Update: PFG Is Now MFG(lobal) Part 2 As $220 Million In Segregated Client Money Has Just Vaporized
PFG Best has had all of their funds put on hold due to “some accounting irregularities”. See the announcement below dated July 9, 2012. From their site:
PFGBEST Services
As a firm committed to sustainable investing, we provide expertise in handling a variety of services across asset classes. Choose from futures, forex, options, managed accounts or systems trading, and we will work with you to create your account so that you are able to trade or invest in multiple asset classes from one single PFGBEST account.
Whether this is the third of many brokerage firms and banks (after MF Global and JP Morgan) to be caught in the Euro crisis speculation will be known shortly. The bigger story that will break at any time is the outright theft of gold being held by these institutions which has been sold to other countries without the customers’ knowledge. You cannot CNTL P gold like Bernanke is printing dollars with the US Treasury.
David DeGerolamo
Futures Brokerage PFG Best Freezes Accounts Following Discovery Of Accounting Irregularity
Monday, July 9, 2012
Due to a recent emergency involving Russell R. Wasendorf, Sr., a suicide attempt, some accounting irregularities are being investigated regarding company accounts. PFGBEST is wholly owned by Mr. Wasendorf. Therefore, the NFA and other officials have put all funds on hold, and PFGBEST is in liquidation-only status with our clearing FCM. What this means is no customers are able to trade except to liquidate positions. Until further notice, PFGBEST is not authorized to release any funds. We will update you as any new procedures are stipulated and with any further information as it becomes available.
From Zerohedge:
PFGBEST’s Leadership
Russell R. Wasendorf, Sr.
Chairman and Chief Executive Officer of PFGBEST
PFGBEST, the brand that evolved from Peregrine Financial Group, Inc., was incorporated in 1990 and has grown to become one of the largest U.S. non-clearing futures brokerage firms.
PFGBEST has a presence in the world’s major financial centers, plus a network of more than 700 branches, introducing brokers, foreign introducing brokers and Commodity Trading Advisors (CTAs) serving customers in 80 countries. The company is an industry leader in technology innovations to benefit online traders and investors. It has multiple proprietary online trading platforms that have been spun off of the original BESTDirect Online Trading system, which was one of the very first to deliver customer orders directly into the Globex trading engine of the Chicago Mercantile Exchange, in 1998.
Throughout the 1980s, and 1990s, Russell R. Wasendorf, Sr. invested in technological capabilities to create the BESTDirect Online Trading platform, well before other brokerage firms were engaged in this science.
Today, the BESTDirect Online Trading platform continues to be known for its efficiency and reliability, making futures and forex markets more transparent and more easily accessible for all participants. PFGBEST has grown to be a liquidity provider that is completely unbiased and diversified to accommodate trading strategies across a variety of asset classes, including futures, forex, options, securities and precious metals.
PFGBEST has a leading position in online futures, forex and options; retail brokerage; forex services for individual and institutional clients; managed accounts; demand-inspired new technologies and investor education.
Russell also founded SFO – Stocks, Futures and Options, the Official Advocate for Personal Investors – in 2001. The magazine became one of the most widely-distributed monthly publication specializing in these investments, and today it is completely digital.
