http://www.cftc.gov/PressRoom/PressReleases/pr6714-13 The problem with segregation of customers funds was uncovered in June 2009. Civil penalties are only now being levied, along with a cease and desist order more than FOUR YEARS after the offense. Can't say I'm brimming with confidence in the CFTC.
The guy with the Greek last name posted that on Twitter a few days ago (he's the guy heading the MF Global customer coalition). I read the whole complaint and it's astounding how long Vision was aware of, and ignored, the crap the IB/CTA was dishing out to its clients. Also, some of the option-selling programs that were used to reel in clients had a whopping $100K under management before they said "lookie here, we doubled the account, sign up now and you can get rich too."
The CFTC fined RJO the same day with a similar violation http://www.cftc.gov/PressRoom/PressReleases/pr6715-13 FC Stone this year was fined 1.5 mil http://www.cftc.gov/PressRoom/PressReleases/pr6594-13 I think post PFG and MF this would be a rutine for the regs.
It appears that "Vision Financial" is heading towards some "Serious Trouble" : http://www.nfa.futures.org/basicnet/Case.aspx?entityid=0208888&case=13BCC00018&contrib=NFA http://www.nfa.futures.org/basicnet/Case.aspx?entityid=0331001&case=13BCC00017&contrib=NFA
When I read the details of the complaint against VFM, all I can say is I'm really glad I closed my account there last year. No integrity whatsoever.
Can anyone please explain to me in laymans terms exactly how serious this is and should I be considering moving my funds away from them?