Where The "Segregated" PFG Money Is

Tyler Durden's picture

Or rather isn't. Just in case there is any confusion this morning as to where the "segregated" client cash may have vaporized to...

From: "Herb Kral" <xxxx@pfgbest.com>
To:
Date: Tue, 22 Nov 2011 10:07:55 -0600
Subject: RE: Follow up

 

Dear [XXX]

 

All of our client funds are held at JP Morgan Chase in a segregated account. Jeffries does hold our margin money for positions.

 

Thanks,

 

Herb Kral, Director of Automated Trading
311 W. Monroe, Suite 1300
Chicago, IL 60606
312-775-3581 | 312-775-3095 fax

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GetZeeGold's picture

 

 

Not only is it funny....it appears to be completely legal.

 

 

HoofHearted's picture

Nobody could have predicted it...nobody.

Dr Benway's picture

It's only funny until it happens to you.

Then it's an outrage.

SheepRevolution's picture

Jamie Dimon: " Fuck! Fuck! Fuck! Fuck! Fuck! Fuck! Fuck! Fuck! Fuck! ... *pause*... Ah what the hell, I own the President, Congress, Supreme Court and the FED anyway."

Badabing's picture

When Man Financial Global (MFGs) segregated accounts got vaporized the one similarity that smacks you in the face is the COMEX had a large delivery in PMs and not enough to deliver in physical metal.

After the dust settled all was well with the PM paper Ponzi scheme just ask Gerald Celente:

http://www.examiner.com/article/gerald-celente-loses-gold-futures-account-to-mf-global-theft

So now PFG is a victim of the vaporizer, and why I say victim, well if they stole the segregated accounts money,  the junk yard dogs owners would have sicked the dogs on them but as you will see nothing will become of this story, its already out of the lime light.

We all know that the FUCKING bankers have the money, and I bet that money was going to be used for PM delivery. Remember break the COMEX and buy physical silver? “First suggested by a ZH poster”.  If you didn’t take delivery you could settle for cash plus 30 to 50% bonus that’s some nice profits but who’s money do you use? Now the picture starts to become clear, use other people’s money! But don’t get caught because the big FUCKING banks will step in with the vacuum cleaner and vaporize it and what are you gonna say? UH, we where making big profits with OPM. A good example is if a crooked cop took a drug dealers money where’s he gonna go?

jonan's picture

jamie the maaaagic diiimon, has maaaggiiicc cuffliiiinksss

LULZBank's picture

It's only funny until it happens to you.

Then it's an outrage.

------------------------------------------

In this day and age, you should not have any money with any counterparty, to start with...

toady's picture

Yep.

If you are foolish enough to stay in this game, remember this phrase:

It's all perfectly legal.

That should be very comforting

torak's picture

Shocking!  Absolutely shocking! 

merizobeach's picture

All muppets must be Corzined.

GetZeeGold's picture

 

 

It's the new Wall Street trend. You steal the money then move to France.

ghengis86's picture

All your muppets are belong to us.
-JPM

GetZeeGold's picture

 

 

I don't think GS is going to be happy to hear that.

 

Shitters_Full's picture

But PFGBest doesn't do that.  Just look at Junior's quote from six months ago about their stellar self-reporting (two thirds of the way through the article).

http://dealbook.nytimes.com/2012/01/25/futures-industry-sees-chance-to-shape-oversight/

Harlequin001's picture

Doesn't happen when you hold physical...

i-dog's picture

That whale is going to explode if it keeps eating client funds!

insanelysane's picture

The more they eat the hungrier they get.  It only stops when the Central banksters stop or more likely are stopped.

EscapeKey's picture

Well thank God (Blankfein?) then that this wasn't deemed newsworthy to Marketwatch.

MFG WASN'T A ONE-OFF? BETTER NOT REPORT IT!

EscapeKey's picture

Segregated... that word does not exist in newspeak.

LULZBank's picture

It does.

It means money being segregated from the clients/owners. Heard, its the new rage on the Wall Street!!

Peter Pan's picture

Thank God the funds are with JP Morgan. For a minute I thought they might be with PFG.

Gypsyducks's picture

Aaaaaaaand it''s gone!

Meesohaawnee's picture

well no wonder why futures are green. Bullish!

LawsofPhysics's picture

Time to segregate a few heads from bodies.

EL INDIO's picture

“Director of Automated Trading” so he’s the RoboMaster !

 

And JPM is the Junkyard for Printed Money, where excess money is sterilised.

Peter Pan's picture

It is funny how the word brokerage is made up of the words BROKE and RAGE. I guess we were warned.

LeBalance's picture

It is equally funny to note that the word: Mortgage, is made of two roots Mort (Death) and Gage (Grip).  I guess we were warned.

problemfixr's picture

As a follow-up:  Politics, when broken down, equates to Poli (poly) meaning MANY, and Tics which describes BLOOD-SUCKING PARASITES.  I'm just sayin...

jonan's picture

barrack

ba - what you say when you are a sheep

rack - a torturous device used to stretch the sheep thin

HAL 9000's picture

I hope the two of you are not concerned about this.

LULZBank's picture

Nobody is asking the most important question: What is the boiling point of money?

Debtless's picture

JPM is the fucking mob. They need to be stopped. We need a modern day Elliot Ness. I don't see anyone fitting that description around today though.

History rhymes.

youngman's picture

These JPM´s are the new John Dillingers...except now the banks steal from the people...instead of the people stealing from the banks....

HellFish's picture

What we need is rope and trees or at least a rifle with a scope - or at the VERY LEAST tar and feathers, nice hot tar.

francis_sawyer's picture

Holder? Holder?... Oh nevermind...

Debtless's picture

Nevermind is right. Another bought & paid-for tool. Sickening.

j0nx's picture

YOU, me, everyone else is Elliot Ness. Stop waiting for someone else to come riding in on a white horse to fix this problem and take steps to fix it yourself. I guarantee you that if a couple hundred thousand people got off their fat asses and stopped watching the Kardashians and marched on NYC and DC demanding an end to this shit then it would end most ricky tick. We aren't there yet and won't be until the beer and hot dogs dry up. There is no David Palmer/Elliot Ness out there who can do this alone.

Debtless's picture

Uh, maybe you've heard of Occupy - wasn't sleeping in NY parks for 6 months found to be a bit fruitless for change? Read my avatar, I'm doing my part by not playing much of a part. We need regulators that do so unbiased. Or vigilantes. Or both.

torak's picture

Afraid not.  You'd be corraled, pepper sprayed, and arrested for your efforts, hence, the multitudes flip on the 50 inch plasma screen, pop the top of a brew, and languidly indulge in brainless activity.  Don't expect the Jone's to march on DC.  Anyway, most of Main Street are net debtors -- no skin in the game.