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:124,697 / 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)

  #281 (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


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

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


I vote that all us old guys move to Canada , get good health care and insured futures accounts....

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 user says Thank You to ThatManFromTexas for this post:
 
  #282 (permalink)
Market Wizard
Houston, TX
 
Futures Experience: Intermediate
Platform: NinjaTrader
Broker/Data: Optimus Futures
Favorite Futures: 6E
 
TheWizard's Avatar
 
Posts: 1,710 since Jun 2009
Thanks: 509 given, 4,070 received


ThatManFromTexas View Post
I vote that all us old guys move to Canada , get good health care and insured futures accounts....

Yeah, but that cold weather is HELL on my arthur-itis., but living there would have some benefits!

After all, it's what you learn AFTER you know it all, that counts!
Reply With Quote
 
  #283 (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


Commodity Customer Coalition | Fighting for the Quick Return of 100% of Customer Assets in the MF Global Bankruptcy

Most recent info is about PFG.

Reply With Quote
 
  #284 (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

This research was ironically released on the same day the PFG fraud came to light. Since this thread also has some comments about the futures business and the integrity of the brokers in it, I thought it was interesting:


Quoting 
Wall Street Short on Ethics, Report Finds

How ethical is Wall Street?

It is a question that has been asked countless times since the financial crisis, especially when scandals like the rate-rigging case at Barclays and prominent insider trading trials expose questionable behavior in the financial industry. A new study offers an answer: Wall Street is not very ethical at all.

According to the law firm Labaton Sucharow, which represents investors and whistle-blowers, 24 percent of Wall Street workers who participated in a study said they believed unethical or illegal behavior could help people in their industry be successful. In addition, 26 percent of respondents said they had observed or had firsthand knowledge of wrongdoing in the workplace.

The study, which involved 500 financial workers in the United States and Britain, also found that 30 percent of respondents said their compensation structure created pressure to compromise their standards or violate the law. And 16 percent of respondents said they would commit insider trading if they believed they could get away with it.

Source & full article: Wall Street Short on Ethics, Report Finds - NYTimes.com

Reply With Quote
 
  #285 (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


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

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

I hope it for those concerned, but apparently the CFTC has shut the door:


Quoting 
The company filed for bankruptcy Tuesday under Chapter 7 of the U.S. Bankruptcy Code, usually the course companies take toward liquidation. But the CFTC action seeks a restraining order to freeze assets, appoint a receiver and preserve records. It also seeks restitution, and civil monetary penalties.

Source & full article: UPDATE: Peregrine files for bankruptcy, feds seek to freeze assets

I don't know though how long such a 'freeze' normally last - perhaps other users know that?

Reply With Quote
 
  #286 (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, 1,549 received


Big Mike View Post
It seems the CFO may be in on it too, in this case.

Mike


The customer who ran a precious metals business interviewed in "Capital Account" mentioned her too. (12:05 minutes in video) How could she not know..

PFGBEST | Leadership
http://www.pfgbest.com/about/press/brendaCuypers.asp

For Investors and Customers, PFG is MF Global all Over Again... - YouTube


Last edited by Cloudy; July 12th, 2012 at 01:41 PM.
Reply With Quote
 
  #287 (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

Interesting.

Boloutika: Why #PFG is REALLY not #MFG

Reply With Quote
 
  #288 (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

Hi. As mentioned in an earlier post, you have far greater exposure to theft if the broker is owned by one or a few people.

This is because there will likely be few or no compliance staff with the broker being in full control of the finances. At least with some of the larger brokers including Interactive Brokers, TD Ameritrade there needs to be collusion with multiple individuals across multiple departments to pull off grand scale theft. This is how Bernie Madoff got away with things for so long as it was only him and one or two others.

Because you have no insurance with futures and self regulation appears to be little more than a "friendship" club for the "old boys" of the industry, you are nearly solely reliant on the honesty of the owner/broker. But then you think, "I'm ok because my broker is such a nice guy". Then you remind yourself that so was Bernie Madoff by all accounts. Here is another fraud case from today with a supposed nice guy:

Banker sends confession, vanishes near Key West - Business - US business - msnbc.com

"Wendy Cross moved about $300,000 to Price's firm after a trusted financial adviser told her it would be a good investment. She met Price in person once. She described a very religious, soft-spoken man with a gentle demeanor and an air of kindness."

What would assist in putting some jittery minds at rest would be for the owners or representatives of the firms doing business with members of futures.io (formerly BMT) to post certified copies of their current segregated fund bank statement showing total client funds (details can be shaded out) and their total client fund ledger(confidential info shaded out).

This is not suggesting in anyway that futures.io (formerly BMT) member brokers are dishonest but this type of proof and assurance would go a long way to calming the nerves of clients.

Cheers
DJ

Reply With Quote
The following 3 users say Thank You to djkiwi for this post:
 
  #289 (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
 
Posts: 46,237 since Jun 2009
Thanks: 29,350 given, 83,150 received

Yes and one thing people have to understand.... I've seen several posts about people wanting to move to a larger, safer institution. MF Global was huge, and incredibly unsafe.

The days of looking for size as protection are gone. Looking at numbers on a piece of paper or in an Excel column are worthless, since the numbers are fabricated easily.

The point is, you can't trust anyone or anything right now. And this will remain the case until their is legislation which basically provides insurance for customers (SIPC/FDIC type).

I think this will happen eventually. But the question is what happens between now and then.

Basically, if you are a professional trader you simply need to be smart. You can't just take all your money out and wait on the sidelines. But you can make sure your account balance is only what it really needs to be, and not more.

Mike

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

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
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.

Reply With Quote
The following 2 users say Thank You to Big Mike for this post:
 
  #290 (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


That's why my next futures broker will be in Canada where I am protected by IIROC and CIPF, even though margins and minimum account deposits are higher.

Reply With Quote
The following user says Thank You to olobay for this post:

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 09:18 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 2017-11-18 in 0.14 seconds with 20 queries on phoenix via your IP 54.80.157.133