If you had an account with PFG, they’ve probably stolen and/or lost all of your money. They reported to have $225 million in the bank, when in reality they only had $5M.
So take this moment to seriously consider diversifying your accounts between different brokerages and banking institutions – it was MFG last time, this time it’s PFG, next time maybe it will be your bank or brokerage.
On or about July 9, 2012, NFA received information indicating that PFG’s Chairman may have falsified bank records.
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.
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.