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Having spent a whole day in 2011 talking with many of the leaders of PFGBest (not including Russ Sr., but I did spend time with Russ Jr.), I really hope Russ Sr. was the only one involved.
Otherwise my faith in my fellow man, and my ability to sniff out fraudsters, has just taken a major hit.
Yes, I had an account there. In my mind, I have already written it off.
It does make me wonder if I am in the right business, though. Losing money from bad trading - I can handle. Losing because of crooked brokers - irks me.
i am a small time trader. i recently moved funds to pfg.
why are most considering lost money? isn't SPIC going to do anything? then why is it even there?
or isn't PFG not even member of SPIC?
i see this on the member database on SPIC's website
BEST DIRECT SECURITIES LLC
BEST DIRECT SECURITIES LLC ONE PEREGRINE WAY CEDAR FALLS IA 50613
Did you have a futures account at PFGBest? SIPC protection does not apply to futures accounts.
Futures accounts are supposed to be customer segregated accounts - meaning your money is accounted for separately than the rest of the business.
The problem with PFGBest is that it looks like they said customer segregated funds were there, when they were not. In other words, people with PFGBest futures accounts are in for an ugly time.
edit: Maybe I am being pessimistic by assuming all my money is gone. But, I just talked with a fellow PFGBest account holder, who is still about 45% of his MFG acct from last October!
"Successful trading is one long journey, not a destination" Peter Borish Former Head of Research for Paul Tudor Jones speaking on conversations with John F. Carter