PFGBest Update- Outrage

We had no indications whatsoever that the PFG news had anything to do with customer funds missing – even after being on the phone with PFG staff all day  – but now the NFA has released evidence indicating that there was a customer segregation shortfall of approximately $220 million. The affidavit referenced follows:

 

To say we’re angry, frustrated or disappointed doesn’t begin to cover it. We, along with many of our clients, are clients of PFGBest with hundreds of thousands of dollars there. The shortfall here may not be the size and scope of MF Global, but the revelation packs a punch. We’re talking about half of PFG’s assets here- not a small percentage. We’re talking about a report from 2010- two years ago – how were the regulators that wrong for that long?!?  We’re talking about regulators who have dropped the ball in a way that is inexcusable. Consider this our vote of no confidence in the bodies regulating the futures industry. When we wrote about what steps needed to be taken to save the futures industry, we had no idea we’d be revisiting the same problems within the year.

The only silver lining we can find here is that, unlike MF Global, there are no bondholders and big bank counterparties at the front of the line here. We wish we had more, but we don’t at this point.

And trust us when we say that we will fight until we see every last cent of client money returned. We’re sick and tired of seeing situations like this give the rest of the hard-working, honest people in the industry a bad name, and we will not rest until those people- ourselves included- are vindicated.

We’ll continue to cover the situation here as it develops.





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Comments

  1. Eduardo Frid says

    It aint looking good, I just cant beleive this is happening again. NFA should pay the bill for incompetence.

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