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While much of the info in this post is correct,the "informed person"
I spoke to at The Banking Dept.,namely the liason named at the
Intrust site state:
1.The case has been assigned to the Circuit Court of Cook County.
2.The Judge is Jones.
3.The Receivorship contact person is Jennifer Coppage.
4.There are buying interests but unlikely to make up the total loss.
5.It will be the judge's decision and not state officials who makes
the decision on loss allocation.
One must ask several questions as this proceeds:
A.How did this stay out of major news-A major Trustee being part of a
scam.Smacks of news manipulation to me when the market was hit.
B.How can the concept even expressed by the banking dept. of Ill.
that the people whose money was stolen should bear the brunt.It is a
Trust problem and be equitably shared and it would only amount to
$3000 per account.
C.Why no Federal comment.This is a Federal crime.
Sincerey,
John
------------------ Reply Separator --------------------
Originally From: Bob Fulks <bfulks@xxxxxxxxxxxx>
Subject: [RT] Re: INTRUST
Date: 04/17/2000 07:43pm
I just received a call on this topic from an "informed person".
It seems that the owners of Intrust also owned the Intercounty Title
Company of Illinois, Chicago, in which the Intrust funds were
deposited. About $68 million is missing from Intercounty Title
Company. This is about 3% of the total of all accounts of Intrust but
is close to 50% of the cash on deposit at Intrust. (Most of the
funds in the Intrust accounts are invested at brokerage companies or
mutual fund companies.)
If there is a loss, the state officials decide who takes the hit. It
could range from only the owners of the cash in the Intercounty Title
Company to everybody with an Intrust account.
It also appears that there are several potential buyers of Intrust
and some of the offers might include adding enough capital to pay off
the missing funds, resulting in no losses to clients.
Intrust is still operating but there are restrictions on withdrawing
funds.
There are several tens of people from PricewaterhouseCoopers working
almost round the clock on the issue and we should know a lot more in
about a week.
Bob Fulks
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