This makes twice, and it also makes a mockery of so-called "regulation" and "compliance."
Late Monday, the National Futures Association, the futures industry's self-regulatory body, said it has taken an emergency enforcement action against broker PFGBest's parent company, Peregrine Financial Group Inc., as well as a unit, Peregrine Asset Management Inc. Under the emergency enforcement action, the firm isn't allowed to accept any funds or place trades for customers.
It also can't release funds, so if you have money there.....
In its action, the NFA said PFGBest had about $5 million on deposit at U.S. Bank despite maintaining it had more than $225 million on deposit. Moreover, the NFA believes that when PFGBest reported bank balances of more than $200 million in February 2010 and March 2011, in fact it had less than $10 million for each one of these months. Mr. Wasendorf "may have falsified bank records," the NFA said.
How the **** does a company claim to have $200 million on deposit when in fact it has less than $10 million and nobody cross-checks that claimed money on deposit with the institution where it is to insure that the company is not lying?
Again, WHAT THE ****?
Look, this is pretty basic stuff. It appears that as far back as February the money was missing and nobody in the so-called "regulatory" apparatus caught them?
ROUGHLY HALF OF THE CUSTOMER ASSET BASE APPEARS TO BE GONE AND IT APPEARS IT HAS BEEN GONE FOR AT LEAST FOUR TO FIVE MONTHS!
And please tell me that 2010 and 2011 year is a misprint, because if not the money has been gone for more than two years.
There have to be dozens of people who had direct knowledge of this and willfully cooperated or looked the other way. It's impossible for the facts to be otherwise.
You think any brokerage is safe? Any futures merchant? Any account -- anywhere?
Nobody has gone to prison for any of this crap!
Not one of the schemes or scams related to 2008, subprime, robosigning, money laundering for drug gangs, Jefferson County (ok, ok, some of the locals in the county went to jail -- but no banksters did) MF Global, LIBOR, dozens of additional scams and schemes and now this.
I WANT TO KNOW WHERE THE DAMNED POLITICIANS ARE THAT WILL STAND UP AND DEMAND THAT EVERYONE INVOLVED IN THIS CRAP -- ALL OF IT -- GO STRAIGHT TO A 100 YEAR DATE WITH BUBBA. AND YES, THIS INCLUDES (BUT IS NOT LIMITED TO) THE CENTRAL BANKSTERS LIKE BERNANKE WHO KNEW DAMN WELL THAT LIBOR WAS BEING FUDGED AND DID NOTHING.
NO, I WILL NOT "MOVE ON." NO, I WILL NOT "LOOK FORWARD." TO SUCH ENTREATIES I RESPOND WITH TWO WORDS: "**** YOU."
I DEMAND JUSTICE FOR THOSE WHO HAVE BEEN SCREWED BLIND REPEATEDLY.
You want my damn vote, you want my support, you want me in the markets and you want me to invest, generate economic activity and consume then those of you in government from the federal level on down are going to do this and you are going to do it RIGHT DAMN NOW.
This isn't a negotiation.
It's a demand and I call upon all 330 million Americans to rise and speak this IDENTICAL demand in concert.
Where We Are, Where We're Heading (2013) - The annual 2013 Ticker
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