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Financial news updates from John Lothian News.

John J. Lothian & Company Announces Appointment of Advisory Committee Standard

John J. Lothian & Company, Inc. today announces the creation of an advisory committee to provide strategic and corporate development advice to the company. The advisory committee is made up of industry veterans from a broad spectrum of experiences and disciplines, all with a markets and trading focus. Given the massive transformation taking place in the global derivatives and securities markets, from regulatory reforms to industry changes, the advisory group will help John J. Lothian & Company, Inc. identify and address the needs of the industry that will continue to help make the company a valuable information source and innovator…

Remembering Mark W. Fischer Standard

Mark Fischer

From CQG: Our friend and colleague at CQG, Mark W. Fischer, passed away after several years of battling cancer. Many of his colleagues in the industry were unaware of his condition as he approached his illness with grace, dignity, and enormous strength. Mark worked up until just a few weeks ago when he decided to take a medical leave. Mark started working at CQG just four years ago but his impact on the company has been tremendous. In 2008 he started out with as director of marketing. In this position, he spearheaded a number of projects and built relationships that…

FIA Issues Statement Regarding Peregrine Financial Group Standard

FIA Issues Statement Regarding Peregrine Financial Group WASHINGTON, D.C.—July 11, 2012—The Futures Industry Association issued the following statement today in response to the discovery of accounting irregularities at Peregrine Financial Group and a large shortfall of customer funds. The futures industry is outraged at what appears to be an extensive fraud carried out on futures customers of this firm and is appalled that customers may be victims of this deceit. Any violations of the law should be vigorously pursued and prosecuted. Earlier this year, FIA formed a special committee, the Futures Markets Financial Integrity Task Force, to develop and recommend…

A Stake in the Heartland Standard

John Lothian

Yesterday, while the John Lothian News team was breaking the story of Russ Wasendorf’s attempted suicide and financial irregularities at PFGBest, one of our young interns thought the PFG we were talking about stood for the Price Futures Group.  No, it was not that PFG, I told him.  Nor was it that PAM.  The Peregrine Financial Group has an affiliate company, Peregrine Asset Management.  The Price Futures Group has a much longer established and more well known affiliate, Price Asset Management. Also, Peregrine Financial Group is a non-clearing futures commission merchant that handles customer funds and The Price Futures Group,…

How long has this been going on? Standard

Jim Kharouf

I’ve known Russ Wasendorf, Sr. since early in my days covering the futures markets back in 1996. He was one of my sources, a key industry professional to speak with about all types of industry issues, trends, innovations and so on. He was often outspoken, sometimes brash in his criticism of exchanges and regulators, and a strong proponent of competition in the marketplace. He was driven, accessible, articulate, demanding and tough. This is the futures marketplace, after all, and Russ was in the thick of it, trying to build one of the largest retail brokers in the business. So when…

Accounting Irregularities Investigated At PFGBest; Apparent Exec Suicide Attempt Standard

PFGBEST

John Lothian News has learned from company sources and an internal memo distributed to employees at Cedar Falls, Iowa- based PFGBest that funds at PFGBest have reportedly been frozen by regulators due to accounting irregularities. The National Futures Association (NFA) has reportedly put a hold on all PFGBest customer funds and put the firm on liquidation only, meaning customers can only exit trades, not enter into any new trades. In addition, a memo from PFGBest mentioned a possible suicide attempt by PFGBest’s chairman and CEO. In a memo issued by customer service of PFGBest to brokers and customers, PFGBest said: “Due to a recent…