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:124,650 / 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 – 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 don’t 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)

  #271 (permalink)
Elite Member
Montreal
 
Futures Experience: Intermediate
Platform: MultiCharts
Broker/Data: IB Canada/IQFeed
Favorite Futures: TF, CL
 
Posts: 260 since Jul 2011
Thanks: 288 given, 330 received

Just spoke with Susan O'Meara, PFGBest's compliance officer and she had nothing new to add. She told me that PFGBest is still not flat, meaning there are still some open positions and they can't do anything while these positions are still open. I'm surprised there is someone still answering phone calls at PFG.

Reply With Quote
 
  #272 (permalink)
Elite Member
@ Germany
 
Futures Experience: Beginner
Platform: NinjaTrader
Broker/Data: Mirus Futures/Zen-Fire
Favorite Futures: FDAX
 
Posts: 439 since Nov 2011
Thanks: 253 given, 367 received

@ All future broker

This is your day! If you want to gain additional market shares then PROVE (and again and again) that you are making fair business and you are honest to your customers. Show financial transparency and provide real segregated accounts (like swiss forex broker dukascopy does). There is enough money at the table thru commissions - don't play with the customers money. We don't need NFA stuff if they can't do the simplest checks.

Reply With Quote
The following user says Thank You to Koepisch for this post:
 
  #273 (permalink)
Market Wizard
Cleveland Ohio/United States
 
Futures Experience: Advanced
Platform: Tradestation
Broker/Data: various
Favorite Futures: futures
 
Posts: 2,368 since Jul 2012
Thanks: 1,130 given, 4,339 received



olobay View Post
Just spoke with Susan O'Meara, PFGBest's compliance officer and she had nothing new to add. She told me that PFGBest is still not flat, meaning there are still some open positions and they can't do anything while these positions are still open. I'm surprised there is someone still answering phone calls at PFG.

I did not get a statement last night, and my online platform still shows I have open positions. It also says I need $2.4 million in margin for 7 open positions (probably to force the margin call liquidation). I have no idea if this is true or not.


As of right now, I am assuming my account balance is $0. Any increase from here will be an incredible rate of return!

Reply With Quote
 
  #274 (permalink)
 Vendor: tradingcode.net 
The Netherlands
 
Futures Experience: None
Platform: MultiCharts, TradingView
Favorite Futures: ...
 
Jura's Avatar
 
Posts: 774 since Apr 2010
Thanks: 2,347 given, 661 received

Statement from Mirus Futures with regards to the PFGBest fraud:


Quoting 
With the recent developments in the futures industry, Mirus is proud to partner with both Dorman Trading and Rosenthal Collins Group as our Futures Commissions Merchants for clearing.

Both Dorman and RCG are direct clearing member firms of the exchanges as opposed to a non-clearing FCM similar to PFGBest. Clearing FCMs are required to hold substantial deposits with the clearing house of member exchanges.

All of your funds devoted to domestic futures trading are held as “Customer Segregated” funds by Dorman or RCG and they are separate and secure from the FCMs own funds and creditors. The “Customer Segregated” funds are invested in overnight deposits, US Treasury Bills, or are on deposit at CME or ICE Clearing. The funds are not held in exotic investments and both Dorman and RCG will continue to hold “Customer Segregated” funds in prudent deposits.

Both firms are committed to full transparency and make their financial statements available for public viewing:

http://dormantrading.com/pdf/2011DormanAudit.pdf
http://www.rcgdirect.com/Docs/2011FinancialStatement.pdf

As announced by the U.S. Commodity Futures Trading Commission in November following the MF Global liquidation, both Dorman and RCG were considered to be two of a limited number of clearing members in good standing by the CME likely to receive customer accounts. In addition, RCG also began publicly posting their investment holdings at that time for customer segregated funds on a monthly basis.

We understand the concern among traders following the recent news and are available to discuss any questions you may have. The safety and security of your funds are primary concerns for those of us here at Mirus and our FCM partners. We will continue to focus on prudent operations and management with the welfare of our customers as our top priority.

Please feel free to contact your Mirus broker or our support team at support@mirusfutures.com for additional information.

Sincerely,

Eliot Wickersheimer
Chief Executive Officer
Mirus Futures

Source: Mirus Futures - July Update

++

I guess we'll just have to take their word for it.

Reply With Quote
The following 2 users say Thank You to Jura for this post:
 
  #275 (permalink)
 Vendor: tradingcode.net 
The Netherlands
 
Futures Experience: None
Platform: MultiCharts, TradingView
Favorite Futures: ...
 
Jura's Avatar
 
Posts: 774 since Apr 2010
Thanks: 2,347 given, 661 received


Big Mike View Post
Like everyone else has pointed out, the issue here is not in stopping someone from committing a crime, as that is unlikely. The issue is protecting the innocent, in this case the depositors.

They heard you Mike.


Quoting 
CFTC's Gensler Calls for More Customer Protection

-- Regulators are considering greater protections for customer funds

-- Regulators are "vigorously" pursuing case against PFG Best

-- Gensler says CFTC is underfunded

WASHINGTON--Regulators should adopt greater protections for customer money kept at futures firms, Commodity Futures Trading Commission Chairman Gary Gensler said Tuesday, after regulators filed a complaint against the founder of futures broker PFGBest for allegedly committing fraud.

"If somebody is going to defraud their regulators, effectively lie, we're going to vigorously pursue that and that's what you're seeing here," Gensler said after a CFTC meeting.

Gensler said that the CFTC should pass rules that "further enhance segregation of customer funds."

Gensler also said that CFTC staff is working on "recommendations on enhanced internal controls and transparency" for customer money held by futures firms.

CFTC Commissioner Bart Chilton said that the PFGBest case is another reason why regulators need to continue with the 2010 Dodd-Frank financial regulatory overhaul.

The CFTC earlier this year conducted a spot check of all futures-commission merchants, including PFGBest, where it found no material breaches of customer-funds-protection requirements.

Gensler and other commissioners first learned about the problems at PFGBest Monday afternoon, he said.

The National Futures Association, the futures industry's self-regulatory body, said Monday it had taken an emergency enforcement action against broker PFGBest's parent company, Peregrine Financial Group Inc.

Gensler said that the agency relies on self-regulatory agencies to do audits and reviews of futures firms because it is underfunded.

Source: CFTC's Gensler Calls for More Customer Protection

Reply With Quote
 
  #276 (permalink)
Elite Member
Montreal
 
Futures Experience: Intermediate
Platform: MultiCharts
Broker/Data: IB Canada/IQFeed
Favorite Futures: TF, CL
 
Posts: 260 since Jul 2011
Thanks: 288 given, 330 received

New email from PFG.

Please register on futures.io to view futures trading content such as post attachment(s), image(s), and screenshot(s).

Reply With Quote
The following user says Thank You to olobay for this post:
 
  #277 (permalink)
Elite Member
Arvada, Colorado
 
Futures Experience: Advanced
Platform: Amibroker / Ninja Trader / TOS
Broker/Data: Mirus Zenfire
Favorite Futures: TF 6E NQ
 
Posts: 194 since May 2010
Thanks: 259 given, 187 received


cory View Post
looks like there is an extra X in there.

Not sure, Cory. That's what I was told. I didn't see anything about it. I just can't imagine how many more bar types can be developed that we haven't already seen right here on futures.io (formerly BMT). If you mean "Nada" or zilch, zip, nothing, you're probably right. It means "nothing." lol

Reply With Quote
 
  #278 (permalink)
Elite Member
Detroit, Michigan
 
Futures Experience: Beginner
Platform: Ninja Trader
Favorite Futures: Futures
 
Posts: 295 since Nov 2011
Thanks: 300 given, 280 received

No offense intended to Mirus/RCG/Dorman or anyone else for that matter but talk is cheap right now....actions will speak louder than words going forward on this issue imho. The rest is just political mumbo jumbo.

I'd like to see one of these brokerage and/or FCM CEO take a leadership role and make a difference for the good of the Industry.

Our Industry and our Country for that matter lack true leaders who care more about customers/constituents than their position/paycheck/etc.....sad!

Reply With Quote
The following 6 users say Thank You to TrendTraderBH for this post:
 
  #279 (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


Jura View Post
Statement from Mirus Futures with regards to the PFGBest fraud:



Source: Mirus Futures - July Update

++

I guess we'll just have to take their word for it.

Maybe we could get a Canadian account... they are insured...



Please register on futures.io to view futures trading content such as post attachment(s), image(s), and screenshot(s).

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
 
  #280 (permalink)
Elite Member
Montreal
 
Futures Experience: Intermediate
Platform: MultiCharts
Broker/Data: IB Canada/IQFeed
Favorite Futures: TF, CL
 
Posts: 260 since Jul 2011
Thanks: 288 given, 330 received


Maybe things will start to move quickly now on the US side?

http://www.rjobrien.ca/documents/canada/peregrine_financial_group_canada.pdf

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)

Adam Grimes: TBA

Elite only

NinjaTrader: TBA

Dec 7

Linda Bradford Raschke: 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 04:34 AM.

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 2017-11-18 in 0.87 seconds with 20 queries on phoenix via your IP 54.196.47.128