"[S]ome accounting irregularities are being investigated regarding company accounts...What this means is no customers are able to trade except to liquidate positions. Until further notice, PFGBEST is not authorized to release any funds" - that is the notice given to brokerage customers of PFGBest, Peregrine Financial Group."PFGBest is not authorized to release any funds." Get used to seeing brokerage notices like that. That is what happened with MF Global. It's also, in part, what happened with Lehman. There's also a common thread behind these brokerage firm collapses: JP Morgan and the systematic confiscation of your wealth. JP Morgan was one of Lehman's big custodial banks, JP Morgan was the custodian for MF Global's failed book of investments and JP Morgan is the custodian for PFGBest's FX business, which is around $220 million - the amount of missing client funds.
If anyone wants to read about the details, including PFG's CEO's attempted suicide, you can do so here: LINK. If the PFG CEO really wants to end his life, I'd be happy to be his Dr. Kevorkian.
This whole situation is almost boilerplate like MF Global. What surprises me the most is that no one in blogosphere or the media has connected this "boilerplate" to the Lehman collapse. JP Morgan made off with several billion in Lehman assets then.
This kind of adventure, if the Obama Administration does not start dismantling JP Morgan and cracking down on this extreme financial fraud, will be become a weekly event. The beauty of the MF Global situation is that it set up the boilerplate for customer funds to be confiscated within a rigged jurisprudence framework.
It gets back to the necessity for everyone to unload their IRAs, get out of their 401k's to the extent possible, and get as much of their invested wealth IN to precious metals and OUT of the financial system. People can "pooh pooh" this advice, but they'll regret it.
Back in 2002, I made the statement that the insider elitists would hold up the system to loot every last crumb of middle class wealth and that the IRA's/401k's would be the last go. It's starting to look like I was right. In fact, I just got off the phone with a very good, long time friend who accused me back in 2003 of "seeing black helicopters in the sky" (i.e. I was a whacked out conspiracy theorist). His greeting this morning was: "I can't believe how right you've been about all of this."
By the way, anyone keeping their precious metals IRA account, or any other precious metals-related account, at PFG Precious Metals, you can probably kiss it good-bye. Will Monex be next?