XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
- | Commercial Member | Joined Dec 2010 | 1,135 Posts
No longer trading forex. Looking for full time job.
MBT or Pfgbest? 40 replies
how about the broker of Pfgbest? 1 reply
PFGBest - DEMO Server Down for You Too? 7 replies
DislikedHaven't been following the thread consistently, but has anyone stepped forward on here as client of theirs? There was hardly any PFG discussion on this forum prior to this, I wonder what portion of their overall business was retail FX. As a non-RFED FCM, I was always curious how they were taking on retail FX clients in the first place..Ignored
Dislikedsounds like Wasendorf woke up - he has been arrested and is due to appear in court.
http://www.businessinsider.com/ceo-o...rrested-2012-7Ignored
Dislikedthis guy admits his fraud started 20 years ago, WTF, another BERNIE.Ignored
Dislikedthis guy admits his fraud started 20 years ago, WTF, another BERNIE.Ignored
QuoteDisliked......
'WITHOUT QUESTION'
The federal complaint alleges that, from 2010 through July of 2012, Wasendorf made false statements to the U.S. Commodity Futures Trading Commission regarding the value of customer segregated funds held by Wasendorf's Iowa-based company.
But Wasendorf in the statement said the forgeries started "nearly twenty years ago," suggesting he was fooling regulators from the very beginning. Peregrine was first registered as a futures brokerage in 1992, according to its website.
The deceit evolved with the world, and...
DislikedReally, is it any surprise, at all, that the federal regulators failed at their jobs, again? How can it be, to anyone? They are constantly being vilified and de-funded by the Republican party, if it were up to them they'd have no regulation at all and are proud of saying so! Let's face it, multi-million dollar corporations cannot and/or will not regulate themselves, duh. Like it or not it takes governmental regulations that have TEETH to make these corporations do the right thing which is to provide a safe and reliable trading service for their...Ignored
DislikedReally, is it any surprise, at all, that the federal regulators failed at their jobs, again? How can it be, to anyone? They are constantly being vilified and de-funded by the Republican party, if it were up to them they'd have no regulation at all and are proud of saying so! Let's face it, multi-million dollar corporations cannot and/or will not regulate themselves, duh. Like it or not it takes governmental regulations that have TEETH to make these corporations do the right thing which is to provide a safe and reliable trading service for their...Ignored
DislikedYeah he was quoted as saying he couldn't get loans or something and this is the reason he stole from customer accounts?
He didn't need an $24 million dollar swanky office building in the middle of nowhere... nor did he need to live in a swanky home with his own private jet.
I hope he lives to be 100 and is among the lower 25% the rest of his life. He is clearly the biggest rat bastard we have seen since Madoff and Stanford.
I think Gary Busey might be a prime candidate to play him the movie. They could donate the proceeds to those...Ignored
DislikedReally, is it any surprise, at all, that the federal regulators failed at their jobs, again? How can it be, to anyone? They are constantly being vilified and de-funded by the Republican party, if it were up to them they'd have no regulation at all and are proud of saying so! Let's face it, multi-million dollar corporations cannot and/or will not regulate themselves, duh. Like it or not it takes governmental regulations that have TEETH to make these corporations do the right thing which is to provide a safe and reliable trading service for their...Ignored
DislikedI think you’re missing the point. I don’t want to argue politics with you or argue with you at all but you have to understand this isn’t a funding issue at all. This is an incompetency issue and a failure to regulate and prioritized the correct things. They have had two brokerages run Ponzi schemes right under their noses that cost investors billions of dollars while in the meantime hand cuffed the Forex world for their own financial benefit. Why do you think they are spending their time and their money going around the world making sure that all non-nfa brokers can’t accept U.S clients? It's because they are planning to start charging a fee per trade to forex traders to fatten their own pockets. And if a U.S client could just move their account to a non-NFA broker to avoid these fees they would. They are too busy working on schemes like this then to spend their time or resources finding the bad guys. By the way have you ever looked at the yearly fees that the NFA charges to FDM,FCM, and CTA's etc.? Have you seen some of the fines that they have received? FXCM was fined 10 million dollars a lone last year.Ignored
DislikedHow come the CFTC were super efficient when it came to chasing all over the world after any non-NFA brokers that dared to have a single US client, but when it comes to simple checks on NFA members, they don't have the resources? They just trust them to regulate themselves.Ignored
Disliked[size=3][font=Calibri]I think you’re missing the point. I don’t want to argue politics with you or argue with you at all but you have to understand this isn’t a funding issue at all. This is an incompetency issue and a failure to regulate and prioritized the correct things. They have had two brokerages run Ponzi schemes right under their noses that cost investors billions of dollars while in the meantime hand cuffed the Forex world for their own financial benefit. Why do you think they are spending their time and their money going around the world...Ignored
DislikedIn the beginning before most of this fanfare with the brokers MF Global & PFGBest the primary reason for regulation was to stop scams and protect the investor or so they said.
The biggest stipulation was amound of money you needed to even think of becoming a broker. This was passed down from the NFA long before the CFTC was given jurisdiction over the spot FX market. It's insane to pass down such a ruling and then not fully check the funds that are supposed to be in an account.
One could argue that MF Global & PFGBest were for the most part...Ignored
Dislikedinteresting. I'm thinking it's more of a control the money flow thing.Ignored
DislikedI find amazing that people still believe that regulators are there to seek peoples best interest.
Regulations are created to give the big boys an edge. The Dodd-Frank reform was created so Barney Frank and his little friends could profit from the loopholes.
Since the beginning of humanity the ones on power take advantage of it so why it would be different now?Ignored