At this point, many of you may have heard that FCM PFGBest has been put on liquidation only by the NFA. Here’s what we know so far.
The NFA has released evidence indicating a shortfall in customer segregated funds at PFGBest. To say we’re angry, frustrated or disappointed doesn’t begin to cover it.
In light of the catastrophe unfolding at PFGBest, what plan does our government have for futures regulation? Budget cuts, if you can believe it.
The story of PFGBest is still unraveling, but the details we have are infuriating. Today we break down what we know so far, the possibilities on the horizon, and the swift, decisive action necessary to keep this travesty from becoming the final nail in the coffin of a marketplace that serves as a heartbeat of our global economy.
Rumors are flying fast and loose as everyone tries to figure out exactly what’s going on at PFGBest. Here’s the latest in what we know, and what has yet to be confirmed.
Additional details in the PFGBest story have surfaced, and the case that the nation’s regulators have fundamentally failed in their duties grows stronger. If these allegations are accurate, the magnitude of the regulatory failure in this case is truly astonishing.
In case you missed it, PFGBest has filed for bankruptcy. We take a look at the circumstances, and what they could mean for clients.
New twists in the PFGBest story keep coming – today we learned that their auditor was a once-person shop in the suburbs. But realistically, even that shouldn’t distract from those who were responsible for double checking PFGBest’s numbers: the NFA.
We’re glad the PFGBest fiasco is getting some attention, especially when it comes to the regulatory environment. But not all of the information being circulated out there is necessarily to be trusted, and today provided a glaring example of some very shaky math.
As additional details rise to the surface, it becomes ever more difficult to understand how the regulators could have missed what was going on at PFGBest. Was it really that hard to place a single phone call?