PFG freezes accounts, CEO attempts suicide

Quote from bone:

MF and PFG would have been much less severe if a lazy auditing accountant could just pick up a phone and call the custodial banker directly in order to verify the FCM's reported figures.

Our industry is going down the tubes because every freaking auditor is lazy and apparently inept and incompetent it would appear.

That freaking simple.

Call the bank - don't take figures at face value from the regulated entity who is the subject of the audit.
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I agree this incompetance does not belong in the year 2000 +. Just idiotic. There is no way a company can get away with this 2-5 years sucking in more client funds. Regulations and auditing are supposed to make a difference. The system right now is cockamamie and a fares. The employees in charge need to join your unemployment lines and prison cells. It's a complete joke. I would be petrified to have a large futures account with your none existent regulations. Can you imagine losing a multi million dollar account because of these yoyos?
 
Quote from luckyluciano:

I agree this incompetance does not belong in the year 2000 +. Just idiotic. There is no way a company can get away with this 2-5 years sucking in more client funds. Regulations and auditing are supposed to make a difference. The system right now is cockamamie and a fares. The employees in charge need to join your unemployment lines and prison cells. It's a complete joke. I would be petrified to have a large futures account with your none existent regulations. Can you imagine losing a multi million dollar account because of these yoyos?
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Unfortunately, I have to agree. I can't help but draw comparisons to Soviet era type shit where the oligarchs just "divied up" the state's assets to the favored parties. There is just way too much regulatory capture and lax regulation for those who have chummy, cozy relationships. For everyone else, it's a bureaucratic labyrinth.
 
Quote from Macho:

I just noticed that Robbins, owned by PGFBest, are continuing to update the World Trading Championship as at 7/10/2012.

Doesn't all this crap effect them?:confused:
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It certainly makes me wonder...
 
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The more I think about the money I may have lost through PFG and the regulatory system's incompetence the more infuriated I get.

If I was as incompetent in my business as these regulators are at there's, my family would starve! These people need to be replaced. Who know how many other companies are cooking the books? You will never know because the system in place is useless and so are there people. The crooks are smarter than the regulators are.

You money is not safe! Let the my loss be your warning.
 
This is not incompetence.

Think about how many people it takes to run a scam like this.

1) PFG has their own internal accountants/comptrollers who deal directly with US Bank, using US Bank statements, to reconcile and compile their internal ledgers, on a weekly/bi-monthly basis. Every comptroller/CFO has signing authority for a corporation and informational access to custodial accounts and bank records. It's a joke to even suggest only Wasendorf had access to bank accounts/statements and literally handed them over to accountants, a few times a week - all doctored up - when needed. Logistically, this is impossible and totally outside normal business practices that would raise red-flags to any CPA/CFO. The reason why most people on this thread haven't clued in to this is because they have little-to-no experience in the day-to-day management of a corporation! (not that I do, just apparently a bit more than the yahoos on this thread!)

2) External auditors would verify those books and records, using source documents.

3) Regulators would verify those audits.

4) Either Wasendorf or somebody working at US Bank gave the NFA a PO BOX to send compliance documents too. Either somebody at US Bank was also in on this, or the NFA are complete retards.

5) US Bank knew PFG's account balance was well-below it's stated net capital on CFTC regulatory filings. While US Bank may not be obligated to snitch on it's customer, they sure as shit knew their balance was far below it's regulatory filing and said nothing. Consider the hypocrisy here: US Banks will drop a dime on any American who deposits or withdraws over 10 grand in cash, under suspicion of laundering or terrorism. But look the other way when 220 million in customer deposits go missing in "segregated accounts"!

5) NFA never bothered to call, fax or email US Bank directly to verify PFG's account balance.


This is fraud on a massive, massive scale. Bank statements are the backbone of any corporate ledger, and pass through the hands of no less than 10 accountants (internal/external/regulators) in a highly regulated, fair-sized broker/dealer, like PFG. Don't be fooled by the complete idiots posting on this thread. This is a complete fraud.
 
Quote from achilles28:

This is not incompetence.

Think about how many people it takes to run a scam like this.

1) PFG has their own internal accountants/comptrollers who deal directly with US Bank, using US Bank statements, to reconcile and compile their internal ledgers, on a weekly/bi-monthly basis. Every comptroller/CFO has signing authority for a corporation and informational access to custodial accounts and bank records. It's a joke to even suggest only Wasendorf had access to bank accounts/statements and literally handed them over to accountants, a few times a week - all doctored up - when needed. Logistically, this is impossible and totally outside normal business practices that would raise red-flags to any CPA/CFO. The reason why most people on this thread haven't clued in to this is because they have little-to-no experience in the day-to-day management of a corporation! (not that I do, just apparently a bit more than the yahoos on this thread!)

2) External auditors would verify those books and records, using source documents.

3) Regulators would verify those audits.

4) Either Wasendorf or somebody working at US Bank gave the NFA a PO BOX to send compliance documents too. Either somebody at US Bank was also in on this, or the NFA are complete retards.

5) US Bank knew PFG's account balance was well-below it's stated net capital on CFTC regulatory filings. While US Bank may not be obligated to snitch on it's customer, they sure as shit knew their balance was far below it's regulatory filing and said nothing. Consider the hypocrisy here: US Banks will drop a dime on any American who deposits or withdraws over 10 grand in cash, under suspicion of laundering or terrorism. But look the other way when 220 million in customer deposits go missing in "segregated accounts"!

5) NFA never bothered to call, fax or email US Bank directly to verify PFG's account balance.


This is fraud on a massive, massive scale. Bank statements are the backbone of any corporate ledger, and pass through the hands of no less than 10 accountants (internal/external/regulators) in a highly regulated, fair-sized broker/dealer, like PFG. Don't be fooled by the complete idiots posting on this thread. This is a complete fraud.
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Making broad allegations of conspiracy to defraud/collude by NFA and US Bank with PFG based solely on your admittedly "little-to-no experience" and no actual evidence or proof puts you squarely in the same category as other "yahoos on this thread"

But please don't let a little thing like facts (or lack thereof) stand in the way of your sweeping pronouncements of what really happened and calling everyone else idiots.
 
 
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