Lennon tried to pull a fast one "Thomas F. Lennon, Court-appointed permanent receiver for Tuco Trading, LLC ("Receiver"), hereby gives notice and corrects his Final Fee Application for Approval and Payment of Fees and Costs to Thomas F. Lennon, Receiver, and supporting documents. On or about August 20, 2009, the Receiver's counsel learned that the Receiver had advanced funds to his company, Thomas F. Lennon, Inc. ("TFL"), from the Tuco receivership estate against the pending fee application of the Receiver. The total advanced was $60,101. Upon learning of the advances, the Receiver was promptly advised that such advances were prohibited without prior Court approval. The Receiver has returned the advances to the Tuco estate together with interest that would have been earned on the amounts advanced."
Was that advance just the fees that he thought that he would receive from the whole process? If that is the case and Tuco really had all the traders money, then people with Tuco accounts should get most of their money back.
Apparently the POS owner(whom many ETs praised as an honest and reliable guy) allowed traders to trade with negative equity, a good chunk was lost there. Lennon is getting his cut too, all kinds of fees
This underscores the necessity of an experienced compliance officer and absolute adherence to the law and the LLC charter.