In what appears to be possibly a more devious scheme than MF Global with smaller amounts of money, PFG was locked down by the Feds today. It appears that there is virtually no money left in the segregated funds, and they falsified those balances to meet regulatory requirements for the past several years. You can read the NFA complaint on the web, it is everywhere, which gives specifics on this. I had the majority of my money there and it is apparently now all gone. I believe SIPC will reimburse some of it, but far below my balances. I am basically screwed, hundreds of thousands of dollars have been taken from me it appears, that I will never see again.
I do not have any idea how all of this will be resolved, and I will report what I learn in here when I learn it. For now it is time to look out for my family as I am going to have to make some significant life changes to get through this. I have taken a huge hit here.
In this instance this appears to be more egregious than the Man situation because of the incredibly low balances in the segregated accounts. It appears that instead of $400 Million, they have $5 Million. I have no idea what the government intends to do about any of this, but on the heels of the Man situation, there may well be people who moved to PFG from Man, who got double dipped here.
I am going to have to cut back so much in my life for a period of time until I can rebuild, that I may not be posting much here. I really have to give all my focus to trading, to get back what I have had taken away here. I guess my first goal has to be to make back what they have stolen from me, once I have done that I can get on with things again.
Best wishes to all my readers, and I will still be here just not posting every day until I can get my life back together here. I do have my ability to trade profitably, they have not taken that away from me.
Once I have updates on this situation I will post them here.