PFG - did something bad happen????

Discussion in 'Retail Brokers' started by Preston Forbes, Jul 9, 2012.

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  1. Just now I heard people are getting liquidation only allowance and a huge loss happened there...something about a fund manager stealing client funds 25 million?
  2. PFGBEST Broker Notice: July 9, 2012
    Due to a recent emergency involving Russell R. Wasendorf, Sr., a suicide attempt, some accounting irregularities are being investigated regarding company accounts. PFGBEST is wholly owned by Mr. Wasendorf. Therefore, the NFA and other officials have put all funds on hold, and PFGBEST is in liquidation-only status with our clearing FCM. What this means is no customers are able to trade except to liquidate positions. Until further notice, PFGBEST is not authorized to release any funds. We will update you as any new procedures are stipulated and with any further information as it becomes available.
  3. i was 2 hours away from funding my account before i got an email from them... bullet dodged
  4. In a Member Responsibility Action, released Monday afternoon, NFA alleges that PFGBest’s reported customer funds deposited at U.S. Bank did not match the amounts NFA found when NFA contacted the bank Monday. On June 29, 2012, PFGBest reported to the NFA that they had nearly $400 million in customer funds, of which approximately $225 million was purportedly deposited at U.S. Bank. The actual funds found in the account were approximately $5 million.

    Furthermore, the NFA alleges that in contrast to purported bank confirmations submitted to the NFA that sought to confirm U.S. Bank balances as of February 2010 and March 2011, reported balances of approximately $207 million and $218 million, respectively, were actually less than $10 million for each of these months.

    NFA says in the MRA that PFGBest was unable to demonstrate to the NFA that it had sufficient capital to meet its minimum adjusted net capital requirements or segregated funds to meet its obligations to customers.

    As more information becomes available, we will update this report on the blog here:
  5. ocean5


    Are there any european futures broker,offering MultiCharts and NinjaTrader platforms?
  6. Joe


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