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Customer Deposits Are Property of the Bank: Close Your Account NOW

by Susanne Posel, Occupy Corporatism:

In June of 2012, Eric Bloom, former chief executive, and Charles Mosely, head trader of Sentinel Management Group (SMG) were indicted for stealing $500 million in customer secured funds. Both Mosely and Bloom were accused of “exposing” customer segregated funds “to a portfolio of highly risky derivatives.”

These customer funds were used to “back up personal investments” which were part of “collateral for a loan from Bank of New York Mellon” (BNYM). This loan derived from stolen customer monies was “used to purchase millions of dollars worth of high-risk, illiquid securities, including collateralized debt obligations, or CDOs, for a trading portfolio that benefited Sentinel’s officers, including Mosley, Bloom and certain Bloom family members.”

Fast forward to August 9th of 2012, and the 7th Circuit Court of Appeals (CCA) rules that BNYM can be moved to first in line of creditors over the customers that had their funds stolen by SMG.

When a banking customer deposits their money into their bank account, the Federal Deposit Insurance Corporation (FDIC) and Securities Investor Protection Corporation (SPIC) are in place to protect the customer from fraud or theft. The ruling from the CCA means that these regulatory systems will not insure customer funds, investments, depositors and retirees who hold accounts in banks. In fact, the banking institution is now legally allowed to use those customer funds deposited as collateral, payment on debts for loans made, or free use on the stock market to purchase investments as the bank sees fit.

Read More @ OccupyCorporatism.com

2 comments to Customer Deposits Are Property of the Bank: Close Your Account NOW

  • andyb

    SGT: please note that I cannot access the complete story from your Read More….. and even the OccupyCorporatism site from either IE or Google. Please advise Susanne.

  • Freedumbs'ear

    This is nothing new. De posing (bank deposit)yourself of your money prior to the federal reserve system and your credit/debt ever since simply means that you are making a loan to the banksters legally and the courts have ruled on this many times.Back in the 30′s when the banksters stole all the peoples money they just came up with this insurance scheme to calm the people into believing in bankster institutions once again but there was nothing to cover the wholesale theft when the whole system was once again ripe(impossible contract of usuary develops into massive defaults) and the whole system implodes.Rather than state the obvious (there isn’t enough credit/debt in the insurance funds to cover the potential and certain losses that are coming) it is much better to have one of the BANKSTER CRIMINALS’ JUDGES TO RULE THAT THAT HYPOTHICATION AND REHYPOTHICATION AINT STEALING AND OR FRAUD.After all you deposited your credit/debt into their bank thereby making a loan to them with which they can do with it what they wish. Only problem is that did anybody at the bank disclose this to you? No! so no contract. So it is fraud. The BANKSTERS KEEP TRING TO MAKE YOU BELIEVE IN THEIR IMAGINARY SYSTEM, DON’T BELIEVE IN IT.RUN AWAY FROM IT.

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