Dark Theme
Light Theme
Trading Articles
Article Categories
Article Tools
Welcome to NexusFi: the best trading community on the planet, with over 150,000 members Sign Up Now for Free
Genuine reviews from real traders, not fake reviews from stealth vendors
Quality education from leading professional traders
We are a friendly, helpful, and positive community
We do not tolerate rude behavior, trolling, or vendors advertising in posts
We are here to help, just let us know what you need
You'll need to
register in order to view the content of the threads and start contributing to our community.
It's free for basic access, or support us by becoming an Elite Member -- see if you qualify for a discount below.
-- Big Mike, Site Administrator
(If you already have an account, login at the top of the page)
PFGBest Accounts Frozen (PFG scandal big thread)
Updated April 6, 2016
Top Posters
looks_one
Big Mike
with 94 posts (100 thanks)
looks_two
olobay
with 91 posts (76 thanks)
looks_3
nakachalet
with 73 posts (22 thanks)
looks_4
ThatManFromTexas
with 57 posts (54 thanks)
Best Posters
looks_one
djkiwi
with 1.7 thanks per post
looks_two
Big Mike
with 1.1 thanks per post
looks_3
ThatManFromTexas
with 0.9 thanks per post
looks_4
olobay
with 0.8 thanks per post
trending_up
282,306 views
thumb_up
588 thanks given
group
66 followers
forum
859 posts
attach_file
81 attachments
PFGBest Accounts Frozen (PFG scandal big thread)
July 9th, 2012, 08:04 PM
Missouri
Experience: Intermediate
Platform: NinjaTrader
Broker: AMP
Trading: ES
Posts: 77 since Apr 2010
Thanks Given: 169
Thanks Received: 34
mrmuggins
I also got that e-mail from them back in Nov 2011 - here is what it said -
November 1, 2011
Dear PFGBEST customers:
In the wake of MF Global Holdings Ltd. filing for Chapter 11 protection yesterday, and continuing investigation into whether and how MF Global failed to keep clients' collateral separate from its own accounts, I would like to reaffirm the absolute dedication of PFGBEST to protect you and your PFGBEST accounts.
PFGBEST is not only customer-centric, but compliance-focused. We consider it a privilege to conduct business with you and to be an advocate for you. We abide by all regulations mandated by the CFTC and the rules of
NFA to hold customer funds in segregated accounts that are always separate from operational funds. PFGBEST reports daily and monthly to the regulators concerning customer segregated funds. An independent, certified audit is conducted annually in addition to periodic, regular audits by NFA and information requests from the CFTC and exchange representatives.
It is our policy to keep extra funds on deposit in our customer segregation accounts to protect you.
PFGBEST has significant excess capital. Currently, PFGBEST holds 169% of the net capital required by the CFTC and NFA. All PFGBEST capital is held in cash or U.S. Treasury bills. PFGBEST does not use subordinated debt as capital.
PFGBEST has no customer accounts with MF Global, and it is not a counterparty for PFGBEST.
PFGBEST does not do proprietary trading; the only trading done by PFGBEST is in specific instances by emerging
CTAs that PFGBEST allocates funds to (always less than $100k) so that they can become "products" that the PFGBEST Managed Futures Division can then offer to customers. The total amount of funds currently allocated is less than $400k.
PFGBEST is in communication with regulators and exchanges to assist in any way with solutions for the MF Global customers impacted by recent events.
Thank you.
Russ Wasendorf, Jr.
President and Chief Operating Officer
I received a similar email from RCG. This is f'n crazy!
Can you help answer these questions from other members on NexusFi?
Best Threads (Most Thanked) in the last 7 days on NexusFi
July 9th, 2012, 08:08 PM
virginia
Experience: Intermediate
Platform: ninja
Trading: NQ
Posts: 6,098 since Jun 2009
Thanks Given: 877
Thanks Received: 8,090
I think I can safely delete these emails.
July 9th, 2012, 08:12 PM
San Diego, CA USA
Experience: Intermediate
Platform: NinjaTrader
Trading: ES
Posts: 3,630 since May 2011
Thanks Given: 584
Thanks Received: 881
I check these every once and a while to see what's doing and if there is something fishy I ask about it
but who knows what's real... they all seem to be dwindling over time
CFTC-Registered Firms? Excess Net Capital for April - Bloomberg
"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
July 9th, 2012, 08:25 PM
Las Vegas, NV
Legendary Market Wizard
Experience: Advanced
Platform: Abacus, Slide Rule, HP-65
Trading: Futures, Stocks, Options
Posts: 3,628 since Aug 2010
Thanks Given: 1,071
Thanks Received: 6,004
cory
I think I can safely delete these emails.
Funny, I was watching one of Gary's archived webinars on Wyckoff method on PFG website the other night.
July 9th, 2012, 08:31 PM
Mercer Island WA
Experience: Advanced
Platform: Ninjatrader/Strategy Desk
Broker: Various
Trading: TF/NQ/ES/Stocks
Posts: 561 since May 2010
Thanks Given: 981
Thanks Received: 1,558
TradeFlightPlan
this is the email that was sent to customers:
“PFGBEST is wholly owned by Mr. Wasendorf. ”
Guys, this is a classic example of why you should understand the ownership structure and insurance protections of the firm you place your funds. Personally I have very little trust in any futures broker and my overall impression of them as ethical business entities is very low. I'd be particularly leery of single owner based firms.
I'm most comfortable with IB given they are publicly listed, I can review their annual report and at least there is a share price to see signs of trouble. It's not perfect but better than most private firms where you have little idea of their financial condition.
I also have concerns about IB as well. Concerns outlined in this thread and post and these should be concerns with any broker in my opinion.
https://nexusfi.com/brokers-data-feeds/20736-interactive-brokers-bad-5.html#post237893
We also saw in the case with MF Global segregation rules were pretty much ignored. I read an alarming article awhile ago how Merrill lynch was trying to co-mingle some "dirty laundry" into some BAC FDIC insured customer accounts. See article below...
https://www.bloomberg.com/news/2011-10-18/bofa-said-to-split-regulators-over-moving-merrill-derivatives-to-bank-unit.html
Cheers
DJ
July 9th, 2012, 08:39 PM
Posts: 692 since Jun 2009
Thanks Given: 436
Thanks Received: 465
djkiwi
I'm most comfortable with IB given they are publicly listed, I can review their annual report and at least there is a share price to see signs of trouble. It's not perfect but better than most private firms where you have little idea of their financial positions.
DJ
MFGlobal was publicly listed.
Just sayin
Math. A gateway drug to reality.
July 9th, 2012, 08:41 PM
Manta, Ecuador
Site Administrator Developer Swing Trader
Experience: Advanced
Platform: Custom solution
Broker: IBKR
Trading: Stocks & Futures
Frequency: Every few days
Duration: Weeks
Posts: 50,499 since Jun 2009
Thanks Given: 33,264
Thanks Received: 101,715
July 9th, 2012, 08:57 PM
Las Vegas, NV
Legendary Market Wizard
Experience: Advanced
Platform: Abacus, Slide Rule, HP-65
Trading: Futures, Stocks, Options
Posts: 3,628 since Aug 2010
Thanks Given: 1,071
Thanks Received: 6,004
July 9th, 2012, 09:13 PM
New York
Experience: Intermediate
Platform: Sierra Charts, TOS
Trading: E-mini S&P 500
Posts: 751 since Aug 2010
Thanks Given: 447
Thanks Received: 437
GridKing
Velocity Futures assets have dropped from $678,123 to $91,003 which raises an eyebrow for me.
Edit: After further review, I mistakenly misread the columns backwards and Velocities assets have increased based on the article read.
July 9th, 2012, 09:21 PM
las vegas
Experience: Intermediate
Platform: Sierra Chart
Broker: Velocity/IB
Trading: 6E
Posts: 1,145 since Feb 2010
Thanks Given: 304
Thanks Received: 844
itrade2win
Velocity Futures assets have dropped from $678,123 to $91,003 which raises an eyebrow for me.
The header is missing, but it looks like what you are showing is increasing.
Last Updated on April 6, 2016