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

  #41 (permalink)
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yeah the months go from right to left for some reason ... I guess they are all so used to doing everything backwards

it makes everyone else look fantastic though doesn't it ...

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  #42 (permalink)
Student Of The Markets
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Yeah, you are correct I mistaken Jan for June, my bad. My trading went the same way today. I shorted where I should have went long. Just one of those off days.

Thanks,
Ryan

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  #43 (permalink)
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Apparently "Customer segregated funds" means nothing. Seems way to easy for someone in a firm to dip their greedy little hands into these funds to cover their own stupidity. So many risks in trading this should not be one of them. These funds need to be walled and somehow monitored by a third party. May need a system wide revamp where once funds go into these accounts there is some type of check and balance that does not allow the firm into these funds without a third party releasing them.

So sorry for customers of PFG.

"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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  #44 (permalink)
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Isn't this why everyone started the whole market sweep thing end of day, so they could count our money with theirs? Has that always been the case? I remember seeing the email years ago and thought it was strange and would not be to benefit me....

"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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  #45 (permalink)
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itrade2win View Post
Yeah, you are correct I mistaken Jan for June, my bad. My trading went the same way today. I shorted where I should have went long. Just one of those off days.

Thanks,
Ryan

Would you please edit your original post, some people may not see the later posts.

Mike

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  #46 (permalink)
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Big Mike View Post
Would you please edit your original post, some people may not see the later posts.

Mike


Sure! Yeah that could be damaging.

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  #47 (permalink)
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What a joke.

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  #48 (permalink)
 Vendor: www.traderwerks.com 
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liquidcci View Post
Apparently "Customer segregated funds" means nothing. Seems way to easy for someone in a firm to dip their greedy little hands into these funds to cover their own stupidity. So many risks in trading this should not be one of them. These funds need to be walled and somehow monitored by a third party. May need a system wide revamp where once funds go into these accounts there is some type of check and balance that does not allow the firm into these funds without a third party releasing them.

So sorry for customers of PFG.

I feel sorry for the PFG and MFGlobal customers.

"Customer segregated funds" means something, just it doesn't mean anything when faced with someone that will commit fraud. These guys sent segregation reports showing the money was segregated and safe. The owner lied and stole / embezzled the "excess" margin.

The problem is that FCM's get to play with the 'excess' margin to earn interest. Margin that is held for positions is 'walled' and monitored. Neither PFG or MFGlobal touched the position margin because that is checked.

I think treating position margin and excess margin the same would solve the problem. FCM's would scream, since use excess margin to make extra profit.

Hopefully we will get at least a perp walk out of this one. Unlike MF Global

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  #49 (permalink)
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aaaand it's gone :-)


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  #50 (permalink)
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traderwerks View Post
I feel sorry for the PFG and MFGlobal customers.

"Customer segregated funds" means something, just it doesn't mean anything when faced with someone that will commit fraud. These guys sent segregation reports showing the money was segregated and safe. The owner lied and stole / embezzled the "excess" margin.

The problem is that FCM's get to play with the 'excess' margin to earn interest. Margin that is held for positions is 'walled' and monitored. Neither PFG or MFGlobal touched the position margin because that is checked.

I think treating position margin and excess margin the same would solve the problem. FCM's would scream, since use excess margin to make extra profit.

Hopefully we will get at least a perp walk out of this one. Unlike MF Global

I agree need some type of solution where this is so closely monitored that even if someone wanted to commit fraud they could not. Now it seems to be as easy as the click of a button to make segregated funds unsegregated. Because there will always be people who will steal if given the chance. Jail time for all the officers whether they knew about it or not would also be a good start to clean things up. Bet that would make internal accountability go way up.

"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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