I have been trading for a long time – made money and lost money. But it was always my own doing. Late last year, we had a new experience – our broker stole our money! Yes, we were one of the unlucky ones to have had an account with PFG Best. Funny part is we thought that our funds were secured. As Johnny Carson used to say to Ed McMahon, “Wrong, Godzilla breath” Actually, we were lucky, it was a small FOREX account we had opened with an acquaintance, Foremost Trading, who cleared through PFG Best. PFG Best went bankrupt last year. Turns out FOREX funds are not treated in the same manner as many futures accounts. The bottom line is that the funds are likely not going to be recoverable unless a lawsuit against USBank is successful. I should live so long! Read your account documentation carefully – and select your broker even more carefully. You have only one true friend in this trading business – and you look at them in the mirror each morning.

 

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