Sent: Wednesday, March 22, 2017 12:11 PM
To: Eugene Twellman <Eugene.Twellman@mutualofomaha.com>
Cc: Mutual of Omaha Bankers
Subject: FDIC Insurance on Mutual of Omaha HOA Deposits
- Mr. Vasquez of Trestle Management confirmed under oath that read only user names and passwords for ALL HOA members are available for Mutual of Omaha Bank Accounts.
- He also testified that Trestle are NOT acting in a Fiduciary Capacity with regards to the HOA’s Bank Account with you. Click HERE for the audio extract
- This is despite the fact that your account documentation provides an option for the party involved to be designated as a fiduciary.
- FOR THE INSURANCE TO FLOW THROUGH TO THE HOA, THE FIDUCIARY (THE MANAGEMENT CO) MUST BE DESIGNATED ON THE ACCOUNT DOCUMENTATION AS SUCH.
- Given all the above, are deposits with you properly insured in the name of the HOA?
- Why did not your attached letter resigning not show the true legal status of your “depositor”? Click HERE
- What SIC code are you using for HOA deposits?
- You benefitted from $862mm of FDIC moneys in acquiring CAB. That included bailing out uninsured depositors as well. You now have $4billion of HOA deposits. Are you assuming a repeat of 2008 in 2017 should your extensive real estate portfolio turn sour?