If a broker goes bankrupcy

If a broker goes bankrupcy, their clients lost their money there?

So far that seems to be the case w/ refcofx

I have heard of a few penny on the $ settlements but everyone I know has been shit out of luck.

I got my money out of Refco with about two hours to spare.

The lesson I learned from this is do NOT keep a lot of money on deposit with any broker.

Foreign brokers may be insured, but US brokers aren't.

The bankruptcy courts have ruled that customer's accounts are a part of the brokers assets. They go down when the broker goes down.

Just keep your fingers crossed and hope that another brokerage firm buys the former brokers client list as they have attempted to do in the past.