From http://www.futuresmag.com/2012/10/11/vision-to-take-over-pfg-accounts Well, Vision was the high bidder, probably for good reasons even apart from the fact that they may be restricted in otherwise taking on new IB's. But remember, you will be able to choose to wire your funds right out of Vision to another broker, if you wish. That is what I will do.
In yesterday's hearing on Drohan Lee LLP's motion on behalf of PFG's retail forex customers Judge Carol Doyle advised the plaintiffs to file an "adversary" suit against the Trustee to force him to return the funds of PFG's forex customers. http://www.law360.com/articles/385989/peregrine-forex-metals-clients-to-sue-over-funds-atty-says That is exactly what they are about to do. Futures Magazine has a good article regarding the new motion: http://www.futuresmag.com/2012/10/11/pfg-forex-metals-customers-want-justice A victory for Drohan Lee would indeed be a huge precedent for all retail forex traders in the United States, and a welcome one at that. However, the precedent may not be to the liking of many in the futures industry. This quote from John Roe of the Commodity Customer Coalition is very telling: If FX customer assets are no more than a backstop for futures customers in the event of bankruptcy then retail forex traders need to think long and hard before opening an account with a FCM whose primary business is futures. That is what is at stake in the adversary suit that is about to be filed.
Forex is a CASH market and is designed for banks to exchange currencies. Forex does not have stand alone exchange like cme, nyse, nasdaq, eurex, etc etc, therefore, the forex was never designed for small traders, which is why forex is not regulated until 5 so yrs ago. Many or shall i say 99% of small traders do not understand how and why foreign exchanges exist hundred years ago. It was never intended for small traders to trade in the cash market. to solved this mess, the u.s gov should BANNED small traders trading in the forex. Banned them and only allow small traders to trade currency futures Banks are getting too big by allowing small traders to trade in the cash market (risky) for big bonus. the slippage/pip spread banks making from small traders are guarantee profit. Churn and burn small traders is their motto for big bonus check
See http://www.visionfinancialmarkets.com/pfgtransfer/ BUT they will be postal-mailing out statements on Tuesday and you cannot submit the form until you get it in the mail. They are charging $25 handling plus $25 wire transfer fee to wire to another broker. That's way too much in my opinion. IB charges nothing for a wire transfer out and my bank charges only $15. I see that Vision is earning back via these fees a good portion of what it paid the trustee for these accounts.
Yeah, well they did bid $240K for all the accounts so I guess I'm cutting them some slack in the relatively larger charges for transfers and such. I'm going to stick with them for now, add some more funds for trading and get the $50 trading credit they're offering. After that, I'll get my Genesis Trade navigator set up for trading with Vision through my charts, Having been through MFG, a brief stop at RJO and then destroyed at PFG, I'm starting to grow tired of filling out forms, I'm really looking to get some closure and get back to trading.
That Dorffu%k makes me so angry. I wish it didn't...........I hate to say that I want to take a swing at his !@#$@!@# face. Hopefully the DA is not stupid enough to put him in a clean city jail. County is where he belongs. I had no accounts with PFG, but almost did. Maybe the Muslims have it right with their executions.........
They are still under suspension from expanding through introducing brokers: http://www.cftclaw.com/2011/05/nfa-fines-vision-financial-markets-halfmillion/ Also they are low-rated by the independent rating services.