NFA shuts PFG down, puts it in liquidation only status, founder attempted a suicide
Another MF Global incident may be looming in the horizon. PFG Best just released this dramatic statement to its clients:
Another MF Global incident may be looming in the horizon. PFG Best just released this dramatic statement to its clients:
“Due to a recent emergency involving Russell R. Wasendorf, Sr., a suicide attempt, some accounting irregularities are being investigated regarding company accounts. PFGBEST is wholly owned by Mr. Wasendorf. Therefore, the NFA and other officials have put all funds on hold, and PFGBEST is in liquidation-only status with our clearing FCM. What this means is no customers are able to trade except to liquidate positions. Until further notice, PFGBEST is not authorized to release any funds. We will update you as any new procedures are stipulated and with any further information as it becomes available.”
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Apparently NFA and CFTC just walked into PFG’s offices and shut the broker down. According to our sources its Founder Russell Wasendorf attempted a suicide last night and some money may be missing from PFG’s accounts.
We’ll continue updating once new information flows in.
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Holy Shit.
WOW. I was researching them mere weeks ago to deposit $35,000…..
are the deposits guaranteed by some government body ?
thank you …
My IB, BackBayFX, actually talked me out of it and directed me elsewhere. They must have caught wind of what was going on there. Close call, wow….. Still in shock.
They have an aggressive sales who will hound you 24/7 to get your business by offering the latest technological gimmicks. No substance whatsoever.
There are no shortages of future episodes of “American Greed” coming near you.
are the deposits guaranteed by some government body…… ?
hahahahahahahaha…………………:)
PFG was the worst though. They called me a lot these last few months.
I hope the sob Wasendorf is dead and burns in Hell…I was a MF Global customer…now this…
We always said NFA broker is best in for trading
i think their is not NFA broker left from hitting
GAIN CAPITAL GROUP LLC ________http://www.nfa.futures.org/basicnet/CaseDocument.aspx?seqnum=2461
Fxcm _______2M-Fine
FXDD_______http://forexmagnates.com/nfa-hits-fxdd-with-multiple-charges-including-asymmetric-slippage-fine-will-cost-it-over-3-5m/
IKON GLOBAL MARKETS
_________http://www.nfa.futures.org/basicnet/CaseDocument.aspx?seqnum=2618
MFglobal
and list is so one ,huh!
No idea why our mind is set and always thought that NFA regulated broker is best for fx trading.
michael you sound like an employee or family member. what about the 176 employees & their families that work at beaver creek. who in fact were begged to move to hooterville from chicago. the employees of my veronas turned away from work today & the resturant stripped. was russ thinking about them when he played fast & loose with investors money? no, he was just greedy. last thought if your going to commit sucide you do it. not where you can be saved. not at 8:00 am in the parking lot on a business day. he was to weak to… Read more »
Hi Michael, I want to congratulate you – you were the first one to release the news even before the NFA posted the MRA on their website – kudos! I think this is a facinating story. This election year, both Obama and Romney are battling Dodd Frank, and regulation, overall in Wall St. Already the U.S. Senate Agriculture Committee wants to review the PFG case. Also, there is a big debate in the US Sentete Democrats accusing the Republican Congress members of withholding funding to both the CFTC and the SEC. You add to that Barclay’s Dimond case with the… Read more »