Pharaoh
Brigadier General
- Messages
- 20,307
Liquidators confirmed insurance is real and they have contacted the insurer to notify them of their appointment. That isn't to say that the insurance is going to be paid out, what the terms of the insurance are e.t.c. It would be nice if it came through but don't get your hopes up in regards to the insurance.
This insurance is one point which I find fascinating. There was a real company, even if it wasn't properly licensed to do what it claimed it was doing. That puts it ahead of many Ponzi schemes in the "how much cheap credibility can you buy" category. The company appears to have had some real insurance policies which supposedly provided some protection against employee misdeeds. That was a whole new level of "artificial credibility" in my book. It was almost enough to make me back off, except that the company always found the most convenient excuses to avoid having the details publicly shared, since this would somehow enable some mysterious people (such as employees of the company who would already have access to those details) to abuse the policies in some unspecified way.
Now that the liquidators are involved, I wonder how much, if anything, those "anti-Ponzi" and "protection from criminal acts by employees" policies will pay. For the sake of innocent investors who were lured in, I hope it's a lot. On the other hand, insurance companies are much harder to fool than unsavvy investors and are very good at putting in lots of clauses to protect themselves.