In The Worst Financial Scandal Since Bernie Madoff The Clearing Firm Forces Innocent Investors To Pay For The Clearing Firm's Mistake, Reports McLeodaglaw LLC
ASHEVILLE, N.C., Feb. 7, 2019 /PRNewswire/ -- INT FCStone is the first futures Industry clearing firm to turn against innocent investors who lost untold millions, says Michael McLeod, America's most experienced Derivatives Lawyer. The Commodity Futures Trading Commission will investigate this scandal, which is the worst case since the Bernie Madoff scandal ten years ago.
On December 14, the victims or this latest scandal received a letter from Laura Riso, Victim Specialist of the U.S. Department of Justice, Federal Bureau of Investigation.
Many victims made the mistake of not responding to this offer of help. Instead they responded to solicitations of several law firms attracted by the prospect of getting contingency fees of 35 percent of amounts that could be billions of dollars. Certainly, the amounts would be this large if they won punitive damages.
However, it is better to have the nation's top law enforcement agencies pursuing a case rather than paying a law firm large fee. Criminal cases pursued by our top law enforcement officials pack far more punch than lawsuits form hungry lawyers. In addition. It provides defrauded victims assurance that they will not be attacked by the lawyers of a huge clearing firm with a market capitalization of well over $700,000,000. There would be severe consequences for anyone interfering with the prosecution of a Federal criminal case. Ms. Riso's fax number is 202-384-8289.
Bernie Madoff is now serving a 145-year sentence in a federal prison. The main difference is that his crime was regulated by the Securities and Exchange Commission, while this crime was under the jurisdiction of the Commodity Futures Trading Commission.
This difference probably explains the arrogance of INT FCStone in trying to make the victims pay. When this clearing firm had liquidated the accounts of the victims it billed them for the losses. In some cases, it billed them for over a million dollars.
They subsequently backed off this extreme position, but they paid victims less than 15% of what they had lost in the liquidation of the accounts.
One victim is the lawyer who wrote the statute establishing the Commodity Futures Trading Commission in 1974. His blog can be read here.
There is also reference to his GoFundMe account there. It would be a far less expensive way to achieve some relief than would paying trial lawyers a huge contingent fee.
SOURCE McLeodaglaw LLC
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