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

  #31 (permalink)
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mrmuggins View Post
I also got that e-mail from them back in Nov 2011 - here is what it said -




November 1, 2011

Dear PFGBEST customers:

In the wake of MF Global Holdings Ltd. filing for Chapter 11 protection yesterday, and continuing investigation into whether and how MF Global failed to keep clients' collateral separate from its own accounts, I would like to reaffirm the absolute dedication of PFGBEST to protect you and your PFGBEST accounts.

PFGBEST is not only customer-centric, but compliance-focused. We consider it a privilege to conduct business with you and to be an advocate for you. We abide by all regulations mandated by the CFTC and the rules of NFA to hold customer funds in segregated accounts that are always separate from operational funds. PFGBEST reports daily and monthly to the regulators concerning customer segregated funds. An independent, certified audit is conducted annually in addition to periodic, regular audits by NFA and information requests from the CFTC and exchange representatives.

It is our policy to keep extra funds on deposit in our customer segregation accounts to protect you.

PFGBEST has significant excess capital. Currently, PFGBEST holds 169% of the net capital required by the CFTC and NFA. All PFGBEST capital is held in cash or U.S. Treasury bills. PFGBEST does not use subordinated debt as capital.

PFGBEST has no customer accounts with MF Global, and it is not a counterparty for PFGBEST.

PFGBEST does not do proprietary trading; the only trading done by PFGBEST is in specific instances by emerging CTAs that PFGBEST allocates funds to (always less than $100k) so that they can become "products" that the PFGBEST Managed Futures Division can then offer to customers. The total amount of funds currently allocated is less than $400k.

PFGBEST is in communication with regulators and exchanges to assist in any way with solutions for the MF Global customers impacted by recent events.

Thank you.


Russ Wasendorf, Jr.
President and Chief Operating Officer


I received a similar email from RCG. This is f'n crazy!

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  #32 (permalink)
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I think I can safely delete these emails.

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  #33 (permalink)
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I check these every once and a while to see what's doing and if there is something fishy I ask about it

but who knows what's real... they all seem to be dwindling over time

CFTC-Registered Firms? Excess Net Capital for April - Bloomberg

"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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  #34 (permalink)
Market Wizard
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cory View Post
I think I can safely delete these emails.

Funny, I was watching one of Gary's archived webinars on Wyckoff method on PFG website the other night.

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  #35 (permalink)
Identify Evaluate Execute
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TradeFlightPlan View Post
this is the email that was sent to customers:


“PFGBEST is wholly owned by Mr. Wasendorf. ”

Guys, this is a classic example of why you should understand the ownership structure and insurance protections of the firm you place your funds. Personally I have very little trust in any futures broker and my overall impression of them as ethical business entities is very low. I'd be particularly leery of single owner based firms.

I'm most comfortable with IB given they are publicly listed, I can review their annual report and at least there is a share price to see signs of trouble. It's not perfect but better than most private firms where you have little idea of their financial condition.

I also have concerns about IB as well. Concerns outlined in this thread and post and these should be concerns with any broker in my opinion.

https://futures.io/brokers-data-feeds/20736-interactive-brokers-bad-5.html#post237893

We also saw in the case with MF Global segregation rules were pretty much ignored. I read an alarming article awhile ago how Merrill lynch was trying to co-mingle some "dirty laundry" into some BAC FDIC insured customer accounts. See article below...

http://www.bloomberg.com/news/2011-10-18/bofa-said-to-split-regulators-over-moving-merrill-derivatives-to-bank-unit.html


Cheers
DJ


Last edited by djkiwi; July 9th, 2012 at 09:36 PM.
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  #36 (permalink)
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djkiwi View Post

I'm most comfortable with IB given they are publicly listed, I can review their annual report and at least there is a share price to see signs of trouble. It's not perfect but better than most private firms where you have little idea of their financial positions.


DJ

MFGlobal was publicly listed.

Just sayin

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  #37 (permalink)
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  #38 (permalink)
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  #39 (permalink)
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GridKing View Post
I check these every once and a while to see what's doing and if there is something fishy I ask about it

but who knows what's real... they all seem to be dwindling over time

CFTC-Registered Firms? Excess Net Capital for April - Bloomberg

Velocity Futures assets have dropped from $678,123 to $91,003 which raises an eyebrow for me.


Edit: After further review, I mistakenly misread the columns backwards and Velocities assets have increased based on the article read.

Attached Thumbnails
PFGBest Accounts Frozen (PFG scandal big thread)-2012-07-09_2111.png  

Last edited by itrade2win; July 9th, 2012 at 10:53 PM. Reason: Edit my comment based on new information
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  #40 (permalink)
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itrade2win View Post
Velocity Futures assets have dropped from $678,123 to $91,003 which raises an eyebrow for me.

The header is missing, but it looks like what you are showing is increasing.

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