Associate at Shipkevich, PLLCFri, Jul 13 2012 13:00 GMT
Duration: 0 h, 0 min
Moderator: Maud Gilson
On Monday July 9th, PFG Best released this dramatic statement to its clients: “Due to a recent emergency involving Russell R. Wasendorf, Sr., a suicide attempt, some accounting irregularities are being investigated regarding company accounts. PFGBEST is wholly owned by Mr. Wasendorf. Therefore, the NFA and other officials have put all funds on hold, and PFGBEST is in liquidation-only status with our clearing FCM. 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. We will update you as any new procedures are stipulated and with any further information as it becomes available.”
Elan Mendel, Associate at Shipkevich, PLLC, has background in insolvency / bankruptcy in the forex sector. In this "emergency webinar", FXstreet.com asked him to review what happened exactly to PFGBest this Wednesday and to answer our users' questions, e.g. from a legal point of view, what is happening in the field of regulation in the US, what usually happens for the clients in such cases, etc.
Recording of the webinar