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|User Info||Oh Oh, Another Possible MF Global?; entered at 2012-07-09 19:17:27|
Registered: 2007-12-03 Nevada
4.Pursuant to NFA Financial Requirements Section 4, PFG was required to maintain segregated funds of approximately $400 million as of July 5, 2012.
5.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.
6.On or about July 9, 2012, NFA received information indicating that PFG’s Chairman may have falsified bank records.
7.On July 9, 2012, NFA made inquiry with U.S. Bank and learned that rather than the $225 million that PFG had reported as being on deposit at U.S. Bank just days earlier, PFG had only approximately $5 million on deposit at U.S. Bank.
8.Further, NFA learned that, in contrast to purported bank confirmations submitted to NFA that sought to confirm U.S. Bank account balances as of February 2010 and March 2011, that reported balances of approximately $207 million and $218 million, respectively, PFG’s actual balances at U.S. Bank at those times was less than $10 million for each one of these months.
9.As of the date of this MRA, PFG has been unable to demonstrate to NFA that it has sufficient capital to meet its minimum adjusted net capital requirement or segregated funds to meet its obligations to customers.
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