NFA shuts PFG down, puts it in liquidation only status, founder attempted a suicide

18 Comments

Another MF Global incident may be looming in the horizon. PFG Best just released this dramatic statement to its clients:

“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.”

Apparently NFA and CFTC just walked into PFG’s offices and shut the broker down. According to our sources its Founder Russell Wasendorf attempted a suicide last night and some money may be missing from PFG’s accounts.

We’ll continue updating once new information flows in.







TAGS: , , , , , , , , , , , , , , , , , , , , , , , ,
 

Related posts:

More information on this subject is found in the latest Forex Magnates Quarterly Report


18 Comments on this post

Trackbacks

  1. BigPiping said:

    Holy Shit.

    July 9th, 2012 at 9:24 pm
  2. Michael Greenberg said:

    i second that

    July 9th, 2012 at 9:41 pm
  3. Kyle Waitkunas said:

    WOW. I was researching them mere weeks ago to deposit $35,000…..

    July 9th, 2012 at 9:50 pm
  4. Michael Greenberg said:

    why didn’t you deposit eventually?

    July 9th, 2012 at 9:55 pm
  5. jean pierre sejean said:

    are the deposits guaranteed by some government body ?

    thank you …

    July 9th, 2012 at 10:02 pm
  6. Kyle Waitkunas said:

    My IB, BackBayFX, actually talked me out of it and directed me elsewhere. They must have caught wind of what was going on there. Close call, wow….. Still in shock.

    July 9th, 2012 at 10:08 pm
  7. Michael Greenberg said:

    nope

    July 9th, 2012 at 10:31 pm
  8. Luger said:

    They have an aggressive sales who will hound you 24/7 to get your business by offering the latest technological gimmicks. No substance whatsoever.

    July 9th, 2012 at 10:34 pm
  9. Michael Greenberg said:

    that’s most of the brokers

    July 9th, 2012 at 10:37 pm
  10. Luger said:

    There are no shortages of future episodes of “American Greed” coming near you.

    July 9th, 2012 at 11:19 pm
  11. shopster said:

    are the deposits guaranteed by some government body…… ?

    hahahahahahahaha…………………:)

    July 10th, 2012 at 12:43 am
  12. Kyle Waitkunas said:

    PFG was the worst though. They called me a lot these last few months.

    July 10th, 2012 at 2:12 am
  13. capt tom said:

    I hope the sob Wasendorf is dead and burns in Hell…I was a MF Global customer…now this…

    July 10th, 2012 at 3:10 am
  14. Michael Greenberg said:

    let’s wait to see what exactly happened before judging

    July 10th, 2012 at 5:15 am
  15. rajiv said:

    We always said NFA broker is best in for trading
    i think their is not NFA broker left from hitting

    GAIN CAPITAL GROUP LLC ________http://www.nfa.futures.org/basicnet/CaseDocument.aspx?seqnum=2461

    Fxcm _______2M-Fine

    FXDD_______http://forexmagnates.com/nfa-hits-fxdd-with-multiple-charges-including-asymmetric-slippage-fine-will-cost-it-over-3-5m/

    IKON GLOBAL MARKETS
    _________http://www.nfa.futures.org/basicnet/CaseDocument.aspx?seqnum=2618

    MFglobal

    and list is so one ,huh!

    No idea why our mind is set and always thought that NFA regulated broker is best for fx trading.

    July 10th, 2012 at 2:45 pm
  16. Thomas Straton said:

    michael you sound like an employee or family member. what about the 176 employees & their families that work at beaver creek. who in fact were begged to move to hooterville from chicago. the employees of my veronas turned away from work today & the resturant stripped. was russ thinking about them when he played fast & loose with investors money? no, he was just greedy. last thought if your going to commit sucide you do it. not where you can be saved. not at 8:00 am in the parking lot on a business day. he was to weak to turn himself in & face his employees, friends & family. suicde is the most selfless act you can take. guess greed is a comfortable blanket to keep you warm.

    July 10th, 2012 at 5:32 pm
  17. Michael Greenberg said:

    i’m very upset nfa/cftc didn’t learn anything from MF’s incident

    July 10th, 2012 at 7:10 pm
  18. lup said:

    Hi Michael,

    I want to congratulate you – you were the first one to release the news even before the NFA posted the MRA on their website – kudos!

    I think this is a facinating story. This election year, both Obama and Romney are battling Dodd Frank, and regulation, overall in Wall St. Already the U.S. Senate Agriculture Committee wants to review the PFG case. Also, there is a big debate in the US Sentete Democrats accusing the Republican Congress members of withholding funding to both the CFTC and the SEC. You add to that Barclay’s Dimond case with the Libor in Parlament in the UK, and MF Global Corzine bet, this story may rock the finacial news for some time.

    In my opinion, the regulators are doing their best, and they are unconvering a lot of fraud and loopholes everywhere in the financial industry. It is sad news to hear that someone stole clients’ money to the sum of $200 million, when the business was so successful. When a firm holds almost 1/2 a billioin dollars in customer funds, that firm has plenty of good business. There is also an NFA auditor involved, as a Chief Compliance Officer of PFG. It doesn’t even make any sense to me.

    http://in.reuters.com/article/2012/07/12/broker-pfgbest-grassley-idINL2E8ICB6Y20120712

    July 12th, 2012 at 11:00 pm

We do not store your information and we do not disclose our sources.


Leave your name/email (not required) if you'd like to be contacted about this story (will not be disclosed):



Digital Currencies

Expert Articles

Startups & New products

Perianne Boring, Founder, Chamber of Digital Commerce

Bitcoin Picks: Negative Feedback to BitLicenses and Is Dogecoin Doomed?

Last week’s bitcoin news was headlined by an announcement from the New York Department of Financial Securities (NYDFS) that it had created proposed guidelines for...

IdentityMind announces Safe Harbor Certification, expansion of AML solution to Europe

IdentityMind (IDM) Global, a Bitcoin-focused anti-money laundering (AML) and risk management solutions provider, has announced their expansion to Europe. IDM’s solutions are come at an opportune time as...

We’re going through the Flattest Stretch of Bitcoin Trading in Months: Is it biting into exchange profits?

Bitcoin (BTC) has gone through some of its flattest trading in months. Not since mid-May has trading been so boring, when BTC/USD was stuck in...

More Digital Currencies

rob

Is it Ethical to Make Trading Profits from Violence Around the World?

Yes, it’s fine. Right now, we’re facing renewed tensions in Palestine/Israel, and a new Cold War sits out there like a pending order in the...

alexander

Technological Innovation Eroding MT4's Monopoly?

MT4 is quite powerful; it includes many settings and indicators and can offer traders many weeks of indulging yourself with technical analysis - however, these...

AntonyLewis

How Bitcoin Prices Affect Exchange Volumes

Bitcoin trade volumes and prices are often, though not necessarily, correlated. Let’s first define volatility as the spread of traded prices during a certain time...

More Expert Articles

New Product Spotlight

ig labs api

IG Opens API to Public Development, Launches IG Labs

IG Group has been busy today as earlier they released the Full Year financial results to the public. Following the earlier news, they are also now launching IG Labs live today. IG Labs is a developer portal providing access to …
Read more

public_chatnews_onyxcaiagfddOnyxtrader_screenshotonyx_logo

Sneak Peak: Beta Version of the ONYX Multi-Broker Trading Platform Reviewed

A multi-broker account aggregating platform which is aiming to provide easy cross-broker account management, a “true pricing” mechanism and some ways to provide traders with interactive communication tools.
Read more

More Startups & New Products

Forex Research

Recent Comments

Note: Copyright © 2014 Forex Magnates. All rights reserved.

All materials contained on this site are protected by United States copyright law and may not be reproduced, distributed, transmitted, displayed, published or broadcast without the prior written permission of Forex Magnates. You may not alter or remove any trademark, copyright or other notice from copies of the content. All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you.Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.

Once your submit any email address to us whether through comments, newsletter subscription or otherwise we may periodically send you email updates and/or proposals from select sponsors - you may unsubscribe from this list any time.
Opinions expressed at Forex Magnates are those of the individual authors and do not necessarily represent the opinion of Forex Magnates or its management. Forex Magnates has not verified the accuracy or basis-in-fact of any claim or statement made by any independent author: errors and Omissions may occur. Any opinions, news, research, analyses, prices or other information contained on this website, by Forex Magnates, its employees, partners or contributors, is provided as general market commentary and does not constitute investment advice. Forex Magnates will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.

©2014 "Forex Magnates Inc. - Home of the Forex Elite" All Rights Reserved.