PFGBest Accounts Frozen (PFG scandal big thread) - Reviews of Brokers and Data Feeds | futures io social day trading
futures io futures trading


PFGBest Accounts Frozen (PFG scandal big thread)
Updated: Views / Replies:126,306 / 859
Created: by liquidcci Attachments:82

Welcome to futures io.

(If you already have an account, login at the top of the page)

futures io is the largest futures trading community on the planet, with over 90,000 members. At futures io, our goal has always been and always will be to create a friendly, positive, forward-thinking community where members can openly share and discuss everything the world of trading has to offer. The community is one of the friendliest you will find on any subject, with members going out of their way to help others. Some of the primary differences between futures io and other trading sites revolve around the standards of our community. Those standards include a code of conduct for our members, as well as extremely high standards that govern which partners we do business with, and which products or services we recommend to our members.

At futures io, our focus is on quality education. No hype, gimmicks, or secret sauce. The truth is: trading is hard. To succeed, you need to surround yourself with the right support system, educational content, and trading mentors Ė all of which you can find on futures io, utilizing our social trading environment.

With futures io, you can find honest trading reviews on brokers, trading rooms, indicator packages, trading strategies, and much more. Our trading review process is highly moderated to ensure that only genuine users are allowed, so you donít need to worry about fake reviews.

We are fundamentally different than most other trading sites:
  • We are here to help. Just let us know what you need.
  • We work extremely hard to keep things positive in our community.
  • We do not tolerate rude behavior, trolling, or vendors advertising in posts.
  • We firmly believe in and encourage sharing. The holy grail is within you, we can help you find it.
  • We expect our members to participate and become a part of the community. Help yourself by helping others.

You'll need to register in order to view the content of the threads and start contributing to our community.  It's free and simple.

-- Big Mike, Site Administrator

Reply
 82  
 
Thread Tools Search this Thread
 

PFGBest Accounts Frozen (PFG scandal big thread)

  #241 (permalink)
Elite Member
Houston,Tx
 
Futures Experience: Advanced
Platform: NinjaTrader
Broker/Data: Mirus Futures/Zen-Fire
Favorite Futures: TF
 
ThatManFromTexas's Avatar
 
Posts: 2,302 since Feb 2010
Thanks: 1,208 given, 4,293 received


shanmugs View Post
WOW..Check this out..

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

Case Information

@shanmugs

Get it straight from the horses' mouth (CFTC) ...

Search Results: Rosenthal Collins Group, LLC

The fine you mentioned was for not monitoring an account closely enough of a customer that ended up using it for a ponzi scheme .

They've had numerous CFTC files,but that is to be expected for a 90 year old firm. The claims were mostly small grievances from individual clients that were settled "out of court" and the complaints were dropped.

There was one other significant charge of not paying close enough attention to a rogue client from Texas (not me...) for which they paid a fine.

I didn't see anything serious like misappropriation of funds or falsifying statements.



optionzen View Post
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 .

@optionzen

Unfortunately the SIPC doesn't cover futures. Sorry.

In general, SIPC covers stocks, bonds, mutual funds, notes, other investment company shares, and other registered securities. It does not cover instruments such as unregistered investment contracts, unregistered limited partnerships, fixed annuity contracts, currency, and interests in gold, silver, or other commodity futures contracts or commodity options.

I'm just a simple man trading a simple plan.

My daddy always said, "Every day above ground is a good day!"
Reply With Quote
The following 2 users say Thank You to ThatManFromTexas for this post:
 
  #242 (permalink)
Elite Member
desert CA
 
Futures Experience: Intermediate
Platform: NT7, TOS
Broker/Data: AMP/wCQG, TDA
Favorite Futures: CL,YM
 
Posts: 2,027 since Jul 2011
Thanks: 2,211 given, 1,551 received


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

Horrible. Intercepting documents and forging signatures. For sure this is going to be made into another episode of CNBC's "American Greed".

Reply With Quote
 
  #243 (permalink)
Elite Member
Montreal
 
Futures Experience: Intermediate
Platform: MultiCharts
Broker/Data: IB Canada/IQFeed
Favorite Futures: TF, CL
 
Posts: 261 since Jul 2011
Thanks: 288 given, 332 received


Why do we pay CFTC and NFA fees on every transaction we make? Can somebody explain that to me? Aren't they there to protect us investors?

Reply With Quote
The following 2 users say Thank You to olobay for this post:
 
  #244 (permalink)
Elite Member
Yellowknife, NT
 
Futures Experience: Intermediate
Platform: Ninja Trader
Favorite Futures: Es, 6E, TF
 
Posts: 35 since Mar 2010
Thanks: 21 given, 21 received

Here is some contact info at NFA for PFG customers.


Important Message for Customers of Peregrine Financial Group and Peregrine Asset Management

Reply With Quote
 
  #245 (permalink)
Trading for Profit
Munich, Germany
 
Futures Experience: Advanced
Platform: TradeStation
Favorite Futures: Equity Index Futures
 
Posts: 285 since Apr 2012
Thanks: 121 given, 116 received


heywally View Post

...

This kind of incident is why I have upped the paranoia level a bit and recently moved funds from one of the larger brokerages that specializes in low commission, low margin rate trading to another larger brokerage that enables active trading including futures but has their foundation -- and many user accounts -- in longer term investing. The commissions are not as good but I can sleep a little easier (I think.)

...


Hi heywally,

Which firm is the larger brokerage you are talking about? I'm curious about potential alternatives...

Thanks,
k

Reply With Quote
 
  #246 (permalink)
Elite Member
Dallas
 
Futures Experience: Intermediate
Platform: ThinkorSwim, Ninjatrader, Multicharts
Broker/Data: Thinkorswim, Ninjatrader Brokerage
 
optionzen's Avatar
 
Posts: 135 since Nov 2010
Thanks: 134 given, 103 received

Thanks for the information Manfromtexas, Lets says my cash account with a futures broker is not protected, even though vision says that there is protection upto 250K . It says that the investment loss are not covered but the cash value is protected. Can you please explain if the cash in the account if not traded is still not protected ??????

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.


MAY be Matt from optimusfutures Can explain more on the protection provided...

Reply With Quote
 
  #247 (permalink)
Identify Evaluate Execute
Mercer Island WA
 
Futures Experience: Advanced
Platform: Ninjatrader/Strategy Desk
Broker/Data: Various
Favorite Futures: TF/NQ/ES/Stocks
 
djkiwi's Avatar
 
Posts: 561 since May 2010
Thanks: 980 given, 1,524 received


Cloudy View Post
Horrible. Intercepting documents and forging signatures. For sure this is going to be made into another episode of CNBC's "American Greed".

The question here is why in this electronic age were there pieces of paper being mailed and signed at all? Surely electronic monitoring mechanisms should have been placed years ago between the bank and the regulators. It even took them over 9 months after the MF Global collapse to get electronic monitoring in place which is the only reason he would have been found out. Electronic monitoring should been in place Day 1 priority after the MF Global fiasco. Not that it would have helped the clients as the money was stolen a couple of years back.

The other point to note is the regulators themselves did not apply basic common sense. I suspect at some point the CEO of PFG wrote a forged letter to the regulators impersonating the bank. The letter would have told them the bank had moved location and to now send the documents to the new PO Box he had setup. This enabled him to intercept the documents. You would think the regulator would have applied common sense and instead of taking this letter at face value would have at least phoned the bank to see that this was a legitimate request.

As a first step right now the regulators should check their records and make sure they don't have any other phony letters from Broker banks saying they have moved....

Cheers
DJ

Reply With Quote
The following user says Thank You to djkiwi for this post:
 
  #248 (permalink)
Elite Member
Austin, TX
 
Futures Experience: Master
Platform: ninjatrader, r-trader
Favorite Futures: CL, NG, TF, NQ, YM, GC, ES
 
liquidcci's Avatar
 
Posts: 862 since Jun 2011
Thanks: 609 given, 1,051 received


optionzen View Post
Thanks for the information Manfromtexas, Lets says my cash account with a futures broker is not protected, even though vision says that there is protection upto 250K . It says that the investment loss are not covered but the cash value is protected. Can you please explain if the cash in the account if not traded is still not protected ??????

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.


MAY be Matt from optimusfutures Can explain more on the protection provided...

@optionzen SIPC does not cover futures accounts it covers securities accounts. If you trade futures at VFM your account is a futures account and is not insured under SIPC.

"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."
Reply With Quote
The following user says Thank You to liquidcci for this post:
 
  #249 (permalink)
Elite Member
Houston,Tx
 
Futures Experience: Advanced
Platform: NinjaTrader
Broker/Data: Mirus Futures/Zen-Fire
Favorite Futures: TF
 
ThatManFromTexas's Avatar
 
Posts: 2,302 since Feb 2010
Thanks: 1,208 given, 4,293 received


optionzen View Post
Thanks for the information Manfromtexas, Lets says my cash account with a futures broker is not protected, even though vision says that there is protection upto 250K . It says that the investment loss are not covered but the cash value is protected. Can you please explain if the cash in the account if not traded is still not protected ??????

.

@optionzen


The SIPC was created due to a financial crisis in the equities market. From Wikipedia ...

SIPC was born in the shadow of the "Paperwork Crunch" of 1968-70 as a means to restore confidence in the U.S. securities market. During this period, An explosion in the volume of trading had occurred. A system designed to handle an average three million share trading day was incapable of dealing with the thirteen million share trading day common in the late 1960's. The resultant breakdown in the securities processing mechanism caused chaos as the number of errors in recording transactions multiplied ... In December 1968, member firms of the New York Stock Exchange had $4.4 billion in "fails to deliver" and $4.7 billion in "fails to receive." Brokers and dealers were finding it difficult, if not impossible, to ascertain their own financial condition.' ... This operational and financial crisis forced more than one hundred brokerage firms into liquidation causing thousands of customers to be seriously disadvantaged.

In response, the Securities Investor Protection Act of 1970 was enacted as a way to quell investor insecurity and save the securities market from a financial crisis.

Should there be an SIPC for the futures market... in my opinion ... yes ... but in the current political climate anything that hints of regulation or government involvement would never be approved by Congress.

I'm just a simple man trading a simple plan.

My daddy always said, "Every day above ground is a good day!"
Reply With Quote
 
  #250 (permalink)
 Vendor: www.traderwerks.com 
Taipei Taiwan
 
Futures Experience: Advanced
Platform: NinjaTrader
Broker/Data: Optimus
Favorite Futures: TW
 
Posts: 693 since Jun 2009
Thanks: 440 given, 440 received



ThatManFromTexas View Post

Should there be an SIPC for the futures market... in my opinion ... yes ... but in the current political climate anything that hints of regulation or government involvement would never be approved by Congress.

True, more regulation will probably not happen.

I wish they could have 'excess margin' covered by SIPC, or swept into a FDIC insured account, but that won't happen either. Part of the vig they get from 'excess margin' would be eaten up.

Math. A gateway drug to reality.
Reply With Quote

Reply



futures io > > > > PFGBest Accounts Frozen (PFG scandal big thread)

Thread Tools Search this Thread
Search this Thread:

Advanced Search



Upcoming Webinars and Events (4:30PM ET unless noted)

Jigsaw Trading: TBA

Elite only

FuturesTrader71: TBA

Elite only

NinjaTrader: TBA

Jan 18

RandBots: TBA

Jan 23

GFF Brokers & CME Group: Futures & Bitcoin

Elite only

Adam Grimes: TBA

Elite only

Ran Aroussi: TBA

Elite only
     

Similar Threads
Thread Thread Starter Forum Replies Last Post
Frozen Application Windows aslan Tech Support 21 June 25th, 2015 03:27 PM
Miscellaneous Statistical Analysis (the big thread) trendisyourfriend The Elite Circle 29 July 15th, 2013 01:51 PM
Multicharts with PFGBEST guppy MultiCharts 3 February 27th, 2012 08:57 AM
Great frozen pizza Tundi Off-Topic 6 June 10th, 2011 11:47 PM
FF allows the THREAD STARTER to ignore posters so they can NOT post in their thread. TheRumpledOne Off-Topic 2 September 19th, 2009 01:53 AM


All times are GMT -4. The time now is 06:55 PM.

Copyright © 2017 by futures io, s.a., Av Ricardo J. Alfaro, Century Tower, Panama, +507 833-9432, info@futures.io
All information is for educational use only and is not investment advice.
There is a substantial risk of loss in trading commodity futures, stocks, options and foreign exchange products. Past performance is not indicative of future results.
no new posts
Page generated 2017-12-16 in 0.15 seconds with 20 queries on phoenix via your IP 54.145.16.43