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

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

CLICK HERE – Customer Deposits Are Property of the Bank

Susanne Posel
Occupy Corporatism
August 24, 2012

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.

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Banks Can Legally Steal Customer Funds From Private Checking Accounts

Banks Can Legally Steal Customer Funds From Private Checking Accounts
Susanne Posel Aug 20th
Occupy Corporatism
August 20, 2012

Link: banks-can-legally-steal-customer-funds-from-private-checking-accounts

In 2007, the Sentinel Management Group (SMG) collapsed, leaving many customer segregated funds lost after they had been used as collateral. After a plethora of lawsuits and creditor claims, a decision earlier this month in the 7th Circuit Court placed the banking cartels ahead of customer claims for funds returned. Essentially, the Bank of New York Mellon (BNYM) sued to be first in line for return on stolen customer account monies – and won the right by the US court system.

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