So, I guess NFA will require $100k minimum to day trade futures from now on? This will be to protect the traders... from themselves of course...
I have a MANAGED trading account cleared through PFG. Thank god I did not give them more. Where do I start to see if my money exists. I am Canadian and I sure am getting sick and tired of hearing Americans cannot get their regulatory systems in order. Does anyone have any brains down there other than the criminals? You sure look like a bunch of dumb lazy fat clowns to me and the rest of the world one again. I expect to possibly lose some money investing but this is simply assinine and rediculous in 2012. You guys are hopeless. Yes I'm am pissed beyond belief. And you deserve it. And to the clowns on this thread that keep repeating that futures are risky. You need to do us all a favor and jump off a bridge right now for saying this. This is not about Futures trading losses you dummies. This is about incompetence and stupidity. Your country is going down the tubes without touching sides because of ignorance and lack of foresight. Calling a spade a spade. Wake up.
"In addition to PFGBEST.com, SFO, ... Wasendorf & Associates and Wasendorf & Son, Mr. Wasendorf is a partner in a real estate investment company headquartered in Romania" Do you think this RE Investment company in Romania may have something to do with where the $200 million went? http://investing.businessweek.com/r...&previousTitle=Peregrine Financial Group, Inc
Then don't place money with american broker or trade american markets, a*shole... You didn't do your due diligence. You don't understand how the business works. You want to play in our markets. So stfu.
If you had your account through their Canadian subsidiary it sounds like you'll be ok because those funds appear to be intact. If your account was opened though the US operation and your funds were held at U.S. Bank, it *sounds* like at least 50% loss and a bankruptcy claim is the only way to start getting some of that back. I totally agree with you about the American regulatory fucked up system. I read an article this morning on Reuters that the NFA was ASKING Wasendorf if it would be ok that they be "allowed" to start checking account balances electronically. Can you believe that, the regulator is asking the firm being audited if it would be ok to do more thorough examinations!!!Either this is a huge conspiracy or massive *massive* incompetence on the part of the regulators, no other explanation is possible. From Reuters: The scheme apparently began to unravel after the NFA began to press Wasendorf, who was an early advocate of electronic trading, to allow the regulator to confirm balances electronically and directly with the bank, rather than in a hard copy via mail, the person said. NFA "started getting suspicious. He was resisting this new way of confirming the balance," the source said. http://www.reuters.com/article/2012/07/10/us-broker-pfgbest-document-idUSBRE8691F520120710
Well, of course the National Fraudsters Association wants more of your money in their bank accounts. Why else would they ban the use of overseas brokers and lower the leverage offered. How long is this self-regulation fiasco going to be tolerated?
Sorry to hear about your troubles. But I suspect this wasn't about being "dumb" or "lazy". The problem here is the entire financial system is corrupt to the core, and that includes the regulators. Cronyism is rampant, and the foxes are guarding the henhouse. And yes, trust me when I tell you that many of us Americans are just as frustrated and pissed about it as you are. We don't know if our money is safe either. Unfortunately, all the politicians and bureaucrats are corrupt as well, so I suspect nothing is going to change until we get a true collapse and/or revolution. Strap in, it's not over yet.
Stop being an ignoramus. Far more American investors have gotten hurt in this than foreign ones. Should we Americans stop trading American markets as well? This has nothing to do with "due diligence", this isn't how "the business works". This was FRAUD that the regulatory entities were supposed to be on the job to prevent. No amount of private investor "due diligence" would have alerted you to the fact that the guy running the brokerage your money is with was forging documents and stealing money. So please shut up if you don't understand what actually happened here. Thank you.