Penson (PNSN) stock down on heavy volume

It seems that Penson is going to bankruptcy. No profit for last year. But they have a lot of quantity of retail accounts. this fact is troubled
 
Quote from ryleg:

http://research.tdameritrade.com/pu...512009246-6TFOBT0MLL9NG051E1CNU01F01&clauses=

If anyone would like to comment on the ramifications of this, especially the potential impact to accounts that are larger than what SIPC covers, I'm listening.
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Penson has Excess SIPC Coverage. I attached the details. You don't have to be concerned if you're in a customer account. For Broker Dealer accounts, you're never protected by SIPC.
 

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Quote from rmorse:

Penson has Excess SIPC Coverage. I attached the details. You don't have to be concerned if you're in a customer account. For Broker Dealer accounts, you're never protected by SIPC.
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Does SIPC cover commodity accounts? I'm thinking, "NOT"... ??
 
Is EVERYBODY in the bizz stupid, reckless and greedy? Seems everywhere I have my money on deposit, they get into financial trouble...

Chicago Grain, Refco, Lind-Waldock, MF Global, and now Penson... Sheesh!!
 
Quote from Crispy:

Penson doesnt settle futures.
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Really, I thought they did. Futures accounts are settled every night... balances are reflected in customer accounts... What then does Penson do?
 
Quote from rmorse:

Penson has Excess SIPC Coverage. I attached the details. You don't have to be concerned if you're in a customer account. For Broker Dealer accounts, you're never protected by SIPC.
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Thank you. I did not know their excess coverage was only up to $2.15m cash.

That was valuable information that I don't believe is posted in other places.
 
Quote from Scataphagos:

Really, I thought they did. Futures accounts are settled every night... balances are reflected in customer accounts... What then does Penson do?
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Actually I just double checked, I was mistaken, they do clear them.

I thought they were strictly equity, fixed income.
 
Quote from Crispy:

Actually I just double checked, I was mistaken, they do clear them.

I thought they were strictly equity, fixed income.
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My concern is that while "securities accounts" are covered by SIPC, commodity futures accounts are not.. or may not be..
 
Quote from Scataphagos:

My concern is that while "securities accounts" are covered by SIPC, commodity futures accounts are not.. or may not be..
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That's an excellent question. I will find out if SIPC or any other entity protects the assets in a futures account.

Bob
 
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