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Like commonly shown in episodes of CNBC's American Greed, the ponzi perpretrator may not only be making wild massive losing bets, but making losing investments in other areas such as real estate or just plain siphoning money from the segregated accounts to fund his and his co-conspirators' lifestyle. Sr. had reportedly bought into a restaurant , some local factory, an incomplete industrial property under construction, and a private jet that cost at least $20 million. Probably there are also vacation homes, vehicles, yachts, maybe private land property and foreign bank accounts out there too. Plus the family and those inner circles' individual perks and trappings to maintain.
Can you help answer these questions from other members on NexusFi?
I wanted to share a different side to the PFG story, one about some of the cool people that worked there. PFG was pretty big on trader education and so recently they started offering 12-week introductory courses. They were free if you signed up in advance. You didn't need to have an account with them to participate (I didn't have one). They first offered Introduction to Futures, and then earlier this year added Intro to Forex and Intro to Options. Curt Wagaman taught Futures and Options and Steve Nurre taught Forex.
I signed up, a little skeptical at first, for the Forex class which started in March and finished a few weeks ago. It was very much like a college class. Two lectures a week, 90-120 minutes each, along with homework and exams, if you wanted the completion certificate afterwards. The focus really was on education. There was some PFG cheerleading of course, but no pressure. We even had guest lectures from Jimmy Young and Bob Iaccino.
Anyway, the summer Futures class was to start on July 10th, the day after the fraud was discovered. And the summer Forex class was going to start on the 17th. There was of course no class on the 10th as the instructors were out of jobs. But during the week both guys got together and then held an informational webinar on Friday.
As educators they didn't want to let their students down, so they decided to hold 5 week courses...for free. Futures is going to start on the 17th and Forex on the 24th. I was stunned that these guys would work for free like this. The core material should remain intact because you won't have any info about PFG and no midterm and final exam reviews.
The other reason for a 5 week course is because, as Steve Nurre said in the webinar, "I don't know where I'll be in 6 weeks..."
Thanks Mike, just wanted to get a little insight from you on what your thinking is.
Thanks,
Hector
PS: Great room by the way, I have learned a lot here. And I really like the way you are very
interactive with your members and how you police the site to make sure "Vendors" do not invade.