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

  #51 (permalink)
Market Wizard
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Business of Character Award Winner

Watching this kind of made me sick...

see my next post for the link


Having spent a whole day in 2011 talking with many of the leaders of PFGBest (not including Russ Sr., but I did spend time with Russ Jr.), I really hope Russ Sr. was the only one involved.

Otherwise my faith in my fellow man, and my ability to sniff out fraudsters, has just taken a major hit.

Yes, I had an account there. In my mind, I have already written it off.

It does make me wonder if I am in the right business, though. Losing money from bad trading - I can handle. Losing because of crooked brokers - irks me.

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  #52 (permalink)
Market Wizard
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Character Award, Part 2

PFGBEST - YouTube

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  #53 (permalink)
Elite Member
Des Moines
 
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SPIC??


i am a small time trader. i recently moved funds to pfg.
why are most considering lost money? isn't SPIC going to do anything? then why is it even there?
or isn't PFG not even member of SPIC?
i see this on the member database on SPIC's website

BEST DIRECT SECURITIES LLC
BEST DIRECT SECURITIES LLC ONE PEREGRINE WAY CEDAR FALLS IA 50613




kevinkdog View Post
Watching this kind of made me sick...

see my next post for the link


Having spent a whole day in 2011 talking with many of the leaders of PFGBest (not including Russ Sr., but I did spend time with Russ Jr.), I really hope Russ Sr. was the only one involved.

Otherwise my faith in my fellow man, and my ability to sniff out fraudsters, has just taken a major hit.

Yes, I had an account there. In my mind, I have already written it off.

It does make me wonder if I am in the right business, though. Losing money from bad trading - I can handle. Losing because of crooked brokers - irks me.


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  #54 (permalink)
Market Wizard
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gkopparam View Post
i am a small time trader. i recently moved funds to pfg.
why are most considering lost money? isn't SPIC going to do anything? then why is it even there?
or isn't PFG not even member of SPIC?
i see this on the member database on SPIC's website

BEST DIRECT SECURITIES LLC
BEST DIRECT SECURITIES LLC ONE PEREGRINE WAY CEDAR FALLS IA 50613


Did you have a futures account at PFGBest? SIPC protection does not apply to futures accounts.

Futures accounts are supposed to be customer segregated accounts - meaning your money is accounted for separately than the rest of the business.

The problem with PFGBest is that it looks like they said customer segregated funds were there, when they were not. In other words, people with PFGBest futures accounts are in for an ugly time.


edit: Maybe I am being pessimistic by assuming all my money is gone. But, I just talked with a fellow PFGBest account holder, who is still about 45% of his MFG acct from last October!


Last edited by kevinkdog; July 9th, 2012 at 11:54 PM. Reason: added MFG payback info
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  #55 (permalink)
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so i am wiped out again last time for trading bad. and this time for choosing bad


kevinkdog View Post
Did you have a futures account at PFGBest? SIPC protection does not apply to futures accounts.

Futures accounts are supposed to be customer segregated accounts - meaning your money is accounted for separately than the rest of the business.

The problem with PFGBest is that it looks like they said customer segregated funds were there, when they were not. In other words, people with PFGBest futures accounts are in for an ugly time.


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  #56 (permalink)
Market Wizard
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gkopparam View Post
so i am wiped out again last time for trading bad. and this time for choosing bad

Hopefully we are not wiped out, but in talking to a Wall Street Journal reporter this evening, I can't say I'm encouraged.

There was supposed to be $200+ million in segregated accts at US Bank. When the NFA checked today, there was only $5 million.

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  #57 (permalink)
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kevinkdog View Post
Hopefully we are not wiped out, but in talking to a Wall Street Journal reporter this evening, I can't say I'm encouraged.

There was supposed to be $200+ million in segregated accts at US Bank. When the NFA checked today, there was only $5 million.

you think they would be checking before its gone..

dont believe anything you hear and only half of what you see

¯\_(ツ)_/¯

(╯°□°)╯︵ ┻━┻
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  #58 (permalink)
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PFGBest missing $220-million in client funds, founder attempts suicide - The Globe and Mail

Some more info.

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  #59 (permalink)
Market Wizard
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madLyfe View Post
you think they would be checking before its gone..

I heard they (the NFA) did check. Apparently, PFG CEO Wasendorf may have forged records.

But even so, I would think an auditor would have checked with the bank holding the funds, not just the brokerage.

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  #60 (permalink)
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PFGBest Liquidating Operations

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