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Canopy Financial / HSA
Old 12-23-2009, 07:19 AM   #1
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Canopy Financial / HSA

When I opened my HSA one of the things I felt uncomfortable with was that the providers were all unknown and governance / regulatory oversight was not clear. I chose Shawnee HSA, and it seems my concerns were well founded.
Once Flying High, Canopy Financial Now Peddling Assets For $6.1M - Venture Capital Dispatch - WSJ The asset sale caps a swift fall for venture-backed Canopy after its business began to unravel in early November, when it was discovered that an audit tied to a fund-raising this summer had been falsified. The revelation also resulted in criminal charges against the company’s co-founder, former President and Chief Operating Officer Jeremy Blackburn.
Canopy subsequently filed for Chapter 11 bankruptcy. New details also emerged last week that funds from health savings accounts Canopy worked with, either through certain customers or on its own, were frozen after they were either misappropriated or missing. Customers of those health savings accounts will now be named creditors during Canopy’s bankruptcy proceedings.
Shawnee HSA now says
It is our understanding that the accounts are FDIC insured but unclear how FDIC covers this type of misconduct. Shawnee is monitoring the bankruptcy proceedings and keeping in touch with the attorneysinvolved. We are also cooperating with a couple of individual account holders that have filed a class action suit against AMCORE Financial which held the funds and allowed them to be misappropriated. We also learned of a crime policy in effect along with other policies that Canopy had on directors and officers.
Just because it says FDIC protected does not make it so. We have 2 years of HSA contributions and never planned to use them for current medical expenses, so our financial exposure is not significant. Still to be resolved, the clear lesson here for me is that financial diligence can never be put off and custodial risk is always present.

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Old 12-23-2009, 07:28 AM   #2
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Yikes. Makes me wonder if my FIL's strategy of burying cash in a Mason jar out in the barn might not have been such a bad idea after all...

Numbers is hard.

Retired in 2005 at age 58, no pension

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Old 12-23-2009, 08:56 AM   #3
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Originally Posted by REWahoo View Post
Yikes. Makes me wonder if my FIL's strategy of burying cash in a Mason jar out in the barn might not have been such a bad idea after all...
Sounds like someone who remembered the Great Depression...
"Hey, for every ten dollars, that's another hour that I have to be in the work place. That's an hour of my life. And my life is a very finite thing. I have only 'x' number of hours left before I'm dead. So how do I want to use these hours of my life? Do I want to use them just spending it on more crap and more stuff, or do I want to start getting a handle on it and using my life more intelligently?" -- Joe Dominguez (1938 - 1997)
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