RE: [RT] Is there an "SIPC" for Futures Brokers?

["Bill Daniel" <bogeybunky@xxxxxxxxxxxxxx>]

<FONT face=Arial color=#0000ff 
size=2>Unfortunately, if I am reading Tim Morge's post correctly a "futures 
SIPC" would not have helped in this case.  Even though Snively is a FCM he 
was not authorized to hold customer funds and the allegation is that he did not 
clear trades through CME, CBOT, or any other entity for that matter.  He is 
alleged to have simply put the clients' funds into his own account expecting to 
pocket the client losses.  In other words, he did not fail, he mishandled 
customer funds.  The recourse now seems to be through the courts and 
whatever assets he may have.  Personally I hope the NFA has frozen 
sufficient assets to recover the money for clients because I am one of those 
"suckers".
<FONT face=Arial color=#0000ff 
size=2> 
Bill 
Daniel
 
 

  <FONT face=Tahoma 
  size=2>-----Original Message-----From: TheQuant 
  [mailto:thequant@xxxxxxxxx]Sent: Wednesday, February 13, 2002 11:02 
  PMTo: realtraders@xxxxxxxxxxxxxxxSubject: Re: [RT] Is 
  there an "SIPC" for Futures Brokers?Hello 
  Group,There should be a SIPC for futures brokers, this I belive was a 
  FCMand he just run off with millions.  No better that we can find 
  BenLaden - he probably has a good chance of not getting 
  caught!Notice to customers of Commodity Consultants International, 
  Inc.;FutureWise Trading Group, Inc.; and/or Todd James Snively<A 
  href="http://www.nfa.futures.org/";>http://www.nfa.futures.org/Notice 
  to CustomersIf you are a customer of Commodity Consultants International 
  Inc("CCI"), Futurewise Trading Group, Inc. or Todd James Snively and 
  havequestions about your account or the recent actions taken by NFA 
  andthe U.S. District Court for the Eastern District of Michigan, 
  pleasecontact NFA at (800) 621-3570 or (312) 781-1410.-- 
  Best 
  regards,TheQuant                            
  mailto:thequant@xxxxxxxxxTo 
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