NEBS Financial Trustee, Inc. - Liquidation Information

NEBS Financial Services, Inc. ("NEBS Financial" or the "Debtor") was a broker/dealer, headquartered in Cleveland, that administered 401(k) and 403(b) plan contributions received from participants, and directed those funds to the investment providers chosen by the participants. NEBS Financial was a member of the Securities Investor Protection Corporation ("SIPC"), the non-profit corporation created to protect customers to the extent permitted by the federal Securities Investor Protection Act ("SIPA").

On November 30, 2004, the Debtor and its affiliated companies filed voluntary petitions for relief under chapter 7 of the federal Bankruptcy Code. Lauren A. Helbling is chapter 7 trustee for the estates of NEBSOnline, Inc., NEBS Agency, Inc., and National Employee Benefit Services, Inc.

Shortly after NEBS Financial filed for bankruptcy protection, it was placed in liquidation under SIPA. Donald H. Messinger was appointed by the Court to serve as trustee (the "SIPA Trustee") for the administration of the liquidation of NEBS Financial. As of February 5, 2009, NEBS Financial’s liquidation proceeding has been fully administered.

On August 20, 2008, the SIPA Trustee filed his investigatory and final report and account (the "Final Report") outlining the results of his investigation into the failure of NEBS Financial. On February 5, 2009, the United States Bankruptcy Court for the Northern District of Ohio entered its final Order discharging the SIPA Trustee and closing the case.

Court Filings and Orders

Trustee's Final Report August 20, 2008 (PDF)

Final Order Closing Case February 5, 2009 (PDF)

Further Information

When a brokerage firm is closed due to bankruptcy or other financial difficulties, the Securities Investor Protection Corporation steps in as quickly as possible and, within certain limits, works to return cash, stock and other securities to those having valid claims against the firm.

For more information on SIPA coverage limits, please see the website of SIPC, particularly the following link: