US broker PFGBest freezes funds after founder's suicide attempt | Page 8 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

MBT or Pfgbest? 40 replies

how about the broker of Pfgbest? 1 reply

PFGBest - DEMO Server Down for You Too? 7 replies

IkonFX Viking Trader or Pfgbest Viking Trader? 2 replies

New problems with broker, requotes and freezes 0 replies

US broker PFGBest freezes funds after founder's suicide attempt

  • #141
  • Jul 15, 2012 10:23am Jul 15, 2012 10:23am
Why the clients registered with them are not protected under "something" like FDIC? And it makes me wonder why Canada clients' funds are always protected and insured like previously happened to MF Global and now PFG?

cheers
  • #142
  • Jul 15, 2012 10:24am Jul 15, 2012 10:24am
Quoting zam4ever
Why the clients registered with them are not protected under "something" like FDIC? And it makes me wonder why Canada clients' funds are always protected and insured like previously happened to MF Global and now PFG?

cheers
yep, canada protect there own, we here in the u.s. are stuck on stupid.
  • #143
  • Jul 15, 2012 10:42am Jul 15, 2012 10:42am
Quoting ramy3
Here are some very good documentaries about the "Big boys".

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

Enjoy!
  • #144
  • Jul 15, 2012 12:31pm Jul 15, 2012 12:31pm
Quoting ramy3
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!
Thanks for the link Ramy but this video has being around for so long that there is hardly nothing new there to see.

Since the "Money Changers" documentary, Bill Still has changed in a sort of a caricature of himself. In his more recent documentary "The Secret of Oz" he contradicts some key points of his first documentary.

His arguments as a presidential candidate are based on lame basis. I believe he became senile.
  • #145
  • Edited 1:37pm Jul 15, 2012 12:45pm | Edited 1:37pm
Quoting QuadrupleX
Thanks for the link Ramy but this video has being around for so long that there is hardly nothing new there to see.

Since the "Money Changers" documentary, Bill Still has changed in a sort of a caricature of himself. In his more recent documentary "The Secret of Oz" he contradicts some key points of his first documentary.

His arguments as a presidential candidate are based on lame basis. I believe he became senile.
Did you watch the others?

But yeah, this one has been around for a while and Bill Still may have changed since and may have contradicted some key points later on. It does not mean that most of it's content is not valid... Will watch "The secret of OZ".

Thks

Edit: Watching now.
Fuck Forex Factory.Wake up people.
  • #146
  • Jul 15, 2012 1:13pm Jul 15, 2012 1:13pm
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...
Agree that the regulators let everyone down this time which shouldn't have happened but my point is that they are not given the needed powers they should have to do their job effectively. Those powers are given by our Congress and sadly one major party of that institution constantly decries and de-funds the use of regulatory bodies, cutting staff and enforcement powers. And please, FXCM were cheating their customers and were caught so rightfully they had to re-pay the theft and pay a fine on top like we all would have to do if we were caught cheating investors (well not quite, we'd actually go to jail!). $10 million is chump change to them, times that by 10 and you might get their attention...
  • #147
  • Jul 15, 2012 3:36pm Jul 15, 2012 3:36pm
Quoting QuadrupleX
Thanks for the link Ramy but this video has being around for so long that there is hardly nothing new there to see.

Since the "Money Changers" documentary, Bill Still has changed in a sort of a caricature of himself. In his more recent documentary "The Secret of Oz" he contradicts some key points of his first documentary.

His arguments as a presidential candidate are based on lame basis. I believe he became senile.
What did he contradict?
  • #148
  • Jul 15, 2012 4:55pm Jul 15, 2012 4:55pm
Quoting FXEZ
What did he contradict?
Just as an example:

In the Money Masters he bashes fiat currency and was all for gold and especially silver.

In the Secret of Oz he says that it does not matter what you use as currency (even if it is precious metals) because what really matters is "quantity".

I have no problems with people changing their view of things as they get to know better. The problem is that he never issued a statement saying he was wrong in the first documentary, which puts him in the same category of other "experts" out there with ZERO accountability for what they say and a ego big enough to avoid any apologies.

I used to post some stuff about his videos on YouTube, and he would just delete my comments and send me flamed emails with a lot of mockery and nothing in response to my arguments.

Again I lost respect for this guy, in my opinion he became senile.
  • #149
  • Jul 16, 2012 5:10am Jul 16, 2012 5:10am
Quoting fx111
Yea, there were signs that refco is in trouble 1 week before it went bankrupt, there were bad news for mfglobal about money missing in segregate accounts 1 or 2 days before they went bankrupt, but there were signs even before that - they reported quarterly loss october 25 (they went bankrupt october 31), but on pfg news came out the same day accounts were frozen, there were no signs and no time to act, that's scary, all i can say about them they excess net capital is not very big.
+100
  • #150
  • Jul 16, 2012 6:18am Jul 16, 2012 6:18am
IF Regulations don't protect us , then they shouldn't exist and we take it over from there , call it Anti-Authority Approach if u want !
  • #151
  • Jul 16, 2012 6:31am Jul 16, 2012 6:31am
Quoting seawinde
IF Regulations don't protect us , then they shouldn't exist and we take it over from there , call it Anti-Authority Approach if u want !
did you notice every time they pass a new rule/law it mostly about the trader and never about the broker
  • #152
  • Jul 16, 2012 9:46am Jul 16, 2012 9:46am
Quoting PoundTrader
did you notice every time they pass a new rule/law it mostly about the trader and never about the broker

I wote this before but it got wrongly edited. I beleive its a huge conflict of interest to have these C.E.O's and other Principals of these large brokers on the NFA Advisory board. Their is also no one who represents the trader.
  • #153
  • Jul 16, 2012 9:54am Jul 16, 2012 9:54am
Quoting DesertSky
I wote this before but it got wrongly edited. I beleive its a huge conflict of interest to have these C.E.O's and other Principals of these large brokers on the NFA Advisory board. Their is also no one who represents the trader.



Boy you got that right. The NFA is patting itself on the back saying they were the ones that detected this fraud. Well kinda , even though it was 20 years too late. Now I have a question to the NFA, why am I getting more emails from futures brokers asking me to open an account this morning?? Is this a fluke?

  • #154
  • Jul 16, 2012 11:12am Jul 16, 2012 11:12am
Quoting pber57



Boy you got that right. The NFA is patting itself on the back saying they were the ones that detected this fraud. Well kinda , even though it was 20 years too late. Now I have a question to the NFA, why am I getting more emails from futures brokers asking me to open an account this morning?? Is this a fluke?

if they had there way they would do away with OTC forex trading all together, they want that money in FUTURES
  • #155
  • Jul 16, 2012 12:00pm Jul 16, 2012 12:00pm
Quoting PoundTrader
did you notice every time they pass a new rule/law it mostly about the trader and never about the broker
Hahaha, my thoughts exactly. Good point
  • #156
  • Jul 16, 2012 12:08pm Jul 16, 2012 12:08pm
Quoting PoundTrader
if they had there way they would do away with OTC forex trading all together, they want that money in FUTURES
Exactly! I was told by a CFTC attorney that NFA's plan was to end Forex back in 2009. I had a hard time believing it back then. After the FIFO, banned using overseas brokers, NO hedging,the change in leverage rule, and the need to pass the series 34, and its about four times more expensive to become a Forex CTA then just a CTA. Their basically taking away all the benifits of the Forex markets so traders have to convert to Futures.
Which is too bad because the Forex market is the best, purest, truest market in the world. The NFA is ruining my baby.(The reason for my redundancy)
  • #157
  • Jul 16, 2012 12:12pm Jul 16, 2012 12:12pm
Quoting DesertSky
Exactly! I was told by a CFTC attorney that NFA's plan was to end Forex back in 2009. I had a hard time believing it back then. After the FIFO, banned using overseas brokers, NO hedging,the change in leverage rule, and the need to pass the series 34, and its about four times more expensive to become a Forex CTA then just a CTA. Their basically taking away all the benifits of the Forex markets so traders have to convert to Futures.
Which is too bad because the Forex market is the purest truest market in the world. The NFA is ruining my baby.(The...
, BTW forex trading is ban in some countries. i have no desire to trade futures
  • #158
  • Jul 16, 2012 12:15pm Jul 16, 2012 12:15pm
CEO suicide note is here:
http://www.zerohedge.com/news/full-pfg-ceo-suicide-note
  • #159
  • Jul 16, 2012 12:33pm Jul 16, 2012 12:33pm
Quoting TheMaxx
CEO suicide note is here:
http://www.zerohedge.com/news/full-pfg-ceo-suicide-note
i read that letter i had to laugh, once his company grow into a mid-level broker he had no reason to cheat, it was greed that kept him cheating
  • #160
  • Jul 16, 2012 2:22pm Jul 16, 2012 2:22pm
Quoting PoundTrader
i read that letter i had to laugh, once his company grow into a mid-level broker he had no reason to cheat, it was greed that kept him cheating
No kidding. What a joke. Should he go out of business or cheat? Really? His whole business WAS cheating if he was going to such extremes as Photoshopping documents, forging banker signatures, creating PO boxes to intercept mail that was supposed to go to his bank -- not to mention being the only person allowed to see bank statements. Glad I never used PFG as one of my brokers.
0 traders viewing now