Report: #538858

Complaint Review: Canopy Financial - Chicago Illinois

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Submitted: Mon, December 14, 2009
Updated: Mon, December 14, 2009
Reported By: aneurinsblog — Vancouver Washington United States of America

Author Not Confirmed

Why?

Canopy Financial 230 West Monroe Suite 2330 Chicago, Illinois United States of America

Phone: 1-877-288-0731
Web: www.canopyfi.com
Category: Financial Services

Canopy Financial Bankruptcy ties up HSA account holders Chicago, Illinois

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I have a lot more of this at my blog:

(((link redacted)))

Houses in Malibu. Arabian horses. Jeremy Blackburn not only defrauded private equity firms, he got into depositor accounts.

The HSA company I originally had was MedKash, which then became Wellfund, which apparently got bought by Canopy Financial. All in the space of four years! I should've know better than to hold money with such a fly by night outfit.

As depositors, you would think that FDIC insurance would play a part. Now what's interesting here, is the electronic statements do state "DEPOSITS INSURED BY FDIC EQUAL OPPORTUNITY LENDER". The web site is still accessible, so you might want to hurry before this thing melts down even further.

I disagree with the concept that we are "creditors" in the traditional bankruptcy code sense. We're more like depositors, or tax advantaged account holders. In bankruptcy code, debts such as our are not discharged when the cause of the bankruptcy is fraudulent activity:

http://www.law.cornell.edu/uscode/11/usc_sec_11_00000523----000-.html

(a) A discharge under section 727, 1141, 1228 (a), 1228 (b), or 1328 (b) of this title does not discharge an individual debtor from any debt

(4) for fraud or defalcation while acting in a fiduciary capacity, embezzlement, or larceny;

Canopy Financial had a fiduciary obligation to account holders.

I'm only out $350 or so, but it's the principle of the matter. As HSA account holders, we should probably form a class and contest the proceedings at the creditors meeting on January 27, 2010 in Chicago.

When a bank fails, depositors are insured up to $100,000. When a brokerage fails, investors don't just automatically lose their stock holdings. So how can Canopy Financial, with an indicted former president hide behind the bankruptcy code and ask for "patience during this difficult period". I feel for the HSA account holders who have several thousand dollars at stake here. It's just not right.

We are told by our government to take personal responsibility for our health care, and when we do, this is our reward.

CLICK here to see why Rip-off Report, as a matter of policy, deleted either a phone number, link or e-mail address from this Report.

Report Attachments:

This report was posted on Ripoff Report on 12/14/2009 12:51 AM and is a permanent record located here: https://www.ripoffreport.com/reports/canopy-financial/chicago-illinois-60606/canopy-financial-bankruptcy-ties-up-hsa-account-holders-chicago-illinois-538858. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content

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