You are using an out of date browser. It may not display this or other websites correctly.
You should upgrade or use an alternative browser.
You should upgrade or use an alternative browser.
PFG freezes accounts, CEO attempts suicide
- Thread starter Maverick74
- Start date
This is why I stick to equity markets and have multiple brokerage accounts to stay under SIPC limits.
You can't trust these people. I would not touch a futures account.
You can't trust these people. I would not touch a futures account.
Quote from TheDudeofLife:
The Fed's zero interest rate policy is not stimulating the economy, it is . . . causing FCM's to take on new risks in order to generate revenue.
How about just raising commissions? I don't understand why there isn't a really simple requirement: no customer fund commingling. Period. It works for equity accounts, should also apply to futures.
Quote from RCG Trader:
I got as far as Metatrader 4.
Nuff said.
If you do get smart enuf to stay away from futures, you still need to be smart enuf to know what NOT to get involved with in FX.
Ron, far far more FX bucketshops have gone under then FCMs. Do you want me to start posting them? There are probably 5 a month that get shut down. FX bucketshops are the least safe place for your money. Of course you already knew that. You were just trying to add negative value again to the convo. LOL.
Quote from Chicago_CTA:
You don't seem to catch the nuance that before Corzine took over and screwed up what was then a 'medium-sized commodity firm' MF Global was a major presence in listed futures. Spun off from London's Man Group, the company enjoyed a strong reputation as an independent broker.
Whom do I like? I think the following clearing firms are good:
ADM Investor Services
Advantage Futures
Dorman Trading
Rosenthal Collins Group
Knight might even be worth checking out; formerly Penson, now they're back by some real dough...might become a good firm.
How about you? Whom do you trust?
I got what you were saying. My point is unless something is obvious when a new chump takes over the firm you thought was good, and safe, things can turn and everyone, but the clowns cleaning up are the last to know. MF, Madoff, you name it, they all took some big time players through a world of financial pain, not just the retail guy. All those smart, in the know people didn't figure it out.
I mentioned Advantage in my post, and IB as I can sweep my cash to an insured account. Again, at any point some idiot at any of these firms could do something stupid, and there goes the firm and my money. To be honest I cleared through RCG I think 15 years ago, and I spent time every week calling to get statements corrected. They had positions wrong, money wrong, etc. I was always able to have it corrected, but I closed up and swore to never go back. Then again, I swore I'd never open with IB again, and I have an account there now. So far so good, and the people I worked with opening the account were fantastic. One of which responds on ET.
My Dad use to tell me stories about companies he worked with as a lawyer. The nicest, smartest, well off, church going guys were sadly just as likely to step over the line for money as everyone else. Some as a result of a bad decision that should have just been a bad decision, but they got scared, as it was their responsibilty to always be right they thought, and they would double down so to speak. As usually happens it would fail even bigger, and everyone else paid. They would get fired, but still have all their pay and bonuses and perks, but the little guys got laid off, or let go.
This crap isn't unique to equities, or futures brokers, hedgies, etc.
Futures Broker Freezes Accounts - WSJ.com
http://online.wsj.com/article/SB10001424052702304022004577517330064601496.html
http://online.wsj.com/article/SB10001424052702304022004577517330064601496.html
Zero Hedge has the Atlas ratings of the various FCM's. Check where yours ranks and see how close it is to being the next casualty.
http://www.zerohedge.com/news/first-mfglobal-now-pfg-who-next
http://www.zerohedge.com/news/first-mfglobal-now-pfg-who-next
I remember in 2005/2006 that Ken Wood was pushing his cult crew over to get PFG accounts, in part, to autotrade his losing system (and who knows what kind of financial kickbacks for himself), acting like he was best buds with the owner. At the time, I thought, "well, that's one broker I definitely need to avoid".