As I wrote a few weeks ago, the victims of OptionSellers/INT FCStone should unite in a class action lawsuit. Since then, I have found a law firm that is experienced in financial fraud cases. One victim other than me has contacted this firm. I hope that several others with do the same. I can connect any other victims to this firm.
I believe there is power in numbers. Rather than each investor suing INT FCStone as an individual, we should do so as a class. Another advantage is the individual investors will have to pay their law firms a contingency fee of 35% of whatever the firm recovers.
Also, I am curious as to whether any other investors received a letter from the Victim Specialist of the FBI, Department of Justice that I did. I received this letter on December 14, 2018, which was one month after OptionSellers defaulted and INT IFstone stuck it’s investors with the entire loss. This letter said that they had identified me as the victim of a financial crime.
No clearing firm has ever done this since the law creating the CFTC was enacted in 1974. I know better than anyone, because I was the young Senate lawyer who drafted that statute.
Subsequently, I went into private practice and represented the Chicago Board of Trade until they were acquired by Chicago Mercantile Exchange in 2007. No clearing firm has ever even attempted to get away with what INT FCStone has gotten away with so far.