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:126,066 / 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)

  #411 (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: 46,238 since Jun 2009
Thanks: 29,350 given, 83,221 received


Cloudy View Post
Just my speculation after this new video. Sr. , family, and the board of execs including the CFO and that "homemade" personal auditor all knew about it. Rumors were going around. The emails to all the employees during the last week was to help ally fears and to keep customers from leaving until the exposure..

 
 
 
 

That was most humorous. LOL... talking heads fighting with each other...

Money is not the answer... and I also don't think more "insiders" doing the regulating is the answer... answer is true accountability, checks and balances, and complete transparency.

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 user says Thank You to Big Mike for this post:
 
  #412 (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: 46,238 since Jun 2009
Thanks: 29,350 given, 83,221 received

CNBC reporting PFG Founder and CEO Russel Wasendorf Sr. Arrested in Iowa After Futures Broker's Collapse

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
 
  #413 (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: 46,238 since Jun 2009
Thanks: 29,350 given, 83,221 received



Big Mike View Post
CNBC reporting PFG Founder and CEO Russel Wasendorf Sr. Arrested in Iowa After Futures Broker's Collapse

Mike

Source: News Headlines


Quoting 
CEDAR FALLS, Iowa — Russell Wasendorf, the founder and CEO of failed trader Peregrine Financial Group, has been arrested, CNBC has learned.

He has been charged with making false statements to the Commodity Futures Trading Commission beginning back in 2010 and continuing until July 2012.

PFG filed for bankruptcy on Tuesday, and regulators say some $200 million in customer funds are unaccounted for.

One day earlier, Wasendorf — a 40-year futures industry veteran — attempted suicide in his car outside PFG's Cedar Falls, Iowa headquarters.

An apparent suicide note found in the vehicle indicated possible accounting discrepancies at the firm, according to a police report.

Authorities will not discuss Wasendorf Sr.'s condition, but a local newspaper, quoting unidentified sources, reported he is alert and responsive at an Iowa hospital, and possibly able to shed some light on the bizarre events leading up to the firm's collapse.

On June 5, employees received an invitation to Wasendorf's wedding to his fiancee Nancy Palladino, planned for Aug. 4, according to another email obtained by CNBC.

But public records in Clark County, Nevada show Wasendorf and Palladino were married in Las Vegas three weeks later, on June 30. Three days after the wedding, Wasendorf signed over power-of-attorney to his son, Russell Wasendorf, Jr.

Three days later, on July 6, the younger Wasendorf sent the email to employees saying the firm was now poised to break even.


PFG had been under scrutiny for months.

In February, the industry's self-regulatory organization — the National Futures Association — filed a civil complaint against the firm alleging violations involving customer funds.

PFG's in-house attorney has also not responded to CNBC's requests for comment.

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
 
  #414 (permalink)
Elite Member
Perth Western Australia
 
Futures Experience: Intermediate
Platform: MetaStock
Favorite Futures: Stocks
 
Posts: 1 since Mar 2011
Thanks: 1 given, 0 received

My trading funds are frozen with PFG. I had a couple people independently suggest opening an account with Infinity Futures. Does anyone have experience with Infinity Futures or could recommend a good futures broker?

Reply With Quote
 
  #415 (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

FBI arrests PFGBest’s Wasendorf today; charged with making false statements | Des Moines Register Staff Blogs

He has been forging for 20 years.

Reply With Quote
 
  #416 (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: 46,238 since Jun 2009
Thanks: 29,350 given, 83,221 received


Bloomberg Video


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
 
  #417 (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


karoshiman View Post
I agree, in that case this option is not attractive.

But if a solution similar to SIPC is adopted for futures accounts as well, then this might not be a problem.

Hi I doubt SIPC member firms would be interested increasing their levies to support the futures guys. Bear in mind regulation for securities is much tighter than futures so the insurance premiums for futures would likely be significantly higher.

I just looked at the SIPC annual report for last year. They only have net assets of $200+ million as there are still huge accrued liabilities outstanding from the Bernie Madoff debacle. The latest annual report can be seen here:

SIPC - Securities Investor Protection Corporation > Who > Annual Reports

Even if they setup a separate self funded SIPC type entity for futures the cost to the futures brokers will be significant. The insurance companies will charge significantly for the risk premium due to lack of regulation and clearly incompetent oversight. Whatever vehicle is used, a bond or insurance the premiums to insure "the wild west" will likely be astronomical.

I doubt these firms can ever afford it. Take one of my brokers AMP futures for example. Their net assets are reported to be $800k+, how do you think they can afford say $500k in insurance?

Get ready for higher commissions boys.

Cheers
DJ

Reply With Quote
 
  #418 (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: 46,238 since Jun 2009
Thanks: 29,350 given, 83,221 received

Source: PFG Head Arrested | ZeroHedge

*WASENDORF SAID HE USED PHOTOSHOP, SCANNER IN FORGERY, U.S. SAYS
*WASENDORF SAID CHOICE WAS GO OUT OF BUSINESS OR CHEAT: U.S.
*WASENDORF'S STATEMENTS MADE IN SUICIDE NOTE, PROSECUTORS SAY
*PEREGRINE'S WASENDORF SAID `I HAVE COMMITTED FRAUD,' U.S. SAYS

While unable to successfully kill himself, it appears the CEO of PFGBest is even less successful at evading the police. As just reported,

*PFGBEST'S WASENDORF ARRESTED IN IOWA
*FED PROSECUTORS CHARGE IOWA FIRM CEO W/ LYING TO REGULATORS:AP
*PEREGRINE CHIEF WASENDORF CHARGED BY FEDERAL PROSECUTORS (with making false statements to the CFTC)
*WASENDORF FRAUD AT PEREGRINE LASTED 20 YEARS, PROSECUTORS SAY


Quoting 
"I have committed fraud. For this I feel constant and intense guilt," the statement said.

"I had no access to additional capital and I was forced into a difficult decision: Should I go out of business or cheat? I guess my ego was too big to admit failure," the statement said, according to the court filing.

...

Mr. Wasendorf relied on "careful concealment" and "blunt authority" to hide his fraud from his employees, he wrote in the note, as detailed in the complaint

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
 
  #419 (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: 46,238 since Jun 2009
Thanks: 29,350 given, 83,221 received


jsouvertjis View Post
My trading funds are frozen with PFG. I had a couple people independently suggest opening an account with Infinity Futures. Does anyone have experience with Infinity Futures or could recommend a good futures broker?

Sorry to hear that.

You can find many broker reviews here:

Brokers and Data Feeds - Big Mike's Trading Forum

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
 
  #420 (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


How Did Regulators Miss The Red Flags at PFGBest? | Compliancex

Anonymous tipster was warning the NFA about PFG 5 years ago.

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)

Linda Bradford Raschke: Reading The Tape

Elite only

Adam Grimes: TBA

Elite only

NinjaTrader: TBA

January

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 07:20 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 2017-12-13 in 0.13 seconds with 20 queries on phoenix via your IP 54.196.182.102