By David Benoit
PFGBest has become the latest trading name to blow up in allegedly spectacular fashion.
- Associated Press
- A peregrine falcon, which Wasendorf named his firm after
On Monday, the National Futures Association, the futures industry’s self-regulatory body, took emergency action as the brokerage company froze accounts. Regulators alleged the company overstated its deposits by more than $200 million and have “reason to believe” the firm doesn’t have enough assets to meet customer obligations.
PFGBest is an online, retail brokerage specializing in futures and foreign exchange trading.
It is based in Cedar Falls, Iowa where CEO Russell R. Wasendorf Sr. first began teaching seminars and hosting educational programs way back in 1972, according to the company’s official history. Wasendorf introduced something called the Wasendorf Trading System, used for recommendations in trading commodity contracts.
In 1980, Wasendorf created Wasendorf & Son Inc. “to satisfy growing demand for futures market education and research,” according to the corporate history.
Six years later he was building an electronic trading platform to “create a proprietary tool for the firm’s commercial clients,” the history reads.
In 1990, Wasendorf & Son launched Peregrine Financial Group Inc. About naming the firm after a falcon, Wasendorf is quoted years later in the Chicago Sun Times as saying: “It’s the world’s fastest predator. It’s kind of related in some degree to profiting in the futures market, where you have to act quickly.”
The corporate history says Peregrine was “founded on the belief that an educated trader will enjoy a longer, more satisfying experience of the market.”
In 1992, the company was incorporated as a Futures Commission Merchant and officially registered with the National Futures Association.
In 1998, The BESTDirect Online Trading system is created, which eventually led to the 2008 re-branding to PFGBest. The brand came from the company’s URL and was then attached to the “enduring” tagline, as the corporate history reads, “The BEST thing about our technology is our people.”
The company launched several products and expanded its trading options as it grows over the next few years.
In 2011, it raked in the honors. An Iowa Character Award from Character Counts in Iowa, an organization that praised PFGBest for being “highly valuable member of the community” and “a company that we can all look to and learn how to embody the Six Pillars of Character.”
Also last year, SmartMoney magazine rated PFGBest the best forex brokerage for customer service.
“PFG Best was a standout in this category, responding to questions via chat and phone immediately, and responding to an emailed question in just 21 minutes with a personalized message from the same representative we’d talked to earlier,” SmartMoney wrote.
Isabella Steger
Gillian Tan
Phil Flynn, a former energy broker and “analyst” at PFGBest, knew it all. What did he say,
when I asked him about PFGBest on 10 July 2012?
“We tried to warn you buddy” Phil Flynn moved from PfgBest to Price Futures Group
about 5 months ago. Then I asked him “What about my funds?” he replies “I am afraid
they are all gone”
So if you are a Price Futures customer, better close your account today.
this country is in bad shape..
Another example of how you need only to look at our currency to get the truth on all things financial. Four words say it all… In God We Trust. Wall Street beds the Politico, the Politico beds Wall Street, Banks give no return on investment and WE THE PEOPLE give up our hard earned labor based pay chasing financial security only to get financially screwed. What is law without enforcement? It’s what we call Wall Street and it’s wrong and it sucks!
Ok boyz we want the 100′s stacked on pallets on this side of the warehouse all 50′s go over here. 20′s and 10′s on pallets right here 5 ‘s take at my mothers house put them in the basement. 1′s are you kidding me 1′s what you think I eat of the dollar menu?
Where are the regulators…they should all be fired. Just do a friggin bank confirmation once in a while. Are they COMPLETE MORONS !!!!!