The Cedar Falls area, where over 100 employees worked and headquarters for PFGBest, will also see an economic impact.
An investigation into what went wrong at PFGBest and how the futures industry should be regulated will doubtless follow.
In the meantime, we called our contacts throughout PFGBest, hoping for more clarity.
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Hiring such a small-time outfit should have been something that internal compliance at PFGBest should have recognized as a problem.
Fast forward to today, less than nine months later, another Chicago-based firm, Peregrine Financial Group (PFGBest), is facing similar allegations.
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In a strange twist of fate, some of the same clients of MF Global had moved their accounts, or what remained of their accounts, to PFGBest.
Chris Kirkness, vice president of U.S. operations for the New Zealand mint, declined to discuss sales, but said the mint had been discussing other projects with PFGBest.
Customers of PFGBest, like those of MF Global last year, have had their accounts frozen and are wondering when, or if, they will see any of their money.
Wasendorf, knowing that the truth was about to come out, wrote a suicide note, got a bottle of vodka and drove to the PFGBest parking lot in Cedar Falls, Iowa.
The PCAOB chose the firms for this first round of inspections before the bankruptcy of MF Global and the inspections were performed before the news of the failure of PFGBest.
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Since these tragic events unfolded, employees at PFGBest have been released, the firm has moved to liquidation and a small town in Iowa is left confused without one of its benefactors.
On Sunday, July 8th, PFGBest, a commodities trading firm, had allowed the National Futures Association (NFA) to conduct 3rd party confirmation of its banking records through the automated system provided by Capital Confirmation.
Mike Daly, gold and silver specialist with PFGBEST, said he expects gold to rise next week, but said he also is keeping an eye out for the March 13 Federal Open Market Committee meeting for any impact on gold.
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