For Investors and Customers, PFG is MF Global all Over Again...
Welcome to Capital Account. More than $200 million in customer money is allegedly missing from the accounts of one of the largest, non-clearing, US futures commission merchants, PFG Best. That's according to regulators. The money was supposed to be in segregated customer accounts. Customers have been told their money is frozen. Does this sound oddly familiar? We will hear from two PFG Best customers, Christopher Olson and Mohamed Hawary. And there is evidence PFG Best may have been committing fraud with falsified statements for years, according to regulators. The FBI is investigating, the CFTC is alleging fraud, but why did regulators miss this? We'll talk about what this shortfall means for investor confidence when a regulated broker can get away with this undetected for years. And this is not the first time sacrosanct segregated customer funds have gone missing. MF Global went bankrupt less than a year ago taking $1.6 billion in customer money with it. We talk to a man f...