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PFGBest fallout: cover your ears
Russell Wasendorf Sr., CEO of PFGBest, has been arrested for making false financial statments to Commodity Futures Trade Commission.
July 13th, 2012
04:27 PM ET

PFGBest fallout: cover your ears

By Libby Lewis, CNN

(CNN) – Remember that line from the 1976 movie, “Network,” “I’m mad as hell and I’m not going to take it anymore”?

Well, open your windows people. You can hear some of that now over PFGBest, the Iowa futures brokerage that’s somehow “lost” more than $200 million of customer funds. That’s according to government regulators, who allege PFGBest engaged in fraud for more than two years.

“The general public thinks they’re safe. When they’re not. They’re not safe. They need to stop trusting.” [3:08]

Investor Chris Olson’s not sure who he's maddest with: PFGBest, the regulators, or himself for trusting them all.

On Friday (July 13th), the FBI arrested PFGBest’s founder, Russell Wasendorf Sr., and charged him with making false statements to regulators. In a note he wrote when he tried to commit suicide last week, Wasendorf said he’d been doctoring bank statements for 20 years. The note was part of the FBI complaint unsealed today.

Listen to our story, and tell us: do events like this have you thinking twice about your investments?

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