PFGBest Update: Justice Delivered

With all the heartache and headache that the PFGBest scandal has created, it can be easy to focus on the bad. After all, there’s a lot of it to go around. As frustrating as it’s been, there is one silver lining. Unlike MFGlobal victims, who continue to call for Corzine’s arrest, the perpetrator of these crimes is being held accountable. Today, after staring down 25 to 50 years in prison, the final sentence was delivered by the courts:

There is still much work to be done, but there is some consolation in knowing that Wasendorf will pay for what he’s done, and that the courts have ordered $215mm in restitution (where is that money coming  from, exactly?). In fact, he’s made it clear he expects to die in prison. If you ask many of our clients, that’s exactly what he deserves.

One comment

  1. i’m sorry but i felt a little different from your expression of feelings toward pfg. yes, i also was a client who lost just as every other traders did. i really won’t mind it at all, if i were to lost 2/3 of my trading capital due to my indi inadequacies or of my own greediness and such. yes, i am still a little sored and touchy with pfg.

    however, on one hand, he deserved everything handed down to him, even if it means spending his last several years in prison.

    but the other corner of my heart tells me something different. what would dying in prison accomplish for himself and others like many many of us traders whom he successfully cheated?

    revenge? yes, for sure.

    teaching him and other potential followers and good objective lesson? sure enough too.

    he should have many good years left to repay whatever he could personally contribute to society at large, not necessarily trading societies only.

    why not just let him out to contribute what he can during the days and then to return to incarceration at night; which in my opi would better serve society at large, then just to punish him and to waste his remaining days away behind bars?

    personally, there was much agony, anger and bewilderment since one june morning, when larry w’s email arrived stating that he et al lost his entire trading acct at pfg….

    any way, whatever that was cheated and lost relating to pfg, has during the last few days already been doubled and tripled many many times over in the gold market. amen.

    wishing everyone good and profitable trading. and hope that everyone of us would also regain many many times over during this very profitable but also very risky market conditions, in whatever we trade….K?

    nakachalet@gmail.com

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Disclaimer
The performance data displayed herein is compiled from various sources, including BarclayHedge, RCM's own estimates of performance based on account managed by advisors on its books, and reports directly from the advisors. These performance figures should not be relied on independent of the individual advisor's disclosure document, which has important information regarding the method of calculation used, whether or not the performance includes proprietary results, and other important footnotes on the advisor's track record.

Benchmark index performance is for the constituents of that index only, and does not represent the entire universe of possible investments within that asset class. And further, that there can be limitations and biases to indices such as survivorship, self reporting, and instant history.

Managed futures accounts can subject to substantial charges for management and advisory fees. The numbers within this website include all such fees, but it may be necessary for those accounts that are subject to these charges to make substantial trading profits in the future to avoid depletion or exhaustion of their assets.

Investors interested in investing with a managed futures program (excepting those programs which are offered exclusively to qualified eligible persons as that term is defined by CFTC regulation 4.7) will be required to receive and sign off on a disclosure document in compliance with certain CFT rules The disclosure documents contains a complete description of the principal risk factors and each fee to be charged to your account by the CTA, as well as the composite performance of accounts under the CTA's management over at least the most recent five years. Investor interested in investing in any of the programs on this website are urged to carefully read these disclosure documents, including, but not limited to the performance information, before investing in any such programs.

Those investors who are qualified eligible persons as that term is defined by CFTC regulation 4.7 and interested in investing in a program exempt from having to provide a disclosure document and considered by the regulations to be sophisticated enough to understand the risks and be able to interpret the accuracy and completeness of any performance information on their own.

RCM receives a portion of the commodity brokerage commissions you pay in connection with your futures trading and/or a portion of the interest income (if any) earned on an account's assets. The listed manager may also pay RCM a portion of the fees they receive from accounts introduced to them by RCM.

See the full terms of use and risk disclaimer here.