HAVEN EXCHANGE - Key Persons

A Fidelity Bond is an important indicator of a Qualified Intermediary's ethical past. Although they don't protect you from fluctuations in the stock market, Fidelity Bonds are supposed to protect you from employee dishonesty. When, during the last downturn, several QIs were discovered to have inadvertently become pyramid-like due to losing money investing exchange funds in government backed instruments, and others just plain spent exchange funds on themselves, the bonding companies did not pay one dime. Not one. When the FEA threatened to sue them, they just stopped writing coverage for a couple of years until they decided we'd learned our lesson. Here's what we learned: Bonds are worthless. We have never been refused a bond. We simply decided to no longer participate. California Law says that if we hold each exchange account separately from each other that the bond is rendered unnecessary, due to the increased difficulty and therefore unlikelihood of theft from so many accounts. In addition, you may have "veto" power directly with the bank, meaning they won't disburse from it without your passcode, for which they contact you directly. There is no better security.