This can happen to anyone in the USA today. You have broken no law. Keep all your records on your transactions, and duplicate them. Leave one copy with your attorney.
Next time a banker calls get the number and call them back just to be sure you are talking to a banker. First do a reverse phone number search on Google to make sure the call back number is appropriate.
Just because someone asks you a question does not mean you have to answer it. In fact the less you talk, the better. No banker has the right to that information.
Your information is in no way incriminating of anything. This is what an attorney is for.
Welcome to the New Normal in the land of the Kinda Brave and Sort of Free.
Three days ago something very bad happened to me. The manager from my US Bank branch left me a voice message telling me that my accounts were frozen until I called her and answered some questions. I called back and was told that I had a number of suspicious transactions and because this was a brand new account she was compelled to investigate. Specifically she informed me that I had two large wire transfers from Peru and two payments to American Precious Metals Exchange. She asked me to explain the nature of these transactions. I asked her if this was part of Patriot Act Compliance and she said that it was. She acted surprised that I even was aware of this process. I told her that I thought this was outrageous and that I would not give her this information. She told me that if I didn’t, that they would likely close my accounts. Having worked on Patriot Act Compliance in the past myself, I also understood that reporting would be sent to the IRS regarding “suspicious” activity regardless of whether I responded to her questions or not. I decided to cooperate and told her that the incoming wires were payment from my employer – a major mining company that is in feasibility stage for a large copper project in Peru. Then she asked me what I purchased from APMEX. I said that she could probably figure that out based on the company name. She said that wasn’t good enough and insisted that I needed to tell her what I had purchased. I said coins and that satisfied her.
Obviously, this left me in shock, but it gets worse. One day later my wife gets a notice delivered by UPS from US Bank. She has a different last name and the bank is a different branch. She has had the account open for almost 20 years. The notice said that they must speak to her immediately. She called them today and found out that her account had already been frozen and that they need to know why she had received a check from me for $6,000 and why she had written a check to APMEX. Just like me she was asked to tell them what she had purchased from APMEX and she told him. She was also asked why I had written her a check for $6,000 and she told them it was to pay bills. For the record, my wife voted for Obama twice and she is a hardcore Liberal. She is also public school teacher. She was almost crying as she related what had happened to her.
It is worth mentioning that this all occurred within weeks of me joining the NRA, National Association for Gun Rights (NAGR), Rocky Mountain Gun Owners (RMGO) and signing a number of petitions and contacting a large number of Senators and Representatives to encourage them to vote against gun control. In addition I have been selling off my gun collection and ammo on the ARMSLIST website here in Colorado. Clearly in my mind I have been targeted do to some combination of this activity.
I am now living in absolute fear that I’ve been targeted by the IRS and other government agencies as some sort of Right Wing extremist. I’m expecting my door to be broken down in the middle of the night or perhaps worse. I’m really scared for myself and my family. I am a law-abiding citizen. I pay my taxes and have nothing to hide. I have been subjected to both FBI and CBI background checks on numerous occasions connected with my work and for gun purchases and have never had a problem. What the hell is happening?!!! This is not America!
I honestly don’t know what to do. Should I contact the media? I want to get this out in the open in the hope that this will somehow protect my family. I’m freaking out! It’s like a bad nightmare only it’s real.
I’ve never studied eastern religions but my spiritual beliefs do include a study of the spiritual cycles of the world. And yes, we are definitely in the Kali Yuga!! (boy are we) just not sure how many caught that one. I do believe the Kali Yuga is a time for soul to learn, not a punishment in any way.
There is a need for pain. That need is learning. Once you have learned there is no need for pain or pleasure.
Please find below a notice I received today from Scottrade that I thought might interest you. Unless one opts out, any and all cash balances will automatically be swept into FDIC insured bank accounts at unnamed banks at the broker’s discretion. So if those banks go under, one’s cash position of their brokerage account could possibly be "bailed in" to save an unrelated financial institution unbeknownst to the brokerage customer. I’m sure this happens at other brokerages as well. See note below.
I thought Lehman Brothers was dead? Do we need to drive stakes into their hearts at bankruptcy or maybe use silver bullets?
All the best to you and wishing you a safe trip.
I love your sense of humor when discussing the most evil beings on the planet in its history, our financial leadership.
Even "Vlad the Impaler" was higher class then these guy and gals today.
Dear Scottrade® Client,
Scottrade is pleased to offer a program that provides up to $500,000 of FDIC insurance protection for your uninvested cash. Our Bank Deposit Program (BDP) transfers available cash in your Scottrade brokerage account and deposits it in one or more FDIC-insured bank accounts. To review the details of the BDP, please review the BDP Terms and Conditions.
What this means for your account: Unless you opt out of the BDP per the instructions below, uninvested cash in your Scottrade account(s) will be automatically deposited, or "swept," into one or more interest-bearing FDIC-insured bank deposit accounts beginning on or after June 14, 2013. When you purchase securities or withdraw funds, the necessary cash will be automatically swept back into your brokerage account. You can easily stay on top of this information through your Scottrade brokerage statements, where balances and activity in the deposit accounts will be reflected. Scottrade Bank, our affiliate, will be one of the banks in this program. Your account will not be charged any fees for the BDP. However, Scottrade does receive a financial benefit in connection with the program which is discussed in detail in Section 8 of the BDP Terms and Conditions.
Your next steps: If you approve of this change, you do not need to take further action. If you choose to not participate in this program, you have two options. You may make this election by logging into your account at Scottrade’s website and visiting the Bank Deposit Program section of the My Account tab, or you may contact your local Scottrade team. You must opt out by June 14, 2013 to avoid being enrolled in this program. If you do not contact us, Scottrade will make the changes detailed in the Terms and Conditions.
Please contact your local Scottrade team with any questions.
Well said. Unfortunately, not many people care enough to look under the hood and understand the dire state of affairs. The middle class and poor are wiped out with nowhere to go. The bankers and elite are dressing up the pig with all the lipstick they can muster. And the folks who still have assets in the system are partying like it’s 1999, despite seismic shifts in wealth inequity, demographics, and corporate, government, and personal balance sheets. Let’s continue to enjoy every day as best we can, as if there were no tomorrow.
At times such as these, I recall the picture of your dogs sitting in front of your computer, perhaps sensing an event coming from the heavens. Perhaps they are onto something. Smart dogs you’ve raised!
As always, all the best,
The New Normal party crowd better understand that this equity market is a illusion of liquidity. The last time such occurred it was recently in Zimbabwe. Even in the Zimbabwe liquidity sponsored run away on the upside bull equity market there were fast hard reactions.
This ladder to New Normal Western Equity Heaven, even if only temporary, will needs a fast, hard and scary rest.
Please keep in mind that Petunia is very sensitive.
Right from the article it looks like they are targeting all $$ amount accounts above or below the original $100,000.00EUR threshold.
"The ministers today also signaled a growing willingness to give preference to depositors when assigning losses, putting senior bondholders and other unsecured creditors more squarely in the firing line…"
“With respect to the bail-in, we should try to send a very clear message that deposits will be properly protected,” Guindos said. “If banks suffer a run on deposits above 100,000 euros, the deposits below 100,000 euros will also suffer, so this is a bit artificial and we should try to concentrate on the proper protection of all the deposits.”
Here is a laugh for you.
Thank you for all you have done.
This is a strong sign that smart money sees big value in the junior mining sector and the bottom is close or already in.
The Mining sector definitely was never called an irrational exuberance
CIGA Luis Ahlborn Sequeira
Am I mistaken, or did he not permit significant Soros sourced negative PR on gold at the time and as he accumulated this position?
Soros Reports Over $239mm In Gold Positions, Buys $25mm In Call Options On Juniors
May 16, 2013 | By Tekoa Da Silva
In a 13-F release issued by the SEC after market close yesterday, it was reported that Soros Fund Management LLC, founded and chaired by billionaire financier George Soros, significantly increased its gold related holdings, most notably, through the purchase of over $25 million dollars worth of call options on the GDXJ Junior Gold Miners index.
This stunning move by one of the world’s top performing hedge funds, suggests a powerful surge ahead for gold equities. It should be noted, that in the forty years prior to 2010, the Soros Fund averaged a 20% annual rate of return.
A breakdown of the 13-F data indicates that during the first quarter, the Soros Fund:
1. Maintained a $32mm stake in individual miners.
2. Added a staggering 1.1 million shares of GDX to its holdings, at a reported price of $37.84 per share. Total Soros Fund GDX holdings now stand at 2.666 million shares, at a reported value of over $100,000,000.
It looks like someone was able to take delivery.
Gold shipment valued at $625,000 goes missing at Miami airport
MIAMI (Reuters) – A shipment of gold with a declared value of $625,000 has gone missing in a suspected heist at Miami International Airport, authorities said on Thursday.
A theft incident report from the Miami-Dade Police Department said the gold, packed in a box, arrived at Miami International early Tuesday morning on an American Airlines flight from Guayaquil, Ecuador.
Miami International serves as a major trans-shipment point for large quantities of gold produced in South America and exported primarily to Switzerland for refining.
The plane’s cargo was unloaded but the box containing the gold disappeared after apparently being loaded onto a motorized luggage cart or tug, the report said.
We have reached this point in my opinion:
You can chose to ignore reality, but you cannot ignore the consequences of ignoring reality!
— Ayn Rand
Now it is time for me to take Duke for a walk and listen to the birds.
PS – I’ve only discussed this feeling with very few people, but personally I’ve never felt more calm regarding the price of gold and world events. Many events are beyond our control but not our understanding. One’s true salvation is to be prepared. I believe that is your singular message and I thank you for that sincerely.