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

  #581 (permalink)
Elite Member
Houston,Tx
 
Futures Experience: Advanced
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mattz View Post
We have at times lost customers to PFG because prospects were more familair with a company that plastered their ads in every hole possible., despite the fact that we have a better feed, better commissions, etc

Big Mike has done so much in educating customers on feeds, latency, excution that I am simply happy that traders would be able to make better choices in the future. Go with brokers who invests in technology and execution, not brokers with ads that take an entire page in their own publication.

@mattz

B-B-B-But they had low intraday margins....

There is no brand loyalty that $0.02 off of list price won't cure ~~ Old marketing adage

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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  #582 (permalink)
Trading Apprentice
Chicago, IL. USA
 
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wavey View Post
Thanks for sharing your ZH site review, not vouching for them, but think the Atlas Rating #'s are interesting to review and keep in mind.

There can be no solid predictor of course of those things to happen and I wouldn't dare to imply that. It seems we as traders just have to be even more on our toes in those times and make sure our risk is balanced and spread out.

We have been systems trading now professionally for +7 yrs and have faired alright with cleaning up accts regularly.

You are correct. I was targeting the wrong company. ZeroHedge was only posting the link. It is the Atlas Ratings website that I have the personal problem with because they created their own formula unapproved by the Regulators. There is no formula to determine "Fraud" in advance. It is also possible that the President of the #1 Ranked Clearing Firm on the Atlas Ratings list is hiding out in Bora Bora right now with 50% of the Customer Segregated Funds & who is to know ?? The Regulators have to create new policies & procedures to help prevent this from happening again...

http://www.google.com/search?q=bora+bora&hl=en&prmd=imvns&tbm=isch&tbo=u&source=...CH4QsAQ&biw=1680&bih=959

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  #583 (permalink)
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desert CA
 
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Saw this site with listings of frauds and regulatory and court actions. Recent post on PFGbest

Fraud | Securities Enforcement Blog


Posted on same page; Peter Madoff, brother of Bernie Madoff, charged june 29th by SEC. Hope they charge 'em all.


Last edited by Cloudy; July 18th, 2012 at 10:43 PM.
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  #584 (permalink)
Elite Member
Montreal
 
Futures Experience: Intermediate
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Peregrine Financial Group, Inc.: General Info

PFGBest Trustee website.

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  #585 (permalink)
Identify Evaluate Execute
Mercer Island WA
 
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Hi guys, does anybody actually know the following:

1. Any figures around suggesting what the customer funds should be.
2. The total cash available to be paid once positions were liquidated.

For example, I've seen the number of $400 million being mentioned as what should be the customer account balances and then I read there is only $5m left in the actual segregated bank account. Other places I read he has only spent $100m of the $200m. PFG is a very simple liquidation nothing like MF Global so was wondering if I'd missed seeing any released prelim numbers.

Cheers
DJ


Last edited by djkiwi; July 19th, 2012 at 02:51 PM.
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  #586 (permalink)
Elite Member
Montreal
 
Futures Experience: Intermediate
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Broker/Data: IB Canada/IQFeed
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djkiwi View Post
Hi guys, does anybody actually know the following:

1. Any figures around suggesting what the customer funds should be.
2. The total cash available to be paid once positions were liquidated.

For example, I've seen the number of $400 million being mentioned as what should be the customer account balances and then I read there is only $5m left in the actual segregated bank account. Other places I read he has only spent $100m of the $200m. PFG is a very simple liquidation nothing like MF Global so was wondering if I'd missed seeing any released prelim numbers.

Cheers
DJ

It's my understanding that $220 million of the $400 million is missing. I read somewhere that Jeffries Clearing had all of its $175 million accounted for. Wasendorf stated that he believes he has spent around $100 million while the NFA says that $220 million is missing. I'd go with the NFA figures on that one seeing how trustworthy Wasendorf is.

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  #588 (permalink)
Identify Evaluate Execute
Mercer Island WA
 
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@Big Mike. I've updated the opening post of this thread to reflect the IB proprietary info and adjust the conclusions. I also changed the table attachment but cannot add to the first post. I will just leave it then in the new post.

https://futures.io/brokers-data-feeds/21648-futures-broker-due-diligence-notes-post-peregrine-financial-group-pfg.html

Cheers
DJ


Last edited by djkiwi; July 20th, 2012 at 06:12 PM.
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  #589 (permalink)
tw
Singapore
 
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liquidcci View Post
Lets hope this is not another MF Global.
My trading account was affected and our broker Neil Rogers ignored our skype messagesand choosed to keep silent.
US futures broker PFGBest says its funds on hold | Reuters

PFGBEST Statements ✆ pfgbeststatements@pfgbest.com

to johngtk
Peregrine Financial Group. Inc. is being liquidated pursuant to subchapter IV of title 11 of the United States Code in the United States Bankruptcy Court for the Northern District of Illinois, Case No. 12-27488 (the "Bankruptcy Case"), and is no longer an operating entity. Please note that this document reflects activity solely as of the date reflected on the statement. Moreover, this document is not a final account statement and is provided to you solely as a courtesy to assist in reconciling your records and should not be deemed an admission or statement of position of the Trustee of Peregrine Financial Group. Inc. regarding the ultimate allowed amount or treatment of your claim in the Bankruptcy Case.

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  #590 (permalink)
Trading Apprentice
Kiev, Ukraine
 
Futures Experience: Intermediate
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Time to take charge in your own hands.



ThatManFromTexas View Post
We could go back to buy and hold equities... they're insured ... but then again when Wall Street can create a flash crash when it suits them... you would be better off hoping your broker stole your money ... at least then it would be insured ...

Let's face it... trading futures is NOT for the faint of heart... never has been... never will be... if we wanted safety and security ... we would be bragging about getting 1.5% APR on our jumbo CD's ...

I think, Mike, its high time to take initiative in your own hands and set up an FCM of yours. (futures.io (formerly BMT) Futures - nice name imo ). I hope few people in this fantastic forum will help. The high standards that you apply here will easily translate into sound and trustworthy business ethics. I am sure you will report every dollar of customer money at decent bank and it WILL be true.

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