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

  #21 (permalink)
Capt. Johnny Jameson
Fort Lauderdale
 
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I'm kinda pissed.....gonna go get in the ring and knock somebody out!

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  #22 (permalink)
Elite Member
Montreal
 
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PFGBest Update- Outrage | Attain Capital Managed Futures Blog

PFGBest Is Now MF Global Part 2 As $220 Million In Segregated Client Money Has Just Vaporized | ZeroHedge

Not looking good.

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  #23 (permalink)
Elite Member
Austin, TX
 
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Official Word


For Immediate Release
July 09, 2012
For more information contact:
Larry Dyekman (312) 781-1372, ldyekman@nfa.futures.org

NFA takes emergency enforcement action against Chicago futures firms Peregrine Financial Group, Inc. and Peregrine Asset Management, Inc.

July 9, Chicago - National Futures Association (NFA) announced today that it has taken an emergency enforcement action against Peregrine Financial Group, Inc. (PFG), an NFA Member futures commission merchant (FCM) and Peregrine Asset Management, Inc. (PAM), an NFA Member commodity trading advisor (CTA) and commodity pool operator (CPO) located in Chicago, Illinois.

NFA has taken the Member Responsibility Action (MRA) to protect customers because PFG has failed to demonstrate that it meets capital requirements and segregated funds requirements. NFA also has reason to believe that PFG does not have sufficient assets to meet its obligations to its customers.

Effective immediately, PFG and PAM are prohibited from soliciting or accepting any additional customer accounts or customer funds, except as margin for existing positions. Additionally, PFG and PAM are prohibited from accepting or placing trades for any customer accounts except for the liquidation of existing customer positions and are prohibited from distributing, disbursing or transferring any funds, including to existing customers, without the prior approval of NFA.

PFG and PAM may request a hearing on this matter before NFA's Hearing Committee.

The complete text of the MRA is available on NFA's website (NFA - National Futures Association).

NFA is the premier independent provider of innovative and efficient regulatory programs that safeguard the integrity of the futures markets.


NFA takes emergency enforcement action against Chicago futures firms Peregrine Financial Group, Inc. and Peregrine Asset Management, Inc.

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  #24 (permalink)
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Did disgraced money manager kill himself... or secretly run off with swindled million

Aubrey Lee Price: Did disgraced money manager kill himself... or secretly run off with swindled millions? | Mail Online

I don't know if this is related or not...just reading this stuff now

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  #25 (permalink)
Elite Member
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I was looking at that too... not sure if related

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  #26 (permalink)
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http://wcfcourier.com/news/local/pfgbest-unveils-new-headquarters/article_0ecca485-10d8-5613-b90c-9a04ee9f3d8f.html

"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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  #27 (permalink)
Freemason
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PFGBest unveils new headquarters

might explain where 18 of the 200 million went

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  #28 (permalink)
Trading Apprentice
Chicago, Illinois
 
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PFG..

I have an account there of which I stopped using because their accounting was bad.
There were times I thought it might be me, but every time I dug in it was mistake after mistake...
All accounting furnished on hard to read PDF files alongside an archaic customer portal (lacking any real accounting information).

Shady dealings at every corner, system malfunctions, etc...

Trading is tricky enough without a broker screwing you up...

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  #29 (permalink)
Elite Member
Des Moines
 
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aligator View Post
Did anyone here with a PFG futures account get an e-mail from PFG?. I have an account with them and have not received any e-mails yet.

i opened and funded my account very recently. i did not receive an email either. the last email was, trade confirmation, when i closed the last trade at 1.25 pm for today.
i tried reaching the broker and no one is responding. the customer reps have no clue. will have to wait.
isnt this FDIC insured?

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  #30 (permalink)
Elite Member
San Diego, CA USA
 
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gkopparam View Post
i opened and funded my account very recently. i did not receive an email either. the last email was, trade confirmation, when i closed the last trade at 1.25 pm for today.
i tried reaching the broker and no one is responding. the customer reps have no clue. will have to wait.
isnt this FDIC insured?

SIPC but I don't think that worked out very well for MF Global clients not sure ...

I don't think SIPC has much money (It's only funded by member firms)... Wasn't MF Global the first futures based entity to go EVER?


http://www.sipc.org/ might as well start now .. maybe be one of the first ...

"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

Last edited by GridKing; July 9th, 2012 at 09:03 PM.
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