PFGBest just released the following 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."
PFGBest ranked 33 in last year's Top 50 Brokers.
As of April 30, PFGBest had more than $400 million in customer segregated funds.
The National Futures Association (NFA) said in a release, "It appears that PFG does not have sufficient assets to meet its obligations to customers."
According to the WCF Courier, Wasendorf was taken to Sartori Memorial Hospital Monday morning, then later was airlifted to University of Iowa Hospitals and Clinics, where he was listed in critical condition.
Russell R. Wasendorf, Sr. Chairman and Chief Executive Officer of PFGBEST
PFGBEST, the brand that evolved from Peregrine Financial Group, Inc., was incorporated in 1990 and has grown to become one of the largest U.S. non-clearing futures brokerage firms.