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

  #471 (permalink)
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PFGBest regulator: New technology caught $100 mln PFGBest fraud | Reuters

PFGBest regulator: New technology caught $100 mln PFGBest fraud

By Ann Saphir
CHICAGO, July 13 | Sat Jul 14, 2012 12:51am IST
(Reuters) - The National Futures Association, the regulator that PFGBest CEO Russell Wasendorf Sr. says he fooled for years, "caught" the fraud this week with new technologies, NFA's chairman told Reuters in an interview.

Wasendorf doctored paper bank statements from three different banks for 20 years to pull off the fraud, he said in a signed statement cited in a Federal Bureau of Investigation complaint on Friday.

The fraud came to a climactic end on Monday when Wasendorf tried to commit suicide near his firm's Cedar Falls, Iowa headquarters. He was hospitalized, and on Friday was arrested by FBI agents.

NFA started a new audit of PFGBest about two weeks ago and the regulator for the first time demanded Wasendorf allow its auditors an electronic, direct look at his bank accounts, NFA's non-executive chairman Chris Hehymeyer said in the interview.

Wasendorf gave NFA the authority to do so on Sunday, Hehmeyer said. On Monday, Wasendorf attempted suicide, leaving a signed statement in his car that detailed his fraud, according to the FBI complaint.

"They are the ones that uncovered this whole thing," Hehmeyer said, of NFA auditors. "If they hadn't caught him, it could have gotten a lot bigger."

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  #472 (permalink)
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ThatManFromTexas View Post
PFGBest regulator: New technology caught $100 mln PFGBest fraud | Reuters

PFGBest regulator: New technology caught $100 mln PFGBest fraud

By Ann Saphir
CHICAGO, July 13 | Sat Jul 14, 2012 12:51am IST
(Reuters) - The National Futures Association, the regulator that PFGBest CEO Russell Wasendorf Sr. says he fooled for years, "caught" the fraud this week with new technologies, NFA's chairman told Reuters in an interview.

Wasendorf doctored paper bank statements from three different banks for 20 years to pull off the fraud, he said in a signed statement cited in a Federal Bureau of Investigation complaint on Friday.

The fraud came to a climactic end on Monday when Wasendorf tried to commit suicide near his firm's Cedar Falls, Iowa headquarters. He was hospitalized, and on Friday was arrested by FBI agents.

NFA started a new audit of PFGBest about two weeks ago and the regulator for the first time demanded Wasendorf allow its auditors an electronic, direct look at his bank accounts, NFA's non-executive chairman Chris Hehymeyer said in the interview.

Wasendorf gave NFA the authority to do so on Sunday, Hehmeyer said. On Monday, Wasendorf attempted suicide, leaving a signed statement in his car that detailed his fraud, according to the FBI complaint.

"They are the ones that uncovered this whole thing," Hehmeyer said, of NFA auditors. "If they hadn't caught him, it could have gotten a lot bigger."

Amazing the regulators are circling the wagons and acting like they did a good job. Next they will be handing out awards.

Have to love this quote "They are the ones that uncovered this whole thing," Hehmeyer said, of NFA auditors. "If they hadn't caught him, it could have gotten a lot bigger."

How could things have gotten much bigger or worse. Apparently of $200 million plus in customer funds there is only $5 million left in the account according to reports we have seen. I don't think Wasendorf could have gotten much more.

"The day I became a winning trader was the day it became boring. Daily losses no longer bother me and daily wins no longer excited me. Took years of pain and busting a few accounts before finally got my mind right. I survived the darkness within and now just chillax and let my black box do the work."
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  #473 (permalink)
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liquidcci View Post
Amazing the regulators are circling the wagons and acting like they did a good job. Next they will be handing out awards.

Have to love this quote "They are the ones that uncovered this whole thing," Hehmeyer said, of NFA auditors. "If they hadn't caught him, it could have gotten a lot bigger."

How could things have gotten much bigger or worse. Apparently of $200 million plus in customer funds there is only $5 million left in the account according to reports we have seen. I don't think Wasendorf could have gotten much more.

Well, that was only 20 years of fraud. If he had run it for another 50 years, it could have been over a billion is losses

Mike

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  #474 (permalink)
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Well, that was only 20 years of fraud. If he had run it for another 50 years, it could have been over a billion is losses

Mike

True I did not consider the potential forward losses if he kept going. But a guy fooling them for 20 years with photo shop they should not be congratulating themselves for catching him. They bear great responsibility for the $200 million loss imo.

"The day I became a winning trader was the day it became boring. Daily losses no longer bother me and daily wins no longer excited me. Took years of pain and busting a few accounts before finally got my mind right. I survived the darkness within and now just chillax and let my black box do the work."
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  #475 (permalink)
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Since he has been forthcoming on the confession, I really hope we get to hear details as to why he did this. Specific details, like the nature of the losses with his company, and how year after year those changed, etc.

Mike

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  #476 (permalink)
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Mike without endorsing anyone could I please ask you who your broker is and why you chose them. I am concerned right now and I have just begun to make progress.

Thanks, Hector

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  #477 (permalink)
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hector24 View Post
Mike without endorsing anyone could I please ask you who broker is and why you chose them. I am concerned right now and I have just begun to make progress.

Thanks, Hector

I have accounts with Interactive Brokers, Velocity Futures, Mirus Futures, Optimus Futures, FXCM, MB Trading, and optionsXpress.

Mike

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  #478 (permalink)
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liquidcci View Post
Amazing the regulators are circling the wagons and acting like they did a good job. Next they will be handing out awards.

@liquidcci

CME Group: Current system must be re-evaluated - MarketWatch


"Without question, the current system in which customer funds are held at the firm level must be reevaluated," the world's largest futures exchange operator by volume said in a statement.


UPDATE 1-U.S. approves new rules to protect futures customers | Reuters

U.S. futures regulators approved new regulations on Friday to shore up protection of brokerage customer funds following last year's collapse of MF Global.

The Commodity Futures Trading Commission approved the rule on the same day that Russell Wasendorf Sr., the founder of another failed brokerage firm, PFGBest, was arrested on fraud charges in connection with allegedly misappropriating customer money.

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  #479 (permalink)
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ThatManFromTexas View Post
@liquidcci



UPDATE 1-U.S. approves new rules to protect futures customers | Reuters

U.S. futures regulators approved new regulations on Friday to shore up protection of brokerage customer funds following last year's collapse of MF Global.

The Commodity Futures Trading Commission approved the rule on the same day that Russell Wasendorf Sr., the founder of another failed brokerage firm, PFGBest, was arrested on fraud charges in connection with allegedly misappropriating customer money.

This would not have helped in the PFG case as Wasendorf Snr was the one (and only) person signing off transactions on the segregated funds account anyway.

Quote from Reuters about new CFTC rule:

"A measure known as the "Corzine rule" would require top executives at futures brokers to sign off on major withdrawals from customer accounts. A major withdrawal would be considered anything more than 25 percent of a customer's excess funds."

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  #480 (permalink)
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