PFG freezes accounts, CEO attempts suicide

All the customer's money went to his personal projects/expenditures for 20 years: New headquarters, charities, real estate projects, corporate travels in Italy, "My Verona"...

Check his face...Is he not the face of success ? The guy looks like he has a whole life of achievement and honest labor behind him. The psychos are not those you think.:mad:
 
Quote from TraDaToR:

All the customer's money went to his personal projects/expenditures for 20 years: New headquarters, charities, real estate projects, corporate travels in Italy, "My Verona"...

Check his face...Is he not the face of success ? The guy looks like he has a whole life of achievement and honest labor behind him. The psychos are not those you think.:mad:
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We have nobody who is trustworthy now because essentially the regulators are all asleep or watching porn and the firms are policing themselves. It's a free for all, do what you want, just don't get caught.

Just like a 3rd world country.

So right now to be successful at trading, firstly you need a viable strategy, secondly you need to pray hard everyday that your money will still be there the next morning..
 
http://www.elitetrader.com/vb/showthread.php?s=&threadid=245979

Quote from Grandluxe:

We have nobody who is trustworthy now because essentially the regulators are all asleep or watching porn and the firms are policing themselves. It's a free for all, do what you want, just don't get caught.

Just like a 3rd world country.

So right now to be successful at trading, firstly you need a viable strategy, secondly you need to pray hard everyday that your money will still be there the next morning..
More...
 
Quote from Grandluxe:

We have nobody who is trustworthy now because essentially the regulators are all asleep or watching porn and the firms are policing themselves. It's a free for all, do what you want, just don't get caught.

Just like a 3rd world country.

So right now to be successful at trading, firstly you need a viable strategy, secondly you need to pray hard everyday that your money will still be there the next morning..
More...

Fair assessment. The next one should be "State of the Banana Republic Address".
 
IMO the entire system is built on "paper funds" or dollars only shown in accts that are not real. My guess is over 50% of FCM's are at risk due to falsified actual financial holdings. I think exchanges know how bad things are and they are not willing to do anything but cover their ass.

I have 20% of the money I used to keep in accts just 2 years ago spread over three FCM's. I trade over leveraged these days and I don't give a Damn, but still making my typical monthly nut.

Next play, looking for solid foreign brokers and shifting trading operations out of the US. The "trends" are looking ugly here and I think the worst is yet to come.
 
Quote from Eight:

Wasendorf is something else. He's been using his computer to print phoney bank statements for two decades. He went to his local Post Office, told them he was from US Bank and got a POB in US Bank's name. The auditors sent papers to the POB and he sent them forgeries. He didn't allow anybody else access to the bank account. Is that not very complicated or what? Con the local Post Office once and keep making good forgeries.. It's childish almost.

Regulators have egg on their face of course. They could have very easily checked that the POB belonged to the bank by talking to the bank. Over a twenty year span it never occurred to them?
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SO what did he do with the $?
 
Quote from BlueTurtle:

I have to imagine no firm is safe. pretty scary stuff. I wouldn't be surprised if any firm closes.

Luckily, I have my money with a Nigerian representative who only needed 100,000 before he gives me lottery proceeds of over 15 million.

Is this a great world or what?
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that is hilarious! The frequency of this stuff is crazy.. the reality of it is that there is alot more going on then everyone i think realizes!
 
BlueTurtle ...

Can you make an introduction to your Nigerian? My guy has run into a few minor snags -- he assures me they are minor -- yet I have not been able to reach him for a few days. I want to have a backup Nigerian or even have two "my great uncle died and the estate is $13,000.000" deals working at once.

Hey $26,000,000 is better than $13,000,000.

Quote from BlueTurtle:

I have to imagine no firm is safe. pretty scary stuff. I wouldn't be surprised if any firm closes.

Luckily, I have my money with a Nigerian representative who only needed 100,000 before he gives me lottery proceeds of over 15 million.

Is this a great world or what?
More...
 
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