Page 1 of 3 123 LastLast
Results 1 to 15 of 38
  1. #1
    Pro
    Points: 33,887, Level: 56
    Level completed: 70%, Points required for next Level: 363
    Overall activity: 6.0%
    Achievements:
    Veteran25000 Experience Points

    Join Date
    Oct 2008
    Posts
    3,224
    Points
    33,887
    Level
    56
    Thumbs Up
    Received: 61
    Given: 31

  2. #2
    Hall-Of-Famer
    Points: 56,537, Level: 73
    Level completed: 66%, Points required for next Level: 513
    Overall activity: 5.0%
    Achievements:
    Veteran50000 Experience Points
    benjay's Avatar
    Join Date
    Mar 2006
    Posts
    4,603
    Points
    56,537
    Level
    73
    Thumbs Up
    Received: 74
    Given: 20

    Re: Ponzi Scheme at PFG in Cedar Falls

    That would be a hell of a way to lose your job.



  3. #3
    All-Star
    Points: 25,942, Level: 49
    Level completed: 40%, Points required for next Level: 608
    Overall activity: 0%
    Achievements:
    Veteran25000 Experience Points
    Trainer's Avatar
    Join Date
    Oct 2009
    Posts
    1,445
    Points
    25,942
    Level
    49
    Thumbs Up
    Received: 0
    Given: 0

    Re: Ponzi Scheme at PFG in Cedar Falls

    Wow! I mean I read that an Iowa company was missing 220 mil and thought well looks like someone is in big trouble. That was on Monday, and then all of this, and right here in CF!



  4. #4
    Addict
    Points: 66,185, Level: 79
    Level completed: 84%, Points required for next Level: 265
    Overall activity: 14.0%
    Achievements:
    Veteran50000 Experience Points
    erikbj's Avatar
    Join Date
    Aug 2006
    Location
    hiawatha, ia
    Posts
    5,192
    Points
    66,185
    Level
    79
    Thumbs Up
    Received: 158
    Given: 44

    Re: Ponzi Scheme at PFG in Cedar Falls

    I blame the regulators, they put stupid rules and phony required audits in place. they need to stop allowing firms and commodities firms to have self custody of client assets. require all client assets to be held with an appropriate 3rd party custodian, who have procedures in place to prevent fraud.

    Madloff, Stanford, MF Global, and PFG all had a form of self custody which allowed them access to client funds without anyone asking a question. Stop the stupid regulation and just use common f;ing sense!



  5. #5
    Speechless
    Points: 432,956, Level: 100
    Level completed: 0%, Points required for next Level: 0
    Overall activity: 10.0%
    Achievements:
    SocialRecommendation Second ClassVeteranCreated Album pictures50000 Experience Points

    Join Date
    Nov 2007
    Location
    Ames
    Posts
    23,829
    Points
    432,956
    Level
    100
    Thumbs Up
    Received: 128
    Given: 17

    Re: Ponzi Scheme at PFG in Cedar Falls

    Quote Originally Posted by erikbj View Post
    I blame the regulators, they put stupid rules and phony required audits in place. they need to stop allowing firms and commodities firms to have self custody of client assets. require all client assets to be held with an appropriate 3rd party custodian, who have procedures in place to prevent fraud.

    Madloff, Stanford, MF Global, and PFG all had a form of self custody which allowed them access to client funds without anyone asking a question. Stop the stupid regulation and just use common f;ing sense!
    You can't eliminate the possibility of fraud. Arthur Anderson was going to prevent Enron from defrauding everyone and look how that worked out.



  6. #6
    Pro
    Points: 33,887, Level: 56
    Level completed: 70%, Points required for next Level: 363
    Overall activity: 6.0%
    Achievements:
    Veteran25000 Experience Points

    Join Date
    Oct 2008
    Posts
    3,224
    Points
    33,887
    Level
    56
    Thumbs Up
    Received: 61
    Given: 31

    Re: Ponzi Scheme at PFG in Cedar Falls

    Quote Originally Posted by erikbj View Post
    I blame the regulators, they put stupid rules and phony required audits in place. they need to stop allowing firms and commodities firms to have self custody of client assets. require all client assets to be held with an appropriate 3rd party custodian, who have procedures in place to prevent fraud.

    Madloff, Stanford, MF Global, and PFG all had a form of self custody which allowed them access to client funds without anyone asking a question. Stop the stupid regulation and just use common f;ing sense!
    It would only be a matter of time before the 3rd party committed fraud.



  7. #7
    Legend
    Points: 205,453, Level: 100
    Level completed: 0%, Points required for next Level: 0
    Overall activity: 24.0%
    Achievements:
    Veteran50000 Experience Points
    jbhtexas's Avatar
    Join Date
    Oct 2006
    Location
    Arlington, TX
    Posts
    10,765
    Points
    205,453
    Level
    100
    Thumbs Up
    Received: 153
    Given: 92

    Re: Ponzi Scheme at PFG in Cedar Falls

    Quote Originally Posted by IcSyU View Post
    You can't eliminate the possibility of fraud. Arthur Anderson was going to prevent Enron from defrauding everyone and look how that worked out.
    You can't eliminate the possibility of fraud, but there can be much better meaningful regulation in place to prevent it.

    Such regulation will never happen however. I saw a great documentary a short while ago about this (Frontline perhaps). The financial lobbies are too strong in Washington. As such, we get many regulations that require mounds of paper shuffling for appearances, but few to none with any teeth that could meaningfully deter fraud and the other stupid risky behavior that plagues the financial industry.


    "Don't worry Boss...they can't do nothin' 'til they're through sparklin'..."

    Avatar - America's new superhero...Cenex Guy

  8. #8
    Prospect
    Points: 3,174, Level: 16
    Level completed: 31%, Points required for next Level: 276
    Overall activity: 0%
    Achievements:
    1000 Experience Points1 year registered

    Join Date
    Dec 2011
    Posts
    43
    Points
    3,174
    Level
    16
    Thumbs Up
    Received: 0
    Given: 0

    Re: Ponzi Scheme at PFG in Cedar Falls

    And I JUST applied for a job there... at least I can stop hoping for that interview lol



  9. #9
    Speechless
    Points: 432,956, Level: 100
    Level completed: 0%, Points required for next Level: 0
    Overall activity: 10.0%
    Achievements:
    SocialRecommendation Second ClassVeteranCreated Album pictures50000 Experience Points

    Join Date
    Nov 2007
    Location
    Ames
    Posts
    23,829
    Points
    432,956
    Level
    100
    Thumbs Up
    Received: 128
    Given: 17

    Re: Ponzi Scheme at PFG in Cedar Falls

    PFG is a bit misleading as well. Iowans don't associate PFG with Peregrine.



  10. #10
    Hall-Of-Famer
    Points: 70,800, Level: 82
    Level completed: 62%, Points required for next Level: 650
    Overall activity: 23.0%
    Achievements:
    Veteran50000 Experience Points
    isufbcurt's Avatar
    Join Date
    Apr 2006
    Location
    Des Moines
    Posts
    4,368
    Points
    70,800
    Level
    82
    Thumbs Up
    Received: 394
    Given: 707

    Re: Ponzi Scheme at PFG in Cedar Falls

    The audit should have found that there really wasn't $220 million in customer funds. Verifying bank accounts is the most basic audit practice so there is no excuse for the audit to not find the discrepancy between $220 and $5 million.



  11. #11
    Hall-Of-Famer
    Points: 61,836, Level: 77
    Level completed: 12%, Points required for next Level: 1,414
    Overall activity: 9.0%
    Achievements:
    SocialVeteranCreated Album pictures50000 Experience Points
    CycoCyclone's Avatar
    Join Date
    Apr 2009
    Location
    Urbandale
    Posts
    4,583
    Points
    61,836
    Level
    77
    Thumbs Up
    Received: 12
    Given: 96

    Re: Ponzi Scheme at PFG in Cedar Falls

    Quote Originally Posted by IcSyU View Post
    PFG is a bit misleading as well. Iowans don't associate PFG with Peregrine.
    agreed, I'm wondering if that's intentional....and no I don't work at principal.


    John Walters is my hero

  12. #12
    Speechless
    Points: 728,972, Level: 100
    Level completed: 0%, Points required for next Level: 0
    Overall activity: 57.0%
    Achievements:
    SocialVeteranCreated Album pictures50000 Experience PointsOverdrive
    Cyclonepride's Avatar
    Join Date
    Apr 2006
    Location
    A pineapple under the sea
    Posts
    47,235
    Points
    728,972
    Level
    100
    Thumbs Up
    Received: 1,167
    Given: 602

    Re: Ponzi Scheme at PFG in Cedar Falls

    Most regulations are designed not to regulate, but to force burdensome protocols onto smaller competition, thus forcing them out of business and leaving everything to the big boys. Don't throw me in that briar patch! The entire system is corrupt to the core.



  13. #13
    Pro
    Points: 37,408, Level: 59
    Level completed: 64%, Points required for next Level: 442
    Overall activity: 0%
    Achievements:
    Veteran25000 Experience Points

    Join Date
    Nov 2006
    Location
    Boston, MA
    Posts
    2,595
    Points
    37,408
    Level
    59
    Thumbs Up
    Received: 35
    Given: 6

    Re: Ponzi Scheme at PFG in Cedar Falls

    Quote Originally Posted by erikbj View Post
    I blame the regulators, they put stupid rules and phony required audits in place. they need to stop allowing firms and commodities firms to have self custody of client assets. require all client assets to be held with an appropriate 3rd party custodian, who have procedures in place to prevent fraud.

    Madloff, Stanford, MF Global, and PFG all had a form of self custody which allowed them access to client funds without anyone asking a question. Stop the stupid regulation and just use common f;ing sense!
    You do realize that not allowing firms and commodities firms to have self custody of client assets would be a regulation, right? In 2 sentences you said that they need to eliminate regulations and put in regulations.



  14. #14
    Hall-Of-Famer
    Points: 84,596, Level: 90
    Level completed: 47%, Points required for next Level: 954
    Overall activity: 8.0%
    Achievements:
    Veteran50000 Experience PointsCreated Album pictures
    azepp's Avatar
    Join Date
    Dec 2009
    Location
    Ankeny
    Posts
    3,962
    Points
    84,596
    Level
    90
    Thumbs Up
    Received: 183
    Given: 128

    Re: Ponzi Scheme at PFG in Cedar Falls

    Quote Originally Posted by isufbcurt View Post
    The audit should have found that there really wasn't $220 million in customer funds. Verifying bank accounts is the most basic audit practice so there is no excuse for the audit to not find the discrepancy between $220 and $5 million.
    Apparently the owner provided the regulators with a bogus bank address that went to a PO box that he owned, then forged the confirmations when he received them. I think the majority of CPA firms (and probably other regulatory firms) rely on the address provided by their client as a valid address for confirmation - I'll bet we'll see some tightening of standards here.



  15. #15
    Addict
    Points: 65,351, Level: 79
    Level completed: 32%, Points required for next Level: 1,099
    Overall activity: 1.0%
    Achievements:
    Veteran50000 Experience Points
    CyinCo's Avatar
    Join Date
    Mar 2006
    Location
    Clive, IA
    Posts
    5,433
    Points
    65,351
    Level
    79
    Thumbs Up
    Received: 36
    Given: 0

    Re: Ponzi Scheme at PFG in Cedar Falls

    How can so many be so wrong about a company? PFG won all kinds of recognition and awards. Yet no one thought to look at the financials? Hmmm... What is the point of regulation if things like this can go on in plain sight?


    ISU Grad 1997.
    ISU Fan for Life.

    Not in CO anymore but I'm not changing my name :)

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •  
  • TV: Fox Sports 1
  • Iowa State vs. Kansas State
  • September 6, 2014
  • 11:00 AM