PFGBEST accounts - LIQUIDATION ONLY - NFA Problems!

[Captain Jack]

In case you missed it or haven't heard, PFGBest moves to the top of the criminal list as the NFA shut them down today!

http://www.nfa.futures.org/BasicNet/Cas ... eqnum=3356

http://www.zerohedge.com/news/futures-b ... regularity

http://forexmagnates.com/nfa-publishes- ... e-missing/

CJ

[garyfritz]

My broker tells me that PFG was recently NFA-audited and their reserves were verified -- but now they're saying Wasendorf (PFG owner/founder) falsified bank records. Just freakin' lovely.

[MichaelM]

Update 3: Russ Wasendorf Sr., the founder and CEO of PFGBest, reportedly attempted to commit suicide this morning outside the corporate headquarters in rural Cedar Falls, company officials confirmed Monday afternoon.

I know what he did was bad, but very sad that he would try that.

[AZJeff]

Makes you wonder if any broker in the forex or other markets are really safe at this time. With all the stimulus, govt bailouts, bank bailouts who really knows if it is safe to trade currencies with forex brokers. At least some forex brokers in certain countries offer their clients better fund security. We poor Yanks are stuck with the brokers in this country. I for one will do a lot of reading as if PFG did this then what other brokers maybe doing it as well.

Regards,
Jeff

[AnotherBrian]

WTF? First I was with MF Global, and got my money back, now I switch to PFG and they blow up.
It's not the trading that's risky. its the f'n broker!!!
I'm pissed off.

What other brokers use commissions rather than charging by spread? I need to find out.

[garyfritz]

Tradestation charges no commissions, but in my comparisons they matched IB and beat PFG for spreads & fills. But of course they don't take Empty4.

Brian, let me know what crim you end up with, so I can go somewhere else....

[AnotherBrian]

Tradestation charges no commissions, but in my comparisons they matched IB and beat PFG for spreads & fills. But of course they don't take Empty4.

Brian, let me know what crim you end up with, so I can go somewhere else....

According to my conversation with Questrade they will have Empty4 up and running in August. They are out of Toronto Canada and are regulated by IIROC. As a Canadian this is great since it means I'm covered for up to 100K in each account and up to 1 million over all. It will probably take until that time to get my green out of PFG (f'ers). Not sure how that works for non-Candians, you could take a look at the IROC web site and see if you would be covered. My experience with MF Global (covered under IRIC for Canucks) was that I got my green back before USA and Aussie traders. Not sure if they are going with spread or commission, but I had a long talk with the guy thats working on the project.

http://www.iiroc.ca/Pages/default.aspx

I'll let you know if I find anything else of interest.

[Captain Jack]

Attain Capital has some updated information on PFGBust on their blog:

http://managed-futures-blog.attaincapital.com/feed/

CJ

[AnotherBrian]

Attain Capital has some updated information on PFGBust on their blog:

http://managed-futures-blog.attaincapital.com/feed/

CJ

Thanks for this link, they seem to have great up to date info. Fingers crossed and hoping, hope isn't supposed to be part of a trading plan. I'm pissed off, did I mention that?

[garyfritz]

Brian, sounds like you shouldn't have any problems:

http://www.theglobeandmail.com/globe-in ... le4402543/