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Strategies & Market Trends : Anthony @ Equity Investigations, Dear Anthony,
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To: Anthony@Pacific who wrote (71522)5/24/2001 2:15:13 AM
From: Jay Fisk  Read Replies (1) of 122087
 
Here's a eye-opener on the SIPC:

Message 15846119

"Stratton customers did not qualify for S.I.P.C. coverage because their assets were not held physically at Stratton, they were held at the firm that cleared Stratton's trades. The act of Congress that created the corporation states that the coverage extends only to customers of firms that hold their assets. Customers of a failed broker that used another firm to clear its trades and conduct administrative duties do not qualify."

Nice loophole !
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