Pfgbest forex customers needs

Wasendorf forged signatures and fabricated bank balances on the documents and simply mailed them back to the Chicago-based NFA, the person said. The scheme apparently began to unravel as the NFA shifted to electronic confirmations. Wasendorf only recently signed the authorization, a decision that would quickly have led regulators to uncover the discrepancy. Related Coverage PFGBest scandal deals farmers another blow after MF Global Wasendorf, 64, a well-known and mostly well-regarded figure in the industry over a four-decade career as a journalist, trader and executive, was reported to be in a coma, the CFTC said.

He was found in his car early on Monday morning in an apparent suicide attempt. A suicide note found with him alluded to some kind of discrepancies with accounts at PFG, the report said, confirming what the broker had told its clients a day ago. But the fear is the funds are gone, the regulators have really dropped the ball.

There is no indication yet of how or why the missing money was used. District Court for the Northern District for Illinois, Eastern Division, alleges that PFG failed to segregate customer funds, committed fraud by misappropriation and reported false data to regulators. Customers who traded foreign currency through Peregrine Financial Group, Inc. Yet seven months after the company collapsed when Chairman Russell Wasendorf Sr. Other customers who traded commodities such as oil and corn have received up to 40 percent back - even though Wasendorf looted their accounts to expand his business empire and fund his lavish lifestyle.

But it could be months before customers learn how much they will be refunded - which observers say will likely be no more than 50 or 60 percent of their money and could be less for some. Advertisement The outcome will be shaped by how U.

Should commodities investors - who were promised their funds would be protected and given priority in case of bankruptcy - get larger refunds than customers in the lightly-regulated foreign currency market, known as forex? In an initial distribution of funds last fall, customers that traded options and futures on regulated exchanges received 30 or 40 percent of their money back.

The trustee has said that payouts for forex customers will be decided through the course of the case.

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The younger Wasendorf "sounded like he was in another world. Cook is serving 25 years in prison. Russell Wasendorf Sr. He expanded the business in the late s after making a windfall profit for himself and customers by advising them to short the financial futures market 10 days before the "Black Monday" stock market crash of , the firm's website says. The firm grew significantly over the past decade, opening offices in Canada and Shanghai and buying smaller rival Alaron in It also moved its headquarters from Chicago back to a purpose-built facility in Wasendorf's hometown of Cedar Falls, with plans to accommodate up to employees.

The Black Hawk County Sheriff's Office responded to a report of a suicide attempt and transported the victim to the local hospital, Sheriff Tony Thompson said. He declined to identify the victim or say how the victim had attempted suicide. The county sheriff will likely pass the investigation over to the U.

Attorney's Office within the next 12 hours "based on the nature of the investigation," Thompson said. He said he could not release additional information. Many are currently blaming the regulators, and clearly they were worried about minutia while the elephant in the room went unnoticed, but many who worked with PFG intimately had red flags, such as Phil Flynn.

Fault Tolerance Compared to other industries, the allowed tolerance of failure is far greater by many magnitudes. For example if you purchased a car from Toyota, and you drove it for years but one day it exploded and killed your family, Toyota would no longer exist and the executives would be jailed. This could be said about many offered products. The irony is that companies such as PFG Best rely on those in "real" industries such as manufacturing and agriculture to open accounts and deposit profits they've made in the real economy.

And also ironically, PFG was a large provider of legitimately needed hedging services, and was very light on speculative investments. Banks didn't trust other banks. Now producers don't trust hedgers companies offering hedging of their legitimate business which can greatly impact the future of the markets, since the origin of the Futures exchanges are based on a real need of producers to hedge their balance sheets by engaging in financial products such as futures contracts to protect their real, physical business.

Conclusion Based on available information, there cannot be any conclusive solution other than to say that the current system is dysfunctional. Market participants from both sides of the spectrum from state controlled socialism to laissez-faire capitalist anarchists would agree that the PFG situation is a failure, as it was not the markets, or the controlling state, to blame for the fraud.

PFG customers whose funds have been lost frozen are ultimately kicked out of the game, at least considering the funds they had at PFG. From an economic perspective, the PFG situation is the economic equivalent of a default, or of a nationalization of assets. What yesterday were thought to be tradeable funds are now in a bankruptcy court. Concluding, to do your due diligence is obvious, what is less obvious is how to do it.

Previous methods obviously have failed. There are many functional methods that will work as alternatives but what is important is to change the way we think about institutions, regulation, and due diligence. Here was a seemingly credible good looking company, fully regulated, all the while perpetrating the fraud.

While there was no smoking gun, those such as Phil Flynn and probably many others, had many red flags that caused concern. Many had relied on commonly accepted cultural norms as security, such as the fact that they were highly regulated and a well known company. They were a member of the community, Russell Wasendorf Sr. Unfortunately the PFG situation may bring more questions than answers, but the productive note may be that we may begin questioning those axioms which previously were accepted as axioms and now are proven to be only weak theories.

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. You should therefore carefully consider whether such trading is suitable for you given your financial condition.

Elite E Services, Inc. Elite E Services does not control, and cannot endorse or vouch for the accuracy or completeness of any information or advice you may have received or may receive in the future from any other person not employed by Elite E Services regarding foreign currency trading or any managed account information.

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