Posted by sschulman on 9th of Jul 2012 at 05:38 pm
"Monday, July 9, 2012
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."
I sure hope this isn't like MF Global all over again! Anybody
have any ideas? Of course I could just do nothing, for now, but
there's no indication how long our accounts will be like this.
Posted by parkridge77 on 9th of Jul 2012 at 06:13 pm
By Russ Britt
LOS ANGELES (MarketWatch) -- U.S. futures brokerage PFGBest has
put its funds on hold while accounting irregularities are being
investigated, reports said Monday. The Cedar Falls, Iowa-based
broker notified customers of the action after the National Futures
Association and other organizations put the brokerage's funds on
"liquidation only" status. The hold was placed after the firm's
founder and chief executive Russ Wasendorf reportedly attempted
suicide outside the corporate headquarters. Wasendorf wholly owns
PFGBest.
First I would get a confirmation of the story from another
source.
If valid, then alll you can do is stay on top of it & the
minute (if) funds are released- get them out at least
temporarily until the smoke clears. I was in MF
global- zero funds back to date. Big boy investors are
reimbursed first, then retail--- which is how the MF Global retail
clients got screwed.
wow guys, I'm very sorry to hear all this (sschulman
and parkridge77), I hope it all clears up and your funds are
returned to you. Very sad to see things like this. And
yes Parkridge, unfortunately the big guys are usually reimbursed
first...
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OMG, Just got this announcement from my brokerage!
Posted by sschulman on 9th of Jul 2012 at 05:38 pm
"Monday, July 9, 2012
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."
I sure hope this isn't like MF Global all over again! Anybody have any ideas? Of course I could just do nothing, for now, but there's no indication how long our accounts will be like this.
.....Susan
from PFGBest's website
Posted by roamingjan on 9th of Jul 2012 at 10:50 pm
"For 13 consecutive years, PFGBEST has been ranked one of the nation's Top 50 Brokers in Futures magazine annual roundup."
Pitiful! I'm sure a lot of people are affected.
You may want to follow Peter Brandt, who had $ there too
Posted by lessarda on 9th of Jul 2012 at 09:23 pm
www.peterlbrandt.com
Thank you, Lessarda, I will.
Posted by sschulman on 9th of Jul 2012 at 09:38 pm
Thank you, Lessarda, I will.
PFGBEST - print release from Marketwatch
Posted by parkridge77 on 9th of Jul 2012 at 06:13 pm
By Russ Britt
LOS ANGELES (MarketWatch) -- U.S. futures brokerage PFGBest has put its funds on hold while accounting irregularities are being investigated, reports said Monday. The Cedar Falls, Iowa-based broker notified customers of the action after the National Futures Association and other organizations put the brokerage's funds on "liquidation only" status. The hold was placed after the firm's founder and chief executive Russ Wasendorf reportedly attempted suicide outside the corporate headquarters. Wasendorf wholly owns PFGBest.
Title: Re: frozen funds First
Posted by parkridge77 on 9th of Jul 2012 at 06:03 pm
First I would get a confirmation of the story from another source.
If valid, then alll you can do is stay on top of it & the minute (if) funds are released- get them out at least temporarily until the smoke clears. I was in MF global- zero funds back to date. Big boy investors are reimbursed first, then retail--- which is how the MF Global retail clients got screwed.
wow guys, I'm very sorry
Posted by matt on 9th of Jul 2012 at 11:12 pm
wow guys, I'm very sorry to hear all this (sschulman and parkridge77), I hope it all clears up and your funds are returned to you. Very sad to see things like this. And yes Parkridge, unfortunately the big guys are usually reimbursed first...