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Clearing houses, fiduciary custodians have the obligation to transfer the funds they receive to the institution their clients indicate.

Not at Pershing. One day is that they did not know the client had an account in euros in the designated commercial bank. So they kept the euros. The other day they didn't make the proper record the new designated bank, but they did use the old bank either. The third day they were able to execute euros to us dollars (without any authorization) but the liquidated amount (even being in dollars now) is not transferred. The liquidation of the euros was immediate. The transfer is still to be determined several days later.

How this company is able to keep their doors open? Do we have supervising authority in this country of ours? Do the word fiduciary has any meaning for Pershing LLC?

Pershing = bad news

Reason of review: Problem with delivery.

Monetary Loss: $7000.

Pershing Cons: Repeatedly.

Location: Hollywood, Florida

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