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Good luck Bill. I do hope you are correct. On my
'lessons learned' comment re the
Intrust experience; one of the highlights is that white collar
crime pays. If that's not the
case why is money never recovered for clients? In the
case of fraud; investors typically
lose about 80%. Now, there are some laywers who might
get rich. Example of Intrust.
Attorney firm gets 1/3 of the amount recovered; say
$68mil. Now, if a client has lost
say 20K he gets back around 13K. Also remember Bill that
nobody else cares since
its not their money.
Chas
<BLOCKQUOTE
style="BORDER-LEFT: #000000 2px solid; MARGIN-LEFT: 5px; MARGIN-RIGHT: 0px; PADDING-LEFT: 5px; PADDING-RIGHT: 0px">
----- Original Message -----
<DIV
style="BACKGROUND: #e4e4e4; FONT: 10pt arial; font-color: black">From:
<A href="mailto:bogeybunky@xxxxxxxxxxxxxx";
title=bogeybunky@xxxxxxxxxxxxxx>Bill Daniel
To: <A
href="mailto:realtraders@xxxxxxxxxxxxxxx";
title=realtraders@xxxxxxxxxxxxxxx>realtraders@xxxxxxxxxxxxxxx
Sent: Thursday, February 14, 2002 10:44
AM
Subject: RE: [RT] Is there an "SIPC" for
Futures Brokers?
<FONT color=#0000ff face=Arial
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 color=#0000ff face=Arial
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
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