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

["Bill Daniel" <bogeybunky@xxxxxxxxxxxxxx>]

Thanks 
Chas.  Fortunately, my account was not large, but time will tell.  
This guy, Snively, was a real scam (or should I say scum) artist.  Thanks 
for your sentiments.
<FONT face=Arial color=#0000ff 
size=2> 
Bill 
Daniel
 
 

  <FONT face=Tahoma 
  size=2>-----Original Message-----From: charles meyer 
  [mailto:chmeyer@xxxxxxxx]Sent: Thursday, February 14, 2002 11:52 
  AMTo: realtraders@xxxxxxxxxxxxxxxSubject: Re: [RT] Is 
  there an "SIPC" for Futures Brokers?
  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="PADDING-RIGHT: 0px; PADDING-LEFT: 5px; MARGIN-LEFT: 5px; BORDER-LEFT: #000000 2px solid; MARGIN-RIGHT: 0px">
    ----- Original Message ----- 
    <DIV 
    style="BACKGROUND: #e4e4e4; FONT: 10pt arial; font-color: black">From: 
    <A title=bogeybunky@xxxxxxxxxxxxxx 
    href="mailto:bogeybunky@xxxxxxxxxxxxxx";>Bill Daniel 
    To: <A 
    title=realtraders@xxxxxxxxxxxxxxx 
    href="mailto:realtraders@xxxxxxxxxxxxxxx";>realtraders@xxxxxxxxxxxxxxx 
    
    Sent: Thursday, February 14, 2002 10:44 
    AM
    Subject: RE: [RT] Is there an "SIPC" 
    for Futures Brokers?
    
    <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> 
    <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                            
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