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Trust companies .... like Insurance companies are State Charted and State
regulated. The fed's don't become involved until such time as a federal
crime has been discovered. Violations of securities laws, wire fraud,
etc. would bring in the feds. Simply screwing up and not wiring funds
out or leaving the state would "usually" preclude Fed involvement. You
should also know that in the Chicago trading community INTRUST was
considered by many to be an accident waiting to happen. Anyone who had a
choice ALWAYS used BANK or National Insurance Trust operations. Have you
queried your broker as to why they used them. I suspect you'll get a
slippery answer.
Gary Fritz wrote:
> > 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:
>
> My broker called me after talking to one of their officers (EDF Man)
> and gave me this additional information:
>
> * You cannot transfer funds in or out of these accounts.
> (No surprise.)
>
> * Therefore, you cannot TRADE these accounts. They don't want to
> risk a margin call, since there's no way to meet it.
>
> > C.Why no Federal comment.This is a Federal crime.
>
> Mighty good question. I assume we will hear about Fed involvement as
> this thing unfolds.
>
> Gary
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