Huh? They run one of the largest FX bucketshops out there. LOL. http://www.pfgbest.com/services/forex/
Phil jumped ship to some no-name firm a month ago, must have known something was brewing. I'm embarrassed to say I was checking these guys out since they were advertising a competitive X_Trader pro monthly rate, fortunately I was too lazy to pick up the phone.
This failure imo is more serious that the mfglobal fiasco. Mfglobal, while heavily leverged and poorly run, appeared to be in compliance with segregated account rules right until the very end, when they tried to do some last minute transfers. PFG appears to have simply falsified bank records for years, no better than your standard ponzi scheme. Shocking for a firm that is a member of finra, sipc, nfa. The regulatory agencies have repeatedly shown no ability to catch fraud before it happens. I've said it before and I'll say it again. Unless your money is at a large institution that has implicit government support and is deemed "too big to fail", its vulnerable to loss.
No float and every Tom Dick and Harry want Rolls Royce service at 0.99 a round turn all in right ...the race to the bottom has ended and you win...the FCM took your money before you lost it.
http://www.zerohedge.com/news/pfgbe...the+survival+rate+for+everyone+drops+to+zero) Remember when the entire segregated account fiasco was supposedly fixed in the aftermath of the November 2011 MF Global bankruptcy, and where regulators: the CFTC, the SEC, the CME, and anyone you asked, swore up and down this would never happen again? Turns out that 7 months later, the spirit of MFG has struck again, only this time with one letter switched: it is now known as PFG, as we suggested first 3 hours ago when we broke the story. From the just filed affidavit by Lauren Brinati who is working with the National Futures Association, which in turn has just filed notice prohibiting PFGBest from operating further, and freezing all of its accounts: On or about June 29, 2012 PFG reported to NFA that it had approximately $400 million in segregated funds, of which more than $225 million were purportedly on deposit at U.S. Bank On or about July 9, 2012, NFA received information indicating that PFG's Chairman may have falsified bank records On July 9, 2012, NFA made inquiry with US Bank and learned that rather than the $225 million that PFG had reported as being on deposit at US Bank just days earlier, PFG had only approximately $5 million on deposit at U.S. Bank. Translation: another $220 million segregated account pillage has just taken place, in the vein of none other than Jon Corzine and MF Global. The money has now officially vaporized. It is truly wonderful of the NFA to finally get involved, after PFG's clients have lost about 98% of their cash held with the firm. In other potential news, a rather prominent New York bank, recently closely associated with marine wildlife, may have just cut its Q2 losses by up to $220 million. And now for a moment of sarcasm, courtesy of Jack Pearson. PFGBESTâs goal during MF Globalâs demise was to get MF Global customers their money back. fb.me/1tPLObJyL Is this our Jack Pearson?
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I found the tweet in PFGBest's twitter feed & found it ironic & sent it to them & someone there must've gotten a chuckle out of it because they put it in the article. https://twitter.com/pfgbest That youtube video link I posted a few pages back where it talks about a Character award they won was even better. ...in an irony sort of way. I'm surprised they didn't use that. note: I'm not laughing at the situation, far from it, I feel terrible for those with accounts there. I hope it all works out well for everyone involved. I have no account there. I saw the zerohedge initial article afterhours & was bored & dug around the net to see what I could find about them.
Does anyone see a link showing the number of customers they have? curious about how big a firm they are in the futures world. didn't they used to be at the traders expos?