[no subject]

  <FONT face=Tahoma 
  size=2>-----Original Message-----From: Chris Baker 
  [mailto:chrisbak49@xxxxxxx]Sent: Thursday, February 14, 2002 1:15 
  PMTo: realtraders@xxxxxxxxxxxxxxxSubject: RE: [RT] Is 
  there an "SIPC" for Futures Brokers?
  <SPAN 
  class=869415117-14022002>I don't know about the Snively situation.  
  However <SPAN 
  class=869415117-14022002>I would have thought Snively would have been sued by 
  the CFTC and the business would have become defunct, more likely 
  bankrupt.
  <SPAN 
  class=869415117-14022002> 
  Then if Snively 
  were a member of something like the "SIPC", it would have reimbursed 
  customers for their unauthorized account losses, and then tried to collect 
  from Snively and/or INTRUST.  That process could take years, but 
  customers would have their losses reimbursed very quickly.
  <SPAN 
  class=869415117-14022002> 
  However more 
  likely Snively could never have become a member of an "SIPC" like 
  organization, which could have been an immediate red flag to potential 
  customers.  
  <SPAN 
  class=869415117-14022002><SPAN 
  class=869415117-14022002><SPAN 
  class=869415117-14022002> 
  I would think an 
  SIPC type of organization would have to have the power to look over futures 
  brokerages books, in order to insure compliance with the terms of 
  membership.  Perhaps futures brokers aren't yet at a stage to accept 
  that.     <SPAN 
  class=869415117-14022002>
  <BLOCKQUOTE 
  style="PADDING-LEFT: 5px; MARGIN-LEFT: 5px; BORDER-LEFT: #000000 2px solid">
    <FONT face=Tahoma 
    size=2>-----Original Message-----From: Bill Daniel 
    [mailto:bogeybunky@xxxxxxxxxxxxxx]Sent: Thursday, February 14, 
    2002 11:45 AMTo: realtraders@xxxxxxxxxxxxxxxSubject: 
    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 DanielTo unsubscribe 
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