PFG - What happens if you have accounts with them??

G

gmst

This thread is about what happened to traders who had accounts at PFG? Do they get their money back, if yes how much money do they get back, when do they get it back, what are all the (legal or other) options before them? Also, what if anything can be done. Please share your experiences.

Traders who have been earlier in similar situation are welcome to post and share their experiences. Refco, MFGlobal etc.
 
Quote from gmst:

This thread is about what happened to traders who had accounts at PFG? Do they get their money back, if yes how much money do they get back, when do they get it back, what are all the (legal or other) options before them? Also, what if anything can be done. Please share your experiences.

Traders who have been earlier in similar situation are welcome to post and share their experiences. Refco, MFGlobal etc.
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futures and forex markets are not cover under SIPC. Therefore, u are at your own risk.



CFTC Disclaimer:

The risk of loss in trading commodities can be substantial. You should therefore carefully consider whether such trading is suitable for you in light of your financial condition.
 
Quote from gmst:

This thread is about what happened to traders who had accounts at PFG? Do they get their money back, if yes how much money do they get back, when do they get it back, what are all the (legal or other) options before them? Also, what if anything can be done. Please share your experiences.

Traders who have been earlier in similar situation are welcome to post and share their experiences. Refco, MFGlobal etc.
More...

No US domicile has yet to lose a penny due to a US FCM failure. MF and PFG notwithstanding. We'll have to wait and see.
 
Quote from emg:

futures and forex markets are not cover under SIPC. Therefore, u are at your own risk.

CFTC Disclaimer:

The risk of loss in trading commodities can be substantial. You should therefore carefully consider whether such trading is suitable for you in light of your financial condition.
More...

I am afraid thats not terribly useful information emg. Everyone would appreciate if you can put forth some useful information, given the situation we are in currently. E.g. what happened in Refco case, MF case, how is this case similar/different to those situations, what can be expected and finally what are the alternatives for PFG traders.

If you have nothing concrete to write, please avoid replying. Thanks.
 
Quote from gmst:

I am afraid thats not terribly useful information emg. Everyone would appreciate if you can put forth some useful information, given the situation we are in currently. E.g. what happened in Refco case, MF case, how is this case similar/different to those situations, what can be expected and finally what are the alternatives for PFG traders.

If you have nothing concrete to write, please avoid replying. Thanks.
More...



futures and forex markets are not cover under SIPC. do u get it? they are at risk losing their entire investment. SIPC will never cover in the futures and forex markets. Never will. If u dont like the idea the gov will not FORCE sipc to cover futures and forex markets, don;t trade.


Don't trade futures and forex markets.
 
Quote from emg:

futures and forex markets are not cover under SIPC. do u get it? they are at risk losing their entire investment. SIPC will never cover in the futures and forex markets. Never will
More...

Dude, everyone who trades seriously knows this. But as I said, this is not terribly useful information, nothing specific regarding this case.
 
Quote from gmst:

Dude, everyone who trades seriously knows this. But as I said, this is not terribly useful information, nothing specific regarding this case.
More...


terrible info? look at all the pfg customers. they will never see their money again. that is the fact.


also, even if the gov recovered some of the money, those recover money will first go to big traders and institutional. Then, whatever left over goes to small traders. here is another thing to keep in mind, pfg small traders are hiring lawyers and hiring lawyers come at a great cost. More money coming out of small traders pocket.

the question u have to ask yourself as a small trader, is this all worth it being a small trader trading in the futures market, while knowing the fact the futures/commodity market is design for big traders and institutional.
 
Quote from atticus:

No US domicile has yet to lose a penny due to a US FCM failure. MF and PFG notwithstanding. We'll have to wait and see.
More...

This not "yet to lose a penny due to a US FCM failure" is nonsense. Money has a time value, forced liquidations cost money, paying lawyers to get your money back costs money and not being able to trade your account for weeks/months costs money.

I am reposting (again) what I posted on June 16, 2010 on page 3 of the thread
http://www.elitetrader.com/vb/showt...threadid=201683


"Just because there are no recent losses of segregated funds does not mean that such losses cannot happen tomorrow or at some other point in the future.

Segregated funds is a very weak customer protection scheme. Having to take legal action and waiting many months to over a year to get what is left of your money back is not proper customer protection. What the CFTC and the futures industry does not tell you is that you do not get back what is lost on the liquidation of open positons at arbitrary prices.

The Volume Investors clearing firm failure in 1985 was a major mess and embarrassment for the COMEX. The failure of the clearing firm Klein and Co. Futures Inc in May, 2000 was a similar ugly mess.

At some point in the future another futures clearing firm will fail and it will be an ugly mess."

The futures industry refuses to fix itself and the same nonsense repeats itself.

MF Global is still another one of the ugly messes. And now we have the PFG ugly mess.
 
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