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US broker PFGBest freezes funds after founder's suicide attempt

  • #121
  • Jul 13, 2012 10:54am Jul 13, 2012 10:54am
Spoke with them a bunch, something to sort of clueless and outdated about the fellow who was trying to get me to open I said f- this....

I know more than this guy does about FX!!


In any case this is sad and I offer my condolences to anyone who may lose money with them.

--------------------All you can do is start over--------------------

I spread between 3 brokers at current.
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #122
  • Jul 13, 2012 11:22am Jul 13, 2012 11:22am
Inserted Video
No longer trading forex. Looking for full time job.
  • #123
  • Jul 13, 2012 12:56pm Jul 13, 2012 12:56pm
sounds like Wasendorf woke up - he has been arrested and is due to appear in court.

http://www.businessinsider.com/ceo-o...rrested-2012-7
BarrySDCA Commercial Network Services
  • #124
  • Jul 13, 2012 1:10pm Jul 13, 2012 1:10pm
Apparently the nfa communicated with a PO box actually owned by Wasendorf to confirm balances, while they thought they were communicting with the bank. And Wasendorf sent them faked statements. How TF is this even possible..
  • #125
  • Jul 13, 2012 1:26pm Jul 13, 2012 1:26pm
Haven'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..
  • #126
  • Jul 13, 2012 2:38pm Jul 13, 2012 2:38pm
http://online.wsj.com/article/SB1000...Tabs%3Darticle

Wall Street Journal article with attached criminal complaint and forged bank documents along with NFA correspondence
  • #127
  • Jul 13, 2012 3:07pm Jul 13, 2012 3:07pm
Quoting Trader KGB
Haven'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..
that had a little over 2,000 clients with about 38 mill in forex customers funds
  • #128
  • Jul 13, 2012 3:13pm Jul 13, 2012 3:13pm
Quoting BarrySDCA
sounds like Wasendorf woke up - he has been arrested and is due to appear in court.

http://www.businessinsider.com/ceo-o...rrested-2012-7
this guy admits his fraud started 20 years ago, WTF, another BERNIE.
  • #129
  • Jul 13, 2012 11:17pm Jul 13, 2012 11:17pm
Quoting PoundTrader
this guy admits his fraud started 20 years ago, WTF, another BERNIE.

Yeah 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 that come up on the short end of the stick.
  • #130
  • Edited Jul 14, 2012 12:51am Jul 13, 2012 11:53pm | Edited Jul 14, 2012 12:51am
Quoting PoundTrader
this guy admits his fraud started 20 years ago, WTF, another BERNIE.
yes, reuters also updates:
Quote
......
'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...


Quoting mmaker
http://www.youtube.com/watch?v=4Y7Gj...=youtu.be&t=1s
Thanks for this video. Well done on the part of CapitalAccount for having the courage to report some straight-forward information.
Measure trends automatically with zero lag
  • #131
  • Jul 14, 2012 1:33am Jul 14, 2012 1:33am
Really, 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 customers.
  • #132
  • Jul 14, 2012 5:01am Jul 14, 2012 5:01am
Quoting LEXngton
Really, 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...
How 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.
  • #133
  • Jul 14, 2012 5:55am Jul 14, 2012 5:55am
Quoting LEXngton
Really, 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...
  • #134
  • Jul 14, 2012 9:20am Jul 14, 2012 9:20am
Quoting pip_seeker
Yeah 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...
yeah he did say he coundn't get loan, this might be true when he 1st stared the company, but 20yrs later you still can't get a loan
  • #135
  • Jul 14, 2012 3:06pm Jul 14, 2012 3:06pm
Quoting LEXngton
Really, 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...


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 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.
  • #136
  • Edited Jul 15, 2012 3:21am Jul 14, 2012 3:14pm | Edited Jul 15, 2012 3:21am
Quoting DesertSky
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 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.
Wake up people.


I totally feel for the people who were caught up in this. I would be at a total loss of words if I were in your situation. And, no words I could say could even come close to saying: I know how you feel.

It’s just that, he/she does have a valid and solid point.

After (when people forget), next... Its business as usual. yeah right… Quite sad actually.
Fuck Forex Factory.Wake up people.
  • #137
  • Edited 6:25am Jul 15, 2012 6:01am | Edited 6:25am
Quoting euclid
How 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.
Quoting DesertSky
[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...
interesting. I'm thinking it's more of a control the money flow thing. CFTC spent a considerable amount of resources suing/spooking companies that are not even in their jurisdiction. Desperate measures like that usually have larger economic implications that they are not discussing publicly.

Sure, they may have found a few persons that have been running ponzi schemes, but that's a side job. The primary job is proper oversight of those [brokerages] already in your jurisdiction.
Measure trends automatically with zero lag
  • #138
  • Jul 15, 2012 8:50am Jul 15, 2012 8:50am
In 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 Futures Brokers supposedly highly regulated. If PFGBest operated for 20yrs playing this cat & mouse game of doctoring the bank records, it clearly shows the CFTC has never done their job appropriately.

It also shows that all the rules they forced on the US in regards to hedging, fifo and reduced leverage has done little of what they suggested it would do.

All of which I and countless others protested against from day one... in fact the most comments the CFTC has ever received for any type of rule implementation ever. Here we are a few years later and the majority of the problems that plague this industry are being discovered well after the damage has been done.
  • #139
  • Jul 15, 2012 10:09am Jul 15, 2012 10:09am
Quoting pip_seeker
In 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...

I 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?
  • #140
  • Edited 12:39pm Jul 15, 2012 10:18am | Edited 12:39pm
Quoting ybfjax
interesting. I'm thinking it's more of a control the money flow thing.
Quoting QuadrupleX
I 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?
Exactly.

Here are some very good documentaries about "the Big boys".

http://www.forexfactory.com/showthre...66#post5789466 #1200

And it all branches out from there.

Enjoy!
Fuck Forex Factory.Wake up people.
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