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What you need is a good securities attorney. YOur funds were in a segregated
account, they are guaranteed by SIPIC and should not be part of the
allocation. Every one whose money was in a securities account should be
separate from the suit. Just my opinion, but a good attorney should be able
to win this one. Ira.
Gary Fritz wrote:
> 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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