Submitted by Tyler Durden on
07/09/2012 19:17 -0400
Remember when the entire segregated account fiasco was supposedly
fixed in the aftermath of the November 2011 MF Global bankruptcy, and where
regulators: the CFTC, the SEC, the CME, and anyone you asked, swore up and down
this would never happen again? Turns out that 7 months later, the spirit of
MFG has struck again, only this time with one letter switched:
it is now known as PFG, as we suggested first 3 hours ago when
we
broke the story. From the just filed affidavit by Lauren Brinati who is
working with the National Futures Association, which in turn has just filed
notice prohibiting PFGBest from operating further, and freezing all of its
accounts:
The money has now officially vaporized.
It is truly wonderful of the NFA to finally get involved, after PFG's clients have lost about 98% of their cash held with the firm.
In other potential news, a rather prominent New York bank, recently closely associated with marine wildlife, may have just cut its Q2 losses by up to $220 million.
And now for a moment of sarcasm, courtesy of Jack Pearson.
Full NFA filing:
- On or about June 29, 2012 PFG reported to NFA that it had approximately $400 million in segregated funds, of which more than $225 million were purportedly on deposit at U.S. Bank
- On or about July 9, 2012, NFA received information indicating that PFG's Chairman may have falsified bank records
- On July 9, 2012, NFA made inquiry with US Bank and learned that rather than the $225 million that PFG had reported as being on deposit at US Bank just days earlier, PFG had only approximately $5 million on deposit at U.S. Bank.
The money has now officially vaporized.
It is truly wonderful of the NFA to finally get involved, after PFG's clients have lost about 98% of their cash held with the firm.
In other potential news, a rather prominent New York bank, recently closely associated with marine wildlife, may have just cut its Q2 losses by up to $220 million.
And now for a moment of sarcasm, courtesy of Jack Pearson.
PFGBEST’s goal during MF Global’s demise was to get MF Global customers their money back. fb.me/1tPLObJyL
Full NFA filing:
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