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PFG Is Now MFG(lobal) Part 2 As $220 Million In Segregated Client Money Has Just Vaporized
UPDATE 2: Have no fear though since as recently as January 2012, the CFTC did not find any "material breaches of customer funds protection requirements" at FCMs (firms like PFGBest)
UPDATE 1: Account-holders may not be so surprised to find who is the custodian for the PFGBest FX accounts: none other than huge MFGlobal fans, JPMorgan!
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.
It is truly wonderful of the NFA to finally get involved, after PFG's clients have lost about 98% of their cash held with the firm.
In other potential news, a rather prominent New York bank, recently closely associated with marine wildlife, may have just cut its Q2 losses by up to $220 million.
And now for a moment of sarcasm, courtesy of Jack Pearson.
PFGBEST’s goal during MF Global’s demise was to get MF Global customers their money back. fb.me/1tPLObJyL
— PFGBEST (@PFGBEST) February 6, 2012
Full NFA filing:
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Don't blame the money launder, I mean middle man.
just as they were trying to define "swaps"..... what a coincidence!!
paging banzaiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiii7
Yet their 'open account' portal is still live and the irony & brevity of their 'disaster recovery' is sublime.
Dreaded words to hear, "You've Been Corzined".
ZH should make up some T's with Corzine evil smile and the words, You've Been Corzined, emblazoned on there.
I'm sorry for his family that he decided suicide was the way out. He should have stuck around for a fair trial and then 20 years at Club Med.
The next "Joe Stack" will target 55 Water Street.
What's a little irregularity among friends?
Seriously, when is someone going to put an end to this crap. First Corzine does this to MFG the bundler for Obama's re-election.
Obama, Eric Holder, FBI, someone (anyone) at Justice Department, Congress (yeah right that'll happen), sheriff Joe Arapio, or is it going to be a citizen who decides to administer justice.
I never thought it would get to this in my country where the rule of law and the constitution are just ignored completely. Remember there has been no one jailed yet for this behavior by the Obama administration since the beginning of this financial collapse. Why?
we are close to the end -the banksters have figured out they can steal with impunity-covered up by the media, the Congress , the President , all government enforcement agencies -and the American Sheeple sit on their assess watching Dancing with the retards-totally apathetic and/or oblivious. We are truly fucked. The End of Days are coming soon.
The logical question is how many more of these failed FCMs are out there running on the vapors of client 'segregated' account funds?
No this "bankruptcy" is another one under Securities.
Repititive no
I am sure CNBS will find some pundits to say that the money really isn't missing but just misplaced and then after a week will finally cover the theft.
Why is anyone surprized by any of this? This is what a finacial system looks like in it's terminal stage; the banksters know the ship is going down {system} and it is every man for himself. They are taking all they can, while they can. In my local news tonight was a request by the FBI and several southwest Florida law enforcement agencies to be on the look out for this man: they went on to describe a Georgia banker who had sacked his banks there, and was on the run to Venezuela. He was last seen at a Bradenton, Florida hotel. Expect for this kind of action to pick up. Who knows how long we have until TSHTF, but it can't be long with all of these bankers stealing in the wide open now. What do you suppose they know that the public at large doesn't?
Their desperate to the point they have now returned to the building with claw hammers and crow bars. it's just about empty at this point. PM confiscation can't be too far away. Just fair warning.
And a banker in Georgia takes 17 mil.
http://www.cnn.com/2012/07/08/us/georgia-wire-fraud/index.html?hpt=hp_t2
From the desk of Eric Holder
To claim any and all vaporized funds from either MFG or PFG, simply dial Q on your home phone and wait for instructions.
Buy physical gold and silver.
This happens in any business going under. You place your inherited Steinway grand piano on consignment but you never get the money because the store owner used it to pay the rent and then he closed the doors. It's just business.
[EDIT: Redacted to remove trivialization of real alleged abuse. JPM's fiduciary actions speak].
If you're still trading paper after this you truly are a fucking idiot.
Just said that this morning here. Bingo.
Rich, who wrote songs recorded by Aretha Franklin, Mary J. Blige and Jessica Simpson, is the latest bold-faced name to join a wave of wealthy people renouncing their American citizenship. Facebook co-founder Eduardo Saverin gave up his U.S. passport to become a citizen of Singapore, an offshore tax haven, before the company's initial public offering in May.
Rich's ex-husband, commodities trader Marc Rich, fled the United States in 1983 when indicted on charges of tax evasion, fraud, racketeering and illegal trading of oil with Iran. They divorced in 1996.
Marc Rich received a presidential pardon in 2001 on President Bill Clinton's last day in office.
http://news.yahoo.com/socialite-denise-rich-dumps-u-passport-134728074--...
Thanks for meeting expectations set by your handle in spotting the roach.
Were the song rights a back-hander for her negotiating skills with the president's zipper had in producing the pardon?
And guess who finessed Marc Rich's pardon?
http://www.nationalreview.com/articles/226728/unpardonable-holders-marc-...
Bulgarians in Des Moines are screwed.
http://www.google.com/trends/?q=pfg
this connects the dots... http://youtu.be/jjPGb674ihU
Would someone please help the gentleman with his suicide attempt?
I can contribute a chainsaw and a deserted field.
take a second to think .... the powers that be are in full prop mode already. Bloomberg tv (I won't mention names or shows to avoid embarassing anyone) was in full time 'business as usual' tonight ... making light of all the 'end the fed' doomsayers. Of course, the two panelists with the show host were acolytes waiting for promotion at TBTF fims (or recent alumni plugged deep into the network - true believers all - the Titianic with it's technology just does not need lifeboats).
if the castle wall is breached despite the coordinated central banking 3-ring circuses ...... imagine how fast the dominoes will fall ....... despite 'modernity' ... stupid things like bank runs can no longer occur in our 'advanced' times ..... man, will financial institutions go down fast like top heavy bowling pins. And part of the problem will be that no one has actually experienced an honest to heavens bank run of such magnitude since maybe 1931 or 1905/6. Just think, though, but for the 2008 crisis which forced out his perpetual motion machine financial fraud, Bernie Madoff would still be the toast of Manhattan, NYTimes set & Bloomberg et al
Neither I, nor should any of you, sleep easy tonight. Putin has to be getting information back how ridiculous this country is sounding about now; no wonder he just told his conclave of ambassadors that the West is in decline. Just think what the new (and old) PRC leadership is saying privately. And about 30 minutes later they conclude they have to augment their gold/PM stockpiles.
The CFTC is itself a fraud.
I noticed that all of the futues traders that post articles on a site called Inside Futures have left PFG and moved on to other firms.Only takes less than a day and everyone leaves.Who wants to work for crooks who run a crooked outfit and burn not just their traders but their clients too.Some traders take years to build up a customer base.Imagine the poor people who got burned at MF Global and by chance went over to PFG Best just to get wiped out again.It's a very sick world out there.And the politicians running the shows in London and Washington are like puppets on a string.
Gary Gensler is still on the payroll for big bucks, this asshat?
SO for a nitwit like me who did not follow the MFG story closely can someone clarify a few things for me.
DId the bank steal the funds ?
Or PFG was lying ?
Both?
This is a case of too small to fail. This is such a small company and amount stolen, it will quickly be dealt with. Customers will receive 100% on their funds and you won't hear about it again. Regulators will point to how promptly the system worked to the benefit of investors.
Straight Outta Compton (Iowa)
http://www.youtube.com/watch?v=-MrQtOoQRpc
AK-47 Is the tool.
or .308 or...
NWA > NWO.
Street Knowledge > Ivy League
bet.
Found on PFG Website
http://www.spongebobcoins.com/
I guess JPM needed some more cash to cover their <insert trade here>
Wow, this blows chunks... kick em while they're down.
"A number of former MF Global customers also moved their trading accounts to PFGBest."
http://www.reuters.com/article/2012/07/10/us-broker-pfgbest-mfglobal-idUSBRE86905120120710?feedType=RSS&feedName=businessNews&utm_source=dlvr.it&utm_medium=twitter&dlvrit=56943
Jesus-f'n-Christ-o'mighty. If I had figured out how to lift 200 million and got nailed for it, I'd be in slam-slam quicker than you could piss down a rope and call it Susan.
But these guys? It's a ... damn, just how do they explain this BS?
they pay off the ones asking any questions.
DA FAK shit just went GLOBAL!
JP Morgan was Madoff's preferred bank as well. Go figure.
Whhoooaa....
I sincerely hope Hillary doesn't have her Cattle Futures Trading Acct (you know - the one she's used, since her days in Arkansas, for incidental expenses) with PFG - or else there's no telling what might happen.
I can see the headlines now: "Hillary Warns Russia, China and PFG".
great recollection, apropos now ... I had forgotten about that
all turning out be a night mare http://sandyyadav.com/2012/07/10/investor-traps/
http://www.myfxbook.com/members/zuut/capital3x-fx-partners/336295
Capital3x portfolio hitting 8200 pips of profit.
so they're going to to methodicall take down the indepdnent brokers, take their capital, see how much of that re-hpotheticated assets they can "unwind between the 2 instituions and try to force more customers in their accounts with the big guys like JP, becuse afer a year there will be no small independent brokerages...seems the pan no?
In the great spirit of American compromise : Everyone gets one vote .... those who pay taxes get an additional vote for every $1000 they pay in taxes ! We have to return some power to the most decent amongst us ! Monedas 1929 Comedy Jihad Dictatorship Of The Scum Ain't Workin' !
no capital was harmed
while these muppets
were being buggered .....
Fuck with the futures markets .... if someone dares to win .... take their money ! Monedas 1929 Comedy Jihad Inside Obama's Twisted Oxygen Deprived Cranial Muscle Tissue Mass Obama doesn't get headaches .... he gets headcramps !
That is normal, things "vaporize" all the time, it´s a physical law, like the plane that hit the pentagon
http://barnhardt.biz/
Convergence is near!
http://shutupnsing.wordpress.com/2012/07/10/the-devil-is-in-the-libor/
If Corzine didn't go to jail it must be legal.
Haven't you heard that looting financial accounts and book cooking is now acceptable by the US government?
Just contribute to the right senators and congressmen (develop those connections in Washington) and they will look the other way.
Everyone should have been aware four years ago that fraud is the acceptable business model now. Notice how the Friends of Angelo treated Mozilo when he testified?
Nobody big is being prosecuted or going to jail! Only a fine or they walk off with their millions/billions.
Bankster criminals loot those financial accounts and ship them wherever because the US government will slam the US taxpayer for the funds, That's why the IRS is being expanded.
So how many got corzined in the ass this time?