Zero Hedge has more:
PING!
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.
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* 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.