and futures. Near instantaneous executions and the data seems to flow with no problems. Running it on a well sized PC and also, on a MacAir.

"The Future Ain't what it used to be"
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  #236 (permalink)
Elite Member
Pismo Beach CA
 
Futures Experience: Intermediate
Platform: TOS, IB, Fidelity for 'swing' trades
Favorite Futures: ES, NQ, IBB, IWM, NG
 
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Posts: 160 since Apr 2010
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liquidcci View Post
I use rithmic feed with a server located close to the exchange to trade mainly CL via automated strategies. I also have a TOS account (long time TOS user). Instant is relative. I do not believe TOS is even close in speed to rithmic. Sub ms very important for my AT strategies which I get with my rithmic setup. When dealing in miliseconds eyes can be deceiving. Don't get me wrong TOS is a great platform but not if need speed.

Yes, instant is relative and some moves are fake-outs and others aren't. My trading style doesn't require a HFT type response, I just want it to always be running smoothly and very close to the other mainstream feeds I see out there. And, I do put a lot more importance on the brokerage business model and financial position than some others, relative to data speed.

"The Future Ain't what it used to be"
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  #237 (permalink)
Elite Member
Houston, TX
 
Futures Experience: None
Platform: TOS, Ninja
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Check your FCM's Background Affiliation Status here...

BASIC Search

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  #238 (permalink)
Elite Member
Pismo Beach CA
 
Futures Experience: Intermediate
Platform: TOS, IB, Fidelity for 'swing' trades
Favorite Futures: ES, NQ, IBB, IWM, NG
 
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Posts: 160 since Apr 2010
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Chapter 7

Stocks - News & Commentary

"The Future Ain't what it used to be"
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  #239 (permalink)
Elite Member
Houston, TX
 
Futures Experience: None
Platform: TOS, Ninja
Favorite Futures: TBD
 
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Posts: 70 since Dec 2010
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WOW..Check this out..

RCG with tons of CFTC/NFA fines..one over1.6 mil in april 2012...

Case Information

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  #240 (permalink)
Elite Member
Dallas
 
Futures Experience: Intermediate
Platform: ThinkorSwim, Ninjatrader, Multicharts
Broker/Data: Thinkorswim, Ninjatrader Brokerage
 
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Posts: 135 since Nov 2010
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Sorry to hear about PFG


I am really sorry for folks here who have their account with PFG. I really hope every one get their money back. I have an account with Optimus and Vision as its clearing firm, matt is a great guy no doubt. The client money is with the segregated account via Harris BK.
Vision states on its website that their account are protected : Vision Financial Markets - Futures, Securities & Options | Brokerage, Clearing & Technology

Vision Financial Markets LLC is a member of the Securities Investor Protection Corporation (SIPC) which protects customer accounts for up to $500,000 (of which up to $250,000 may be for cash). This protection does not safeguard against a decline or loss in market value of the securities in your account. For more information, read our Asset Protection Brochure.

Does it mean if any thing happens as PFG or MFG magnitude the accounts will be protected? I am just getting bit nervous .

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