This was no small fraud. Coming on the heels in the MF Global debacle, it threatened the entire futures industry structure. One fraud and violation of customers segregated funds is an anomaly, two might be considered a trend.
It’s ironic that I’m writing this on the day the insurance study commissioned by the industry after the MF Global and PFG blow ups was released. Ironic because if implemented in some form, it would mean more costs and more rules for futures commission merchants (FCMs) and probably their customers.