NFA shuts PFG down, puts it in liquidation only status, founder att...
by Michael Greenberg at Forex Magnates
Another MF Global incident may be looming in the horizon. PFG Best just released this dramatic 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.”
Thomson Reuters to buy FXall for $625 million
(Reuters) - Thomson Reuters Corp (TRI.TO) (TRI.N) plans to buy electronic foreign exchange platform FX Alliance Inc (FX.N) for about $625 million (403.5 million pounds) in cash, the news and information group said on Monday, expanding the customer base of one of its key businesses.
Thomson Reuters is making a recommended offer of $22 per share for FXall, a premium of about 40 percent over Friday's close of $15.70 on the New York Stock Exchange. According to Reuters data, that makes the deal worth $625 million.