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Credit Union Member Sues CU Alleging Negligence in Security Sales

A credit union member in Florida has filed a federal suit against the $750 million IBM Southeast Employees Credit Union, alleging that a former broker-dealer firm that sold her investments was "nothing more than a bucket shop rife with fraud."

By David Morrison | Updated on July 05, 2009

A credit union member in Florida has filed a federal suit against the $750 million IBM Southeast Employees Credit Union, alleging that a former broker-dealer firm that sold her investments was “nothing more than a bucket shop rife with fraud.”

IBM member Claudia Schorrig filed a suit in U.S. District Court for the Southern District of Florida alleging that she invested $60,000 with Cornerstone Ministries Investments through Wellstone Securities, which she subsequently lost. Both firms have subsequently filed for bankruptcy under a cloud of fraud allegations.

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