Posted on 07/09/2012 9:06:28 PM PDT by Kartographer
The Cedar Falls, Iowa-based broker, which had about $400 million in customer segregated funds at the end of April, said it was in "liquidation-only" status with its futures commission merchant (FCM), meaning that "no customers are able to trade except to liquidate accounts," according to the notice.
It said the National Futures Association (NFA) and other officials had put all its funds on hold.
(Excerpt) Read more at uk.reuters.com ...
Zero Hedge has more:
PING!
Let it fall.
Go ahead and post the details for those that won’t think it is important to look because they think all bankers are honest capitalist angels that come from God.
____________________________________________________________
* On or about June 29, 2012 PFG reported to NFA that it had approximately $400 million in segregated funds, of which more than $225 million were purportedly on deposit at U.S. Bank
* On or about July 9, 2012, NFA received information indicating that PFG’s Chairman may have falsified bank records
* On July 9, 2012, NFA made inquiry with US Bank and learned that rather than the $225 million that PFG had reported as being on deposit at US Bank just days earlier, PFG had only approximately $5 million on deposit at U.S. Bank.
Translation: another $220 million segregated account pillage has just taken place, in the vein of none other than Jon Corzine and MF Global.
The money has now officially vaporized.
$225Million reported to be in an account at US Bank. Now vaporized!
Per Zero Hedge:
Remember when the entire segregated account fiasco was supposedly fixed in the aftermath of the November 2011 MF Global bankruptcy, and where regulators: the CFTC, the SEC, the CME, and anyone you asked, swore up and down this would never happen again? Turns out that 7 months later, the spirit of MFG has struck again, only this time with one letter switched: it is now known as PFG, as we suggested first 3 hours ago when we broke the story. From the just filed affidavit by Lauren Brinati who is working with the National Futures Association, which in turn has just filed notice prohibiting PFGBest from operating further, and freezing all of its accounts:
•On or about June 29, 2012 PFG reported to NFA that it had approximately $400 million in segregated funds, of which more than $225 million were purportedly on deposit at U.S. Bank
•On or about July 9, 2012, NFA received information indicating that PFG’s Chairman may have falsified bank records
•On July 9, 2012, NFA made inquiry with US Bank and learned that rather than the $225 million that PFG had reported as being on deposit at US Bank just days earlier, PFG had only approximately $5 million on deposit at U.S. Bank.
Translation: another $220 million segregated account pillage has just taken place, in the vein of none other than Jon Corzine and MF Global.
The money has now officially vaporized
Would you please delete my post above. It is a unwitting duplicate of the one previous to it.
Thank you ahead of time.
Some more information:
http://market-ticker.org/akcs-www?post=208354
http://market-ticker.org/akcs-www?post=208374
Don’t even worry about it. Yours is better anyways. But can you tell that virtually no one is paying attention or even cares. And you want to know what is wrong with this country.
Every day I go to barnhardt.biz. Every day I go to zerohedge.com. Same trip to market-ticker.org.
I know what’s going on. It is horrifying to realize that the majority of people neither know nor care to know.
How much do you want to bet NO ONE goes to jail? I’ve caught flak before and have been call a communist and worse for saying this, but it won’t stop me from repeating it! The corner three card Monte dealer is more honest than most of the ‘Too Big to Fail’ banks and investment houses. And face it the Monte dealer who ‘scams’ a few hundred is a thousand times more likely to go to jail that the ‘banksters’ that are stealing millions.
There is a war on the free markets and it’s not just Obama, OWS, Big Labor and so forth, but Big banks and brokerage house are just as much at war. They repeated get caught steal millions and billions and yet no one ever goes to jail. Tell me what is learned if you cheat, rob, defraud a billion dollars and you get find a million? Hell you just write it off as the cost of doing business.
And no we don’t need any more laws we just need the laws that are in place now enforced and start sending people to jail and I ain’t talking ‘Club FED’ style prisons I’m talking the same prison the liquor store robber and the car jackers go to.
Yup- Real Sad. They don’t have a clue. And they will all be blaming the wrong people when it comes down. They will all be putting their hopes in the very same people that are responsible for bringing it all down. The very ones who stole all the real wealth from individuals and the economy.
“And no we don’t need any more laws we just need the laws that are in place now enforced and start sending people to jail...the same prison the liquor store robber and the car jackers go to.”
Here! Here! I totally agree.
I know what’s going on. It is horrifying to realize that the majority of people neither know nor care to know.
I spend a good amount of my time on both Zerohedge and the Market Ticker everyday and this whole house of cards is going down sooner than later.
The sad thing is it won't make a difference who wins in the General Election come November.
I outlined one possible solution here.
Cheers!
Very disturbing.
Interesting to see if anyone gets sent to the Big House for this, given the fact that Jon the Slime got a pass.
Maybe the only safe bet are relatively small bank/brokerage outfits I guess. Who knows?
How much do you want to bet NO ONE goes to jail? I’ve caught flak before and have been call a communist and worse for saying this, but it won’t stop me from repeating it! The corner three card Monte dealer is more honest than most of the ‘Too Big to Fail’ banks and investment houses. And face it the Monte dealer who ‘scams’ a few hundred is a thousand times more likely to go to jail that the ‘banksters’ that are stealing millions.
There is a war on the free markets and it’s not just Obama, OWS, Big Labor and so forth, but Big banks and brokerage house are just as much at war. They repeated get caught steal millions and billions and yet no one ever goes to jail. Tell me what is learned if you cheat, rob, defraud a billion dollars and you get find a million? Hell you just write it off as the cost of doing business.
And no we don’t need any more laws we just need the laws that are in place now enforced and start sending people to jail and I ain’t talking ‘Club FED’ style prisons I’m talking the same prison the liquor store robber and the car jackers go to.
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