Here we go again — PFGBest missing $220 million customer segregated funds, says NFA
It looks like MF-Global all over again, this time with the founder and chairman of the brokerage attempting suicide.
MFG Global, PFGBest in less than a year,… who is next? Isn’t NFA and CTFC job to prevent this kind of fraud? :mad:
I have an account with them and I feel sick to my stomach. I guess the CFTC was too busy discussing lowering leverage instead. They are just another worthless government entity.
Any suggestions for an honest ECN broker in the US?
Take a look at MB Trading. They have an excellent reputation.
There really [B]is not[/B] (and never has been) such a thing as “an ECN broker”.
There are brokers, and there are ECN’s (electronic communications networks). Some brokers (such as MB Trading) transmit forex orders directly to an ECN, where they are transacted. But, [B]the broker is not an ECN.[/B]
Study MB Trading’s discussion of their account types, and the particular terminology they use to describe their accounts.
And pay special attention to this paragraph:
A note about EXN:
Electronic Xrossing Network (EXN) is a new term to MB Trading FX, however, we have been using this technology all along. Nothing has changed, other than the name. We still provide you with the same transparent trading and excellent execution. The new name more accurately reflects your ability to cross orders with others on our proprietary network. [B]Additionally, the NFA has changed its definition of a Forex ECN such that brokerages that accept retail customers cannot be deemed an ECN.[/B]
(I [B]bolded[/B] the last sentence, to call your attention to it.)
No one wants regulation, yet regulation protects people from crap like this.
Thank you for your reply. I really appreciate it. Btw, what broker(s) do you use?
Doesn’t look like their protection worked does it?
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…
MFG Global, then PFGBest… and next??
Check your broker here, is on the top or the bottom??
Say it aint so man say it aint so. My broker is toward the bottom. 21st from the bottom (FX Solutions). The company I would go back didnt even make the list GFT. However my other broker I trade stocks with is at the top (or close to it) TD Ameratrade
Agreed, but that doesn’t constitute no regulation at all.
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.
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??? 
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.
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
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 [B]no clue[/B] about the misappropriation of customer funds at PFG.
But, the NFA and the CFTC have had [B]plenty of time, and manpower,[/B] for screwing around with leverage, FIFO, hedging, and offshore trading accounts in the retail forex market.
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…
Why is Corzine [B][U]not[/U] [/B]in jail?
And, why has Gensler [B][U]not[/U][/B] 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:
[B]There’s a reason they call it Government Sachs.[/B]
Surprised to see FXCM in the danger zone!
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.