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

  #71 (permalink)
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Well, if they go bust and you have an open position, you still have a position right? or only maybe

and if this happens would you be better off not selling and wait until your position is in place in the new brokerage?

Or because the now defunct brokerage no longer has what they put up for the contract something different happens , I don't really know how they look at these things ?

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  #72 (permalink)
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ddnut View Post
My understanding is that you can liquidate any existing positions but cannot open any new positions. Likewise the accounts are frozen until they can be transferred to another broker. Hopefully, the regulators can figure out what happened and who owns what so that people can get access to their money relatively quickly.

This broker transferwould be ideal, and is historically what happened during previous failures. I had an acct at Lind Waldock/Refco when they imploded, and my cash and positions were transferred very seamlessly to MFG.

The problem in this case is that they can't transfer cust seg acct money, since it looks like the money is not even there!

I'm leaving my positions open for now. Not sure if that is the right decision...

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  #73 (permalink)
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kevinkdog View Post
I had an acct at Lind Waldock/Refco when they imploded, and my cash and positions were transferred very seamlessly to MFG.

No offense, but let me know which broker you decide to go with next, so I can make sure and not have an account there You've had bad luck!

Mike

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  #74 (permalink)
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Big Mike View Post
No offense, but let me know which broker you decide to go with next, so I can make sure and not have an account there You've had bad luck!

Mike


You are right, Mike!

Luckily, until today, I had escaped with 100% of my money (I closed MFG acct after the Refco debacle).

After that I decided to have multiple accounts and multiple clearing firms. It ties up more margin, but it is a bit safer.

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  #75 (permalink)
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Big Mike View Post
No offense, but let me know which broker you decide to go with next, so I can make sure and not have an account there You've had bad luck!

Mike

@Big Mike,

There is no escape, you are going to get it if you hang in long enough with the same broker (yes, they do have a shelf life). We should have read the tea leaf when we got an unsolicited e-mail, letter from PFG in November 2011 claiming no relations to the MFG scandal at that time.

My strategy after Option America in 80's and Lind-Waldock and Refco (three-times victim now) has been to only day trade in two separate accounts with minimum over-margin funds and change one broker every six months, yes it is a pain but you will not become complacent.

Between three busted brokerage accounts and several blown accounts I could have had a couple or more of 7-11s and gas stations by now.

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  #76 (permalink)
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It will not save you from a PFGBest case but you might want to check what your broker declares to CFTC and make a comparison.

Financial Data for FCMs - CFTC

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  #77 (permalink)
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I was literally 2 hours away from funding my account with them this morning before i got an email from Erich, what a blessing in disguise it was that my bank required a letter to raise the telegraphic transfer limit on my account

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  #78 (permalink)
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I was looking at them as well for a forex account two days ago.....I'm only keeping just enough to trade with any broker. Very sad.

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  #79 (permalink)
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Never had an account with PFG (had one with Lind Waldock in the 90s) but kept in touch with Paul Kavanaugh who works for them (for now) and is a real good guy. Hope he makes it through ok.

Looks like the regulators could use a regulator to keep track of their less than stellar work....they are asleep at the wheel big time (especially after the MF Global).....if nothing changes....nothing changes.....<sigh>

Let's all make a side-bet of how many emails we get from our current brokerages explaining how strong they are and how protected we are and how it would never happen to us.....<sigh again>

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  #80 (permalink)
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redratsal View Post
It will not save you from a PFGBest case but you might want to check what your broker declares to CFTC and make a comparison.

Financial Data for FCMs - CFTC

If PFG had what they declared ... there would be no problem...

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

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