For SD readers wondering how PFG could go several years with hundreds of millions of dollars missing from segregated client funds and yet regulators never say a word, wonder no more.

PFG’s CEO Russell Wasendorf Sr. is currently sitting on the National Futures Association’s Advisory Committee!
Wasendorf is an active member of the committee that is supposedly regulating his firm!!!
You simply can’t make this s*** up!!

 

Futures Commission Merchant Advisory Committee

David M. Battan
Vice President and General Counsel
Interactive Brokers, LLC
Washington, DC
(term ending February 2015)
Bruce A. Beatus
Assistant General Counsel
Bank of America Merrill Lynch
Chicago, Illinois
(term ending February 2014)
Maria Chiodi
Director and Counsel
Credit Suisse
New York, New York
(term ending February 2014)
Clarence Delbridge, III
Executive Vice President
FC Stone, LLC
Chicago, Illinois
(term ending February 2014)
Robert F. Klein
Managing Director and General Counsel
Citigroup Global Markets, Inc.
New York, New York
(term ending February 2014)
Donald R. Levine
Senior Counsel
Jefferies Bache LLC
New York, New York
(term ending February 2015)
Bonnie Litt
Managing Director and
Associate General Counsel

Goldman Sachs & Co.
New York, New York
(term ending February 2015)
Marc Nagel
Chief Operating Officer
Dorman Trading LLC
Chicago, IL
(term ending February 2014)
Susan M. Schultz
Glenview, Illinois
(term ending February 2014)
Russell R. Wasendorf Sr.
CEO
PFG Best
Chicago, Illinois
(term ending February 2015)

http://www.nfa.futures.org/NFA-about-nfa/committees/advisory-committee.HTML

  1. Sadly, all trust is GONE within the financial system. 

    We are seeing the breakdown continue to accelerate in all areas of finance.

    The only sensible option is to stack. 

    Don’t ever stop…even as they manipulate the price downward.

    We live in a sick world….Be strong and dont ever give up! 

     

  2. I think there is more to this story….. I don’t see someone killing themselves over this scandal. I think Wassendorf knows something more sinister is going on….. a la the speculation around the Fed, CFTC, JPM, GSachs, London Banks, Libor scandal, etc etc all being in on this whole scam. Of course the human psyche always thinks there is more to the story…

  3. ich1baN  Said:
     I think there is more to this story….. I don’t see someone
    killing themselves over this scandal. I think Wassendorf knows
    something more sinister is going on….. a la the speculation around the
    Fed, CFTC, JPM, GSachs, London Banks, Libor scandal, etc etc all being
    in on this whole scam. Of course the human psyche always thinks there is
    more to the story…

    I think you are giving him more credit than is due.  He was pilfering customer money for many years.   And he was hoping to get lucky and get it back.   But when the regulators wanted electronic statements from the bank instead of paper copies that he could alter, he knew the gig was up.

    So he took the coward’s way out…

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