Gloucester: Fed seizure of accounts closes fish auction

Last Friday night, without any notice, the U.S. Labor Department seized the bank accounts of the Cape Ann Seafood Exchange, leaving the fish auction and seafood processor unable to pay fishermen for landed fish and imperiling even further its ability to profitably operate on the Gloucester waterfront. CASE owner Kristian Kristensen first knew there was trouble afoot when he started receiving text messages from his bank that his business balance had dipped below $25. “I didn’t put the pieces together until Saturday,” Kristensen said Thursday. “That’s when I knew it was the Department of Labor.” What followed was a business nightmare, as Kristensen tried to contact fishermen and other vendors about his inability to access his bank accounts for payments. >click to read<19:41

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