http://www.huffingtonpost.com/2012/07/09/pfgbest-brokerage-customer-funds-suicide-wasendorf_n_1660673.html?ref=topbar
How does this keep happening?
Follow posts
Looks like futures and FX are not well managed. Yahoo Finance - http://finance.yahoo.com/news/mf-global-redux-regulator-says-065552464.html
interesting by yahoo finance - http://finance.yahoo.com/news/iowa-broker-pfgbest-collapses-hiding-032333811.html
Seriously, I know you guys are working on it, just taking every opportunity to poke in case of the hopefully slim chance that anyone involved is taking it easy.
Pfgbest loses customer funds, CEO tries to off himself
Displaying all 12 forum posts
Looks like futures and FX are not well managed. Yahoo Finance - http://finance.yahoo.com/news/mf-global-redux-regulator-says-065552464.html
Customer accounts that was supposed to have $225 million reportedly only has about $5 million. Employees were seen packing there things and heard saying things like, "We're doomed".
Craziness...
Craziness...
I know, right. I don't understand how they could have inflated their books by almost $200M for 5 years and nobody noticed it, it appears. It makes you wonder what we're all really doing here.
Does Tradeking have any proprietary accounts that they manage for their self?
Dont know how it works. Just wondering...
Dont know how it works. Just wondering...
No idea. But, honestly, Pfgbest was one of the most well-regarded in the business, so I'm not sure I would trust what anyone says. I guess the takeaway is don't keep idle money in brokerage accounts?
interesting by yahoo finance - http://finance.yahoo.com/news/iowa-broker-pfgbest-collapses-hiding-032333811.html
NASDAQsavages,
We earnestly understand the uneasiness stories like these muster up as they cross the newswires. TradeKing does not trade client funds. Our clients assets are fully segregated from firm assets, covered by SIPC, with an additional firm aggregate insurance coverage. Don posted here in the forums following the MF Global undoing, confirming that our business model does not involve any proprietary trading, nor do we invest funds elsewhere. Your assets are safe with TradeKing.
Best regards,
Rocco Sabino
TradeKing
Trading and Customer Support
We earnestly understand the uneasiness stories like these muster up as they cross the newswires. TradeKing does not trade client funds. Our clients assets are fully segregated from firm assets, covered by SIPC, with an additional firm aggregate insurance coverage. Don posted here in the forums following the MF Global undoing, confirming that our business model does not involve any proprietary trading, nor do we invest funds elsewhere. Your assets are safe with TradeKing.
Best regards,
Rocco Sabino
TradeKing
Trading and Customer Support
Good to know, Rocco. Thanks for chiming in. What bank holds our accounts? Apparently, PFG customers were told their accounts were at JPMorgan, but now it is coming to light that they were actually at USBank, which PFG controlled.
Hi SunnyOne,
We clear through Apex, who is responsible for maintaining custodianship for these accounts, and keeps customer assets segregated.
All the best,
Rocco Sabino
TradeKing
Trading and Customer Support
We clear through Apex, who is responsible for maintaining custodianship for these accounts, and keeps customer assets segregated.
All the best,
Rocco Sabino
TradeKing
Trading and Customer Support
Now if you can get Apex and/or Penson to just deliver my final, final, final, final, final 1099 for tax year 2011 that would be really cool! Clock's ticking on my six month extension.TK Frisbee Guy said: Hi SunnyOne,
We clear through Apex, who is responsible for maintaining custodianship for these accounts, and keeps customer assets segregated.
All the best,
Rocco Sabino
TradeKing
Trading and Customer Support
Seriously, I know you guys are working on it, just taking every opportunity to poke in case of the hopefully slim chance that anyone involved is taking it easy.
Wow, the CEO's note said that he was the only one who had access to the customer account statements. He would take them and fool with them before anyone else saw them. So, they had no segregation of duties. He managed this for 20 years.
Displaying all 12 forum posts
You must Log In to post to this forum.
Not a member? Register Now to …
- See what other traders are doing
- Make your own trades public
- Share your thoughts on a trade
- Join or start a group
- Connect with like-minded traders
