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Who Owns the $3.2 Million?

DALLAS (CN) - Apex Clearing Corp., a discount brokerage clearinghouse, asked a state judge to decide who owns $3.2 million it is holding.

Dallas-based Apex filed an interpleader petition against SAMCO Capital Markets, of Austin, and Penson Financial Services, of Dallas, in Dallas County Court. Both claim the money.

Apex says SAMCO deposited the money, but Penson later initiated FINRA arbitration and claims a $2.6 million interest in the funds, plus interest and attorneys' fees. SAMCO then filed a counterclaim, demanding return of the money; Penson demands that the money not be returned.

"Apex has no claim to the funds that it proposes tendering to the court, and the nature of the conflicting demands is causing Apex to be faced with multiple liabilities," the complaint states. "For all these reasons, Apex unconditionally tenders $3.2 million in disputed funds to the court to maintain the status quo and protect the interests of all claimants."

Penson's corporate parent, Penson Worldwide, agreed to form Apex in May with Peak6 Investments LLP. The resulting independently owned clearinghouse took over Penson's clearing operations. Penson's clearing services were used by discount brokers Zecco and Tradeking, among others.

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