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Hopefully people reading this thread now realize that records can be faked, financial reports can be misleading, etc. I think there are a couple of lessons here (at least that I have followed since MFG):
1. Have multiple accounts through different clearing firms.
2. Put as little as possible in each acct - tell yourself you'll be OK if any one account suddenly vaporizes.
3. You could also wire money in and out every day/week/month, to not leave extra idle funds sitting around in a futures brokerage.
The net effect of doing this will still leave you open to an industry collapse, which I guess could happen. It also will effectively deleverage you (not necessarily a bad thing), since you won't be using margin optimally.
I'm guessing this debacle will lead to SIPC style insurance for futures accounts. A year ago I would have thought that idea was crazy. But after MFG and now PFG, it makes total sense.
Agreed, but I bet it still causes much grief to get your money back, unless somehow the wire transfers are being returned automatically (receiving account closed?)
From: Nicholas Wittenburg
Sent: Monday, July 02, 2012 3:21 PM
To: xxx
Subject: PFGBEST Account
Dear xxx
Thank you for your relationship with PFGBEST. I was hoping to follow up with you in regards to your old account with us. I wanted to see how everything was going and to see if you were still trading futures. If you are I was hoping that you would consider coming back to PFGBEST. If you could please let me know.
Just did a search on futures.io (formerly BMT)'s user database.
Well over 100 futures.io (formerly BMT) users have declared PFG as their broker. And this is a rarely used field (non-required field), so the actual number is going to be many, many times higher.