JUST WHAT THE MARKET NEEDED…MORE MF-STYLE CRAP!
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PFGBest has frozen its customers’ accounts after an apparent suicide attempt by its owner Russell R. Wasendorf Sr. and a report from an industry group that more than $200 million in customer funds at the Iowa-based trading company are missing.
Late Monday, the National Futures Association (NFA), which regulates the futures industry, said it has taken an emergency enforcement action against Peregrine Financial Group, the parent company for the 20-year old broker, and also against a unit, Peregrine Asset Management.
The emergency enforcement action was taken because PFG had “failed to demonstrate that it meets capital requirements and segregated funds requirements,” the association said, adding that it has reason to believe that PFG “does not have sufficient assets to meet its obligations to its customers.”
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