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US broker PFGBest freezes funds after founder's suicide attempt

  • #161
  • Jul 16, 2012 2:56pm Jul 16, 2012 2:56pm
Quoting 9thInning
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.
yep sounded like he started out with a plan to cheat. if he was the only one to see the bank statement from the time he started the business then he had a plan and it wasn't good.
  • #162
  • Edited 4:29pm Jul 16, 2012 3:54pm | Edited 4:29pm
I think you are all missing the point. He was alllowed to. Doesn't '"smoke screen" come to mind... 20 years, seriously, common... And then come the new regulations... Yeah, all the better to protect you. Yeah right.


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.
Exactly.
Fuck Forex Factory.Wake up people.
  • #163
  • Jul 16, 2012 3:56pm Jul 16, 2012 3:56pm
Quoting ramy3
I think you are all missing the point. He was alllowed to. Doesn't '"smoke screen" come mind... 20 years, seriously, common...
time to investigate nfa/ cftc
  • #164
  • Jul 16, 2012 5:11pm Jul 16, 2012 5:11pm
Any way NFA regulation is once again a big FAILURE! IS this supposed audit/ regulation?

Totally crazy
13
Brokers are angels
  • #165
  • Edited 5:33pm Jul 16, 2012 5:14pm | Edited 5:33pm
Quoting fx13
Any way NFA regulation is once again a big FAILURE! IS this supposed audit/ regulation?
Totally crazy
13
Trust me, they did not fail...Just not in the way you mean.
Fuck Forex Factory.Wake up people.
  • #166
  • Jul 16, 2012 5:40pm Jul 16, 2012 5:40pm
Quoting ramy3
Trust me, they did not fail...Just not in the way you mean.
do you need any more evidence
  • #167
  • Edited 7:12pm Jul 16, 2012 5:42pm | Edited 7:12pm
Quoting PoundTrader
do you need any more evidence


LOl, you are starting to annoy me.

Believe what you want... 1:50 leverage, hmmm... Please elaborate. Feel free to explain. Yet, another regulation for your benefit After a crises. (And a crises can be created, Just as the regulations that follow...) Planned?...

Happy trading all!
Fuck Forex Factory.Wake up people.
  • #168
  • Jul 16, 2012 7:34pm Jul 16, 2012 7:34pm
Quoting ramy3


LOl, you are starting to annoy me.

Believe what you want... 1:50 leverage, hmmm... Please elaborate. Feel free to explain. Yet, another regulation for your benefit After a crises. (And a crises can be created, Just as the regulations that follow...) Planned?...

Happy trading all!
  • #169
  • Jul 17, 2012 5:07am Jul 17, 2012 5:07am
Quoting PoundTrader
did you notice every time they pass a new rule/law it mostly about the trader and never about the broker
Yes , I used to work with Dukascopy but transfered my money to PFG 'cause a money manager needed a PAMM there , before i leave dukas they requested all the US clients to close accounts with Dukas , where is the land of freedom !!!

what do they do with the fines brokers paid them ?!!! , Doesnt the NFA have to be asked for its mistake or we are used that the regulator is ALWAYS RIGHT !!!
  • #170
  • Jul 17, 2012 5:11am Jul 17, 2012 5:11am
Quoting seawinde
Yes , I used to work with Dukascopy but transfered my money to PFG 'cause a money manager needed a PAMM there , before i leave dukas they requested all the US clients to close accounts with Dukas , where is the land of freedom !!!

what do they do with the fines brokers paid them ?!!! , Doesnt the NFA have to be asked for its mistake or we are used that the regulator is ALWAYS RIGHT !!!
they pass to many laws base on the premise they must protect the trader from himself. if you realy wanna protect the trader then you start by protecting the trader money.
  • #171
  • Jul 17, 2012 5:13am Jul 17, 2012 5:13am
Quoting PoundTrader
they pass to many laws base on the premise they must protect the trader from himself. if you realy wanna protect the trader then you start by protecting the trader money.
Exactly , couldnt say more , they want to protect us from ourselves , as if Vegas doesn't exist , as if gambling doesn't exist , who the hell gave him the right to babysit us !!! the answer is : OUR SILENCE !
  • #172
  • Jul 17, 2012 5:17am Jul 17, 2012 5:17am
Quoting ramy3


LOl, you are starting to annoy me.

Believe what you want... 1:50 leverage, hmmm... Please elaborate. Feel free to explain. Yet, another regulation for your benefit After a crises. (And a crises can be created, Just as the regulations that follow...) Planned?...

Happy trading all!
Do you really think soft FASCISM is the key to solving our Problems !!! , if they babysit me , then i am asking them to return ALL MY MONEY , else go there Job isn't clear ! thats my basic right , if you gonna protect me , then fully protect me , HOPe u heard about HSBC news , Salute !
  • #173
  • Jul 17, 2012 5:40am Jul 17, 2012 5:40am
Does anyone know the latest of what us traders, who have lost our forex and futures accounts can do today to push forward in getting our money back?

Has anyone got the address of the new trustee and/or know how to submit a proof of claim to the bankruptcy courts website?

Thanks traders. Keep your funds safe!
  • #174
  • Jul 17, 2012 7:25am Jul 17, 2012 7:25am
Quoting Bohsen
Does anyone know the latest of what us traders, who have lost our forex and futures accounts can do today to push forward in getting our money back?

Has anyone got the address of the new trustee and/or know how to submit a proof of claim to the bankruptcy courts website?

Thanks traders. Keep your funds safe!

Inquiries for PFGBest account holders


  • #175
  • Jul 17, 2012 8:53am Jul 17, 2012 8:53am
http://www.zerohedge.com/news/first-...w-pfg-who-next

It's interesting who is just one place above pfg.
  • #176
  • Jul 17, 2012 6:57pm Jul 17, 2012 6:57pm
Quoting fx111
It's interesting who is just one place above pfg.
Hi Fx111,

Looking at the CFTC FCM financial data gives you a narrow view of FXCM’s finances since we are regulated in multiple jurisdictions each with their own capital requirements. Only approximately 10% of FXCM’s volume comes from the US; therefore, FXCM is only required to keep a small portion of its $221 million in capital, as of our last quarterly statement, within the US regulated entity. Recent events surrounding PFG have no doubt made traders think twice about the broker they are trading with.

As a publicly traded company on the NYSE, FXCM’s financial statements give our traders the transparency that many other brokers cannot offer as a privately held company or at best through the very limited CFTC financial data. So by all means, ask your broker for their financials. You can find our financial information on any financial portal by searching for ticker symbol FXCM such as on Marketwatch http://www.marketwatch.com/investing/stock/fxcm

Jason
  • #177
  • Jul 18, 2012 8:51am Jul 18, 2012 8:51am
Quoting Jason Rogers
Hi Fx111,

Looking at the CFTC FCM financial data gives you a narrow view of FXCM’s finances since we are regulated in multiple jurisdictions each with their own capital requirements. Only approximately 10% of FXCM’s volume comes from the US; therefore, FXCM is only required to keep a small portion of its $221 million in capital, as of our last quarterly statement, within the US regulated entity. Recent events surrounding PFG have no doubt made traders think twice about the broker they are trading with.

As a publicly traded company on the...
On this particular occasion, I must agree with fxcm. if only the forex ordering platform had that level of transparency.
Measure trends automatically with zero lag
  • #178
  • Jul 18, 2012 9:08am Jul 18, 2012 9:08am
Quoting ybfjax
On this particular occasion, I must agree with fxcm. if only the forex ordering platform had that level of transparency.
I would be careful before saying that they are safer just because they had a IPO.

Bear Sterns, AIG, Lehman Brothers etc comes to mind.

I doubt the government will come and bail you out of FXCM.

Before some laws change and the broker is still allowed to use your money on their bets you will not be safe.
  • #179
  • Jul 18, 2012 12:41pm Jul 18, 2012 12:41pm
Quoting Jason Rogers
Hi Fx111,

Looking at the CFTC FCM financial data gives you a narrow view of FXCM’s finances since we are regulated in multiple jurisdictions each with their own capital requirements. Only approximately 10% of FXCM’s volume comes from the US; therefore, FXCM is only required to keep a small portion of its $221 million in capital, as of our last quarterly statement, within the US regulated entity. Recent events surrounding PFG have no doubt made traders think twice about the broker they are trading with.

As a publicly traded company on the NYSE,...
Thank you for helping people find the right broker. In the future you might want to add the following to your list of advices: Don't choose a broker that actively defrauds their customers. Especially when it does it in such a blatant way that it is publicly known via regulatory regimes like the NFA which as we know are pretty blind when it comes to doing their job so one really has to be way beyond the "greyzone" with its activities if one gets caught by them over and over again.


This is probably a lot in your interest since you obviously only want the best for yours and others customers right?


Just as a hint for your wonderful services to the community. Maybe you have a few more of your wonderful recommendations like a list of anti defraud no virtual dealer plugin brokers? I am sure that would greatly be appreciated.
  • #180
  • Jul 18, 2012 2:04pm Jul 18, 2012 2:04pm
seems like the bigger the broker the easier they fall, wasn't like that back in the day, look like american greed has taken over
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