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

From
http://www.futuresmag.com/2012/10/11/vision-to-take-over-pfg-accounts
However, while some IBs are happy with the transition to Vision, others are not. Some question how the trustee can award accounts to an FCM that was fined $500,000 and barred from entering into guarantee agreements with IBs for two years by the National Futures Association (NFA) in 2011.

NFA did not object to the transfer to Vision. NFA President and CEO Dan Roth says NFA’s previous action regarding Vision limited their ability to take on additional IBs but does not prohibit them from taking on PFG accounts. Roth added, “Our past actions against Vision did not involve capital or any misuse of customer funds. Given the need to expedite the transfer of remaining customer funds, we did not object.”
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Well, Vision was the high bidder, probably for good reasons even apart from the fact that they may be restricted in otherwise taking on new IB's.

But remember, you will be able to choose to wire your funds right out of Vision to another broker, if you wish. That is what I will do.
 
In yesterday's hearing on Drohan Lee LLP's motion on behalf of PFG's retail forex customers Judge Carol Doyle advised the plaintiffs to file an "adversary" suit against the Trustee to force him to return the funds of PFG's forex customers.

http://www.law360.com/articles/385989/peregrine-forex-metals-clients-to-sue-over-funds-atty-says

That is exactly what they are about to do. Futures Magazine has a good article regarding the new motion:

http://www.futuresmag.com/2012/10/11/pfg-forex-metals-customers-want-justice

In total, there are 7,000 clients with forex and metals accounts at PFG, but Medley says the impact of the case could be much broader. “We feel like this is a precedent-setting case with respect to the rights of forex and metals account holders, and how it relates to the CFTC regulations.”
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A victory for Drohan Lee would indeed be a huge precedent for all retail forex traders in the United States, and a welcome one at that. However, the precedent may not be to the liking of many in the futures industry. This quote from John Roe of the Commodity Customer Coalition is very telling:

Roe says the CCC has not made a decision on how to argue this but says, “The important thing once this is all said and done is that we don’t have a precedent at PFG that once someone steals something out of segregation, it doesn’t matter. That would mean segregation protection is completely meaningless,” he says. “The NFA said in its brief in the MF Global case that the intent of Congress was not to have to trace funds when the music stopped. If they aren’t there and there is a hole, you have to replace those with substitute assets. In this case, the substitute asset is FX customers’ money.”
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If FX customer assets are no more than a backstop for futures customers in the event of bankruptcy then retail forex traders need to think long and hard before opening an account with a FCM whose primary business is futures. That is what is at stake in the adversary suit that is about to be filed.
 
Quote from FCM-Reform:



If FX customer assets are no more than a backstop for futures customers in the event of bankruptcy then retail forex traders need to think long and hard before opening an account with a FCM whose primary business is futures. That is what is at stake in the adversary suit that was just filed today.
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Forex is a CASH market and is designed for banks to exchange currencies. Forex does not have stand alone exchange like cme, nyse, nasdaq, eurex, etc etc, therefore, the forex was never designed for small traders, which is why forex is not regulated until 5 so yrs ago.



Many or shall i say 99% of small traders do not understand how and why foreign exchanges exist hundred years ago. It was never intended for small traders to trade in the cash market.

to solved this mess, the u.s gov should BANNED small traders trading in the forex. Banned them and only allow small traders to trade currency futures




Banks are getting too big by allowing small traders to trade in the cash market (risky) for big bonus. the slippage/pip spread banks making from small traders are guarantee profit. Churn and burn small traders is their motto for big bonus check
 
See
http://www.visionfinancialmarkets.com/pfgtransfer/

BUT they will be postal-mailing out statements on Tuesday and you cannot submit the form until you get it in the mail.

They are charging $25 handling plus $25 wire transfer fee to wire to another broker.

That's way too much in my opinion. IB charges nothing for a wire transfer out and my bank charges only $15. I see that Vision is earning back via these fees a good portion of what it paid the trustee for these accounts.
 
Yeah, well they did bid $240K for all the accounts so I guess I'm cutting them some slack in the relatively larger charges for transfers and such.

I'm going to stick with them for now, add some more funds for trading and get the $50 trading credit they're offering. After that, I'll get my Genesis Trade navigator set up for trading with Vision through my charts,

Having been through MFG, a brief stop at RJO and then destroyed at PFG, I'm starting to grow tired of filling out forms, I'm really looking to get some closure and get back to trading.
 
Quote from dangerkitty:

Yeah, well they did bid $240K for all the accounts so I guess I'm cutting them some slack in the relatively larger charges for transfers and such.

I'm going to stick with them for now, add some more funds for trading and get the $50 trading credit they're offering. After that, I'll get my Genesis Trade navigator set up for trading with Vision through my charts,

Having been through MFG, a brief stop at RJO and then destroyed at PFG, I'm starting to grow tired of filling out forms, I'm really looking to get some closure and get back to trading.
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u should do a research on the vision's history. it is really ugly
 
That Dorffu%k makes me so angry. I wish it didn't...........I hate to say that I want to take a swing at his !@#$@!@# face.

Hopefully the DA is not stupid enough to put him in a clean city jail. County is where he belongs.

I had no accounts with PFG, but almost did. Maybe the Muslims have it right with their executions.........
 
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