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Raymond James Financial, Inc. Message Board

  • hughartjohn hughartjohn Oct 10, 2010 8:02 PM Flag

    Move Cash to FDIC insured accounts

    Following the Madoff debacle, the trustee has refused to pay SIPC insurance based on the fraud involved. Since investors have no ability, right, or experience to personally audit the books of their respective brokerage institutions, the possibility of fraud within each, cannot be excluded, and the institution and protective shield of SIPC insurance remains in my opinion, an industry fraud in and of itself. Be sure to move your idle cash, if not currently sweeping, into FDIC insured accounts, especially within the current economic environment. Do not be lulled into believing your investments are safe with your fiduciary.

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