Customer funds missing from PFG-Best

[mastergunner99]

Really?? where are the 1.6 billon from MFG Global customers? where are the 225 million from PFGBest customers?? Is Corzine in jail??

Seems like a broker in the USA is not different from one in Belize or Panamá...

Update: PFGs Chairman Was Forging Bank Documents For Years Even As The CFTC Gave An "All Clear" | ZeroHedge

This kind of regulation is NOT working...

Agreed, but that doesn't constitute no regulation at all.

[Master Tang]

Really?? where are the 1.6 billon from MFG Global customers? where are the 225 million from PFGBest customers?? Is Corzine in jail??

Seems like a broker in the USA is not different from one in Belize or Panamá...



Update: PFGs Chairman Was Forging Bank Documents For Years Even As The CFTC Gave An "All Clear" | ZeroHedge

This kind of regulation is NOT working...

Couldn't agree more. One could make the argument that Jamie Dimon, Vikram Pandit, Ken Lewis and all the rest of the bailed out banks, and LIBOR thieves should be in jail too. Why didn't that happen?

As for the current state of PFG, the NFA recently changed requirements for brokers that would have them show electronic confirmation of current customer account balances. That way, auditors could reconcile the overall broker balance sheet. Mr. Bernie Wasenmadorf balked at that notion, preferring to only send in hard copy statements. Wonder why?...

I have a lot to lose with PFG.

I'm hoping for the best...

[EDIT] If that hyper link doesn't give you the full article, and you don't have a subscription to WSJ, just copy/paste the headline in your search window, and go to the article from there.

[yunny1]

Regulators should have checked with banks if the money, brokers claimed they had.... was really there...

Gosh, we live in 2012.... just now authorities move to do its verification electronically???

I have a lot to lose with PFG.

Hope you don't have money there... I thought you were trading with IBFX....

[Master Tang]

Hope you don't have money there... I thought you were trading with IBFX....

I do trade with IBFX. I also have 2 accounts at PFG.

[bobmaninc]

I do trade with IBFX. I also have 2 accounts at PFG.

Sorry to hear that MT. I almost started an account with them. I was currently taking a trading course that they offered. Good thing it came to light now instead of after I opened an account

[Clint]

Evidently, PFG-Best (a.k.a. Peregrine Financial Grroup) has been a ponzi-scheme from the get-go. This guy,
Wasendorf Sr., is nothing more than a mini-Madoff. What a loser --- he couldn't even commit suicide successfully.

CEO's suicide note confesses to 20-year fraud - Business - Stocks & economy - msnbc.com

For twenty years, the NFA and the CFTC had no clue about the misappropriation of customer funds at PFG.

But, the NFA and the CFTC have had plenty of time, and manpower, for screwing around with leverage, FIFO, hedging, and offshore trading accounts in the retail forex market.

[Master Tang]

Evidently, PFG-Best (a.k.a. Peregrine Financial Grroup) has been a ponzi-scheme from the get-go. This guy,
Wasendorf Sr., is nothing more than a mini-Madoff. What a loser --- he couldn't even commit suicide successfully.

Anybody that really wants to, uses a method to insure success.

I'm sure there's a few willing parties out there that would charitably be more than helpful accomplices.

Me included...

[Clint]

Why is Corzine not in jail?

And, why has Gensler not been forced to resign?

Oh, now I remember! --- It's because they're both members of the Goldman Sachs Alumni Association.

That means they're part of the Ruling Class. And that makes them untouchable.

_____________

Wasendorf, Sr., is in jail. But, he's just some poor shlub who never worked for Goldman Sachs.

Sorry, Wasendorf, you don't get one of these:




_____________


There's a reason they call it Government Sachs.

_____________

[B2Spirit]

Surprised to see FXCM in the danger zone!

[modernmystery]

most of these brokers are barely living. while it's hard to spot fraud in falsified balance sheets, most sheets if you bother to check reveal break even or modest profits.

I would advise tightening up those strategies and keeping minimal amounts of capital with your broker.

Wire fees do discourage too much transferring activity but the fact remains the more of your
balance you keep in your trading account the more risk you assume.

And it's retail traders or retail amounts (say < £100,000) most at risk and also strategies incurring big margins to service positions.

Be careful folks.