Tag Archives: pfg best
Last week we wrote about the NFA’s adoption of all 21 recommendations from the Berkeley Research Group (BRG), an independent audit that was performed to review the agency’s work in response to the PFG Best fraud. (Coincidentally, the NFA’s Board …
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NFA Ignores Independent Audit Criticism and Pats Themselves On The Back During Board Meeting
1
2013
The NFA yesterday held a board meeting to discuss results of an independent audit by Berkeley Research Group (BRG) in response to the PFG Best fraud. The BRG provided a list of recommendations for the NFA to implement to prevent …
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In a letter addressed to the CFTC, FXCM CEO Drew Niv has highlighted two main points the broker believes are important to implement to ensure client protection. The communication between FXCM and the CFTC occurs as the NFA and CFTC …
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The NFA just approved a new rule that will improve its supervision of customer segregated accounts at FCM’s. Under the regulation, the NFA will require FCM’s to provide view-only access of account information for segregated funds. Such oversight would have …
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With the MF Global debacle getting more coverage than its worth US regulators were put to shame with another multi-million facade with PFG Best filing for bankruptcy with a black hole in their customer funds. The Iowa based derivates firm …
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Worldspreads failure and subsequent administration, what the NFA could learn from the UK’s FSA and FSCS..
11
2012
As the scandal of PFG Best has exploded over the past 48 hours, and the ongoing crisis of the collapse of MF Global shows little sign of reaching any conclusion, attention may once again turn to the management of the …
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Although PFG was put in liquidation-only mode by the NFA which then reported that its “highly effective” brokers supervision mechanism failed to notice that over $200 million in client funds went missing for more than 2 years, its quarterly forex profitability …
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NFA shuts PFG down, puts it in liquidation only status, founder attempted a suicide
9
2012
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 …
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