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I'm one of the many lucky souls whose money is held captive by the
receivers of the Intrust debacle.
I had naively assumed that, if the Intrust bozos stole a bunch of the
money under their control, and the receivers were going to "allocate
the shortage" (i.e. steal our money to make up for what was stolen),
they would base that "allocation" on the money that was actually
under Intrust's control. Since I had less than $1000 in an Intrust-
held account, with the bulk of my account in a brokerage account, I
thought I would be "allocated" based on that <$1000 figure.
Wrong. Today I got The Letter from Millennium Trust, informing me
that they were going to "allocate" 8.69% of the **ENTIRE VALUE** of
the funds placed through Intrust!
(Better yet, due to bungled bookkeeping on Intrust's part, Intrust
thought I had 2x as much in my account as I really did, so they want
to "allocate" 8.69% of TWO TIMES the entire value of my account.
Lovely.)
If funds were in a brokerage account, totally out of Intrust's
larcenous grubby paws, how can the receivers feel it is appropriate
to "allocate" part of those funds!? I think this is practically as
ludicrous and illegal as the original embezzlement.
I'm furious that they've decided to steal part of the money that was
NEVER under Intrust's control. But I'm sure there's nothing to be
done for it. I'm certain the receivers convinced the court this was
the "proper" thing to do, so we can all just bend over and get robbed
again.
Grrr.
Gary
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