FRAUD CASES

Of course I can't help at times surfing the web for stuff on PFG. I found something that likened it to the Stanford case, but that is irresponsible. In that case people bought a bogus product, a CD with false promises, and involved a lot of offshore money. In the PFG case the issue is segregated funds here in the US. This is what makes it like MF Global. Segregated funds were used for company business. That is not a ponzi scheme at all. Where all of this will lead is anyone's guess, and I doubt it will be a good outcome for me. However, I felt it was important to make this clear distinction. Further, the pass through nature of the wiring instructions that initially went to JPM, is another odd twist. I am not sure why this arrangement was in place, and I don't know how unusual or normal it might be. I does seem strange though, the other bank was pretty good sized also. There would be no need for this. I suspect I will be suing JPM before this is over. There are things to learn still at this point, so lawsuits are a long ways off for now.

I find myself now waiting for the funding of an account at Trade Station, and as luck would have it, there seems to be a problem. As a result I am most likely closing that account immediately and getting the money out of there. I have existing accounts there, and I was simply moving money within, yet there was some type of glitch. I am going to have a zero tolerance policy for this going forward and readers should probably have the same thing. I asked them for the name of a banker I could talk to at their bank, who could verify they spoke directly to the NFA recently and confirmed the segregated accounts balance. If they don't give me that I will close out. The minute you see anything at all that raises a red flag, bolt immediately. We know segregated funds are not safe now anywhere. I did find that Schwab has $10 Billion in fraud insurance, so if you are an equity person, that might well be the place where the segregated funds might be the closest to being safe. I suspect their commission rates are probably high, but you would be protected it appears against fraud and malfeasance there.

Another thought I have is contacting Lloyds of London to see if they would write a policy insuring a segregated balance against fraud. They would not insure principle obviously since we could lose it trading. I am talking about just the current balance in the event of a fraud type of event like this. It might be expensive, but might be worth it. The government is going to do nothing to help solve this problem, that is pretty clear.

In the trading world all I see for tomorrow is a short in Crude, but it did not meet all my rules, so it got filtered out. The Bond System has a buy at 151'21 on a stop. I don't know if I will be doing that because I don't know the status of my funding as per my comments above.

I can't wait to make it all back and more, then focus my attention on bringing down the CFTC to their knees. They are going to rue to day they let all of us get hosed like this and did nothing to help. I will make it my sole mission in life once I get back in the high life, to make their life miserable. Also, believe this, I will never give up in my attack on them. NEVER!!!

Don't screw with an ex-wrestler, we don't ever give up.

Good luck to everyone this week. If you are a victim, tune out all the noise for now. That is what I am doing. Once they make a transfer, that will be the starting point. Until then it is all a bunch of speculation by everyone, myself included. It is not productive, and also very stressful.