In case you haven’t heard, PFGBest accounts have been frozen by the NFA (National Futures Association) due to insufficient funds to carry out trades. More than $200 million in customer funds are missing. At this time, PFGBest cannot accept new clients nor can trades be placed through their service, with the exception of liquidating existing customer positions.
Within hours of this announcement, Russell R. Wasendorf , PFGBest President and COO, was found in critical condition in his car after attempted suicide. Employees were packing up because of the “impending doom” of PFGBest’s condition.
Less than a year ago, MF Global was in a similar position for misappropriating customer funds.