According to a NY Post reportMore than $200 million in
customer funds appears to be missing from the accounts of US futures broker
PFGBest, regulators said yesterday just hours after the firm’s founder
attempted suicide outside the company’s Iowa headquarters. The suicide attempt and missing money renewed
anxiety over the stability of the brokerage industry less than a year after the
collapse of much larger MF Global.
PFGBest told customers their funds had been frozen and
clients would be allowed to liquidate open trading positions, but would not be
able to withdraw funds or make new trades until further notice.
The National Futures Association (NFA), an industry group
that also plays a regulatory role, said it had issued an emergency order to
effectively freeze PFGBest’s operations after finding that a US bank account
the broker said contained $225 million in customer funds actually held only $5
million. “It appears that PFG does not
have sufficient assets to meet its obligations to its customers,” the NFA said.
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