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Customers of embattled futures and currency brokerage PFGBest saw trades held with the firm liquidated Tuesday, according to people familiar with the matter.

All open trading positions held by clients of PFGBest were to be liquidated by Jefferies Group Inc., JEF -1.03%which clears transactions for the struggling company, customers were told in a notice early Tuesday, a copy of which was reviewed by Dow Jones.

Representatives for PFGBest and Jefferies weren't immediately available for comment.

Late Monday, PFGBest's brokerage and retail customers had their accounts frozen as regulators began looking into the company's books, following what PFGBest described to clients as a "suicide attempt" by founder and Chief Executive Russell Wasendorf Sr. at the company's Cedar Falls, Iowa, offices.

In June, the company reported to the Commodity Futures Trading Commission that it held approximately $400 million in customer assets.