• BullionStar
    05/30/2016 - 21:24
    The US Gold Market is best known as the home of gold futures trading on the COMEX in New York. The COMEX has a literal monopoly on gold futures trading volumes worldwide, but very little physical...

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>
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.




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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Tue, 07/10/2012 - 07:29 | 2601457 RyanW525
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Tue, 07/10/2012 - 07:31 | 2601465 GetZeeGold
GetZeeGold's picture



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



Tue, 07/10/2012 - 07:35 | 2601479 HoofHearted
HoofHearted's picture

Nobody could have predicted it...nobody.

Tue, 07/10/2012 - 07:38 | 2601487 Dr Benway
Dr Benway's picture

It's only funny until it happens to you.

Then it's an outrage.

Tue, 07/10/2012 - 07:40 | 2601490 SheepRevolution
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."

Tue, 07/10/2012 - 07:57 | 2601512 GetZeeGold
GetZeeGold's picture



He owns the magic cufflinks......why should he care about anything?




Tue, 07/10/2012 - 08:47 | 2601644 FEDbuster
Tue, 07/10/2012 - 08:54 | 2601650 Badabing
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:


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?

Tue, 07/10/2012 - 09:21 | 2601714 jonan
jonan's picture

jamie the maaaagic diiimon, has maaaggiiicc cuffliiiinksss

Tue, 07/10/2012 - 08:07 | 2601545 LULZBank
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...

Tue, 07/10/2012 - 10:05 | 2601890 toady
toady's picture


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

It's all perfectly legal.

That should be very comforting

Tue, 07/10/2012 - 08:54 | 2601663 torak
torak's picture

Shocking!  Absolutely shocking! 

Tue, 07/10/2012 - 07:36 | 2601484 ghengis86
ghengis86's picture

Segregated = Corzined

Tue, 07/10/2012 - 07:29 | 2601458 merizobeach
merizobeach's picture

All muppets must be Corzined.

Tue, 07/10/2012 - 07:32 | 2601469 GetZeeGold
GetZeeGold's picture



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

Tue, 07/10/2012 - 08:02 | 2601528 ghengis86
ghengis86's picture

All your muppets are belong to us.

Tue, 07/10/2012 - 08:09 | 2601551 GetZeeGold
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I don't think GS is going to be happy to hear that.


Tue, 07/10/2012 - 09:33 | 2601753 Shitters_Full
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).


Tue, 07/10/2012 - 07:29 | 2601460 Croatian Patriot
Croatian Patriot's picture

Show me the money!!!!!!



Tue, 07/10/2012 - 07:43 | 2601495 SheepRevolution
Tue, 07/10/2012 - 07:30 | 2601461 Harlequin001
Harlequin001's picture

Doesn't happen when you hold physical...

Tue, 07/10/2012 - 07:30 | 2601462 i-dog
i-dog's picture

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

Tue, 07/10/2012 - 07:35 | 2601482 insanelysane
insanelysane's picture

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

Tue, 07/10/2012 - 07:46 | 2601499 EscapeKey
EscapeKey's picture

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


Tue, 07/10/2012 - 07:32 | 2601467 EscapeKey
EscapeKey's picture

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

Tue, 07/10/2012 - 07:56 | 2601513 LULZBank
LULZBank's picture

It does.

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

Tue, 07/10/2012 - 07:33 | 2601473 Peter Pan
Peter Pan's picture

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

Tue, 07/10/2012 - 07:34 | 2601476 Gypsyducks
Gypsyducks's picture

Aaaaaaaand it''s gone!

Tue, 07/10/2012 - 07:34 | 2601477 Meesohaawnee
Meesohaawnee's picture

well no wonder why futures are green. Bullish!

Tue, 07/10/2012 - 07:35 | 2601480 LawsofPhysics
LawsofPhysics's picture

Time to segregate a few heads from bodies.

Tue, 07/10/2012 - 07:36 | 2601483 EL INDIO
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.

Tue, 07/10/2012 - 07:36 | 2601485 Peter Pan
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.

Tue, 07/10/2012 - 07:46 | 2601498 LeBalance
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.

Tue, 07/10/2012 - 09:17 | 2601707 problemfixr
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...

Tue, 07/10/2012 - 09:27 | 2601728 jonan
jonan's picture

(oops, dabaru posto)

Tue, 07/10/2012 - 09:26 | 2601730 jonan
jonan's picture


ba - what you say when you are a sheep

rack - a torturous device used to stretch the sheep thin

Tue, 07/10/2012 - 07:38 | 2601486 HAL 9000
HAL 9000's picture

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

Tue, 07/10/2012 - 07:45 | 2601496 LULZBank
LULZBank's picture

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

Tue, 07/10/2012 - 07:52 | 2601514 LULZBank
LULZBank's picture

Gold is not money. Duh!

Tue, 07/10/2012 - 08:59 | 2601677 VelvetHog
VelvetHog's picture

Its too late to measure that to find out.  It's all been vaporized.

Tue, 07/10/2012 - 07:47 | 2601501 Debtless
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.

Tue, 07/10/2012 - 07:48 | 2601507 youngman
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....

Tue, 07/10/2012 - 07:49 | 2601508 HellFish
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.

Tue, 07/10/2012 - 08:05 | 2601537 francis_sawyer
francis_sawyer's picture

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

Tue, 07/10/2012 - 08:20 | 2601581 Debtless
Debtless's picture

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

Tue, 07/10/2012 - 08:12 | 2601559 j0nx
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.

Tue, 07/10/2012 - 08:24 | 2601587 Debtless
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.

Tue, 07/10/2012 - 09:29 | 2601741 torak
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.

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