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

  #481 (permalink)
Elite Member
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liquidcci View Post

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.

Like commonly shown in episodes of CNBC's American Greed, the ponzi perpretrator may not only be making wild massive losing bets, but making losing investments in other areas such as real estate or just plain siphoning money from the segregated accounts to fund his and his co-conspirators' lifestyle. Sr. had reportedly bought into a restaurant , some local factory, an incomplete industrial property under construction, and a private jet that cost at least $20 million. Probably there are also vacation homes, vehicles, yachts, maybe private land property and foreign bank accounts out there too. Plus the family and those inner circles' individual perks and trappings to maintain.


Last edited by Cloudy; July 14th, 2012 at 10:19 PM.
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  #482 (permalink)
Market Wizard
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Big Mike View Post
I have accounts with Interactive Brokers, Velocity Futures, Mirus Futures, Optimus Futures, FXCM, MB Trading, and optionsXpress.

Mike

@Big Mike,

We know that you need to keep everyone happy and seem to have covered everyone out there. So, any favorites?

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  #483 (permalink)
Site Administrator
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aligator View Post
@Big Mike,

We know that you need to keep everyone happy and seem to have covered everyone out there. So, any favorites?

Those are my favorites

Mike

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  #484 (permalink)
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steve2222 View Post
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."

@steve2222

You are correct sir...

If the following was imposed on all FCM's all the time .... this is the only thing that would make a difference ....

.... the NFA regulator for the first time demanded Wasendorf allow its auditors an electronic, direct look at his bank accounts....

I'm just a simple man trading a simple plan.

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  #485 (permalink)
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10 Key Details in the Peregrine Financial Collapse (JEF, JPM, USB) Good review of what transpired last week.

PFGBest Update: Ignore the Idiots | Attain Capital Managed Futures Blog

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  #486 (permalink)
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If Attain is correct ... that would certainly be good news!

I'm just a simple man trading a simple plan.

My daddy always said, "Every day above ground is a good day!"
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  #487 (permalink)
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I wanted to share a different side to the PFG story, one about some of the cool people that worked there. PFG was pretty big on trader education and so recently they started offering 12-week introductory courses. They were free if you signed up in advance. You didn't need to have an account with them to participate (I didn't have one). They first offered Introduction to Futures, and then earlier this year added Intro to Forex and Intro to Options. Curt Wagaman taught Futures and Options and Steve Nurre taught Forex.

I signed up, a little skeptical at first, for the Forex class which started in March and finished a few weeks ago. It was very much like a college class. Two lectures a week, 90-120 minutes each, along with homework and exams, if you wanted the completion certificate afterwards. The focus really was on education. There was some PFG cheerleading of course, but no pressure. We even had guest lectures from Jimmy Young and Bob Iaccino.

Anyway, the summer Futures class was to start on July 10th, the day after the fraud was discovered. And the summer Forex class was going to start on the 17th. There was of course no class on the 10th as the instructors were out of jobs. But during the week both guys got together and then held an informational webinar on Friday.

As educators they didn't want to let their students down, so they decided to hold 5 week courses...for free. Futures is going to start on the 17th and Forex on the 24th. I was stunned that these guys would work for free like this. The core material should remain intact because you won't have any info about PFG and no midterm and final exam reviews.

The other reason for a 5 week course is because, as Steve Nurre said in the webinar, "I don't know where I'll be in 6 weeks..."

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  #488 (permalink)
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Big Mike View Post
I have accounts with Interactive Brokers, Velocity Futures, Mirus Futures, Optimus Futures, FXCM, MB Trading, and optionsXpress.

Mike

Thanks Mike, just wanted to get a little insight from you on what your thinking is.

Thanks,
Hector

PS: Great room by the way, I have learned a lot here. And I really like the way you are very
interactive with your members and how you police the site to make sure "Vendors" do not invade.

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  #489 (permalink)
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Big Mike View Post
I have accounts with Interactive Brokers, Velocity Futures, Mirus Futures, Optimus Futures, FXCM, MB Trading, and optionsXpress.

Mike

@Big Mike

Who does Velocity clear through?

I'm just a simple man trading a simple plan.

My daddy always said, "Every day above ground is a good day!"
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  #490 (permalink)
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ThatManFromTexas View Post
@Big Mike

Who does Velocity clear through?

Multiple options, but am thinking NewEdge. But best to ask them directly.

Sent from my DROID RAZR using Tapatalk 2

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.

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