Complaint information
  • Author: Monexfraud
  • Date: 09.3.2008
  • 0
 (Votes #: 0)
09.3.2008

Monex, Monex Deposit Company, Monex Credit Company, Monex Precious Metals - Complaints / Reviews / Scam Reports
Monex Deposit Company Ripped Me Off for Over $32,000

This is a Complaint / Review about Monex, Monex Deposit Company, Monex Credit Company, Monex Precious Metals.


Monex did not properly place my stop loss order and left me holding the bag!

1) Terry Parsons (my account rep) told me he would use a 50 cent/ounce stop loss on my silver trade. However, no stop was placed.

2) Terry repeatedly recommended we raise capital to invest in silver by taking out a HELOC on our property. He even gave us the name of a lender at Wells Fargo Bank.

3) Terry never informed me of the extremely high commission rates I'd be paying and I only learned this AFTER I got my statement from Monex. Total commissions in and out cost approximately $4000 dollars. Head I known this, I would never have agreed to it.

4) At Terry's suggestion I took a substantial ($360,000) long entry on silver. He knew the timing was bad and proved it by taking himself and his clients short within the next 2 days, then telling me AFTER the market had gone down. I know this because he informed me of it!

5) Nearly lost 1/2 my $100,000 investment to margin call, and eventually lost 1/3 due to a manual stop loss I placed. The advice received from Terry was bad in general, but is not part of this claim.

6) I told Terry to place a 17.50 per ounce stop on my trade, he setup the order to only cover half my trade. Eventually I sold the 2nd half at 16.86, 64 cents beneath the correct stop. Had the original stop been placed from the start the price on all would have been 17.98, not 17.50 or 16.86.

7) Harvey Kochen (compliance dept.) claimed I was as much responsible for the stop as they were for the mistake.

Total loss due to Monex incompetence: $32,701.68

I have a site dedicated to these scumbags at:
http://www.MonexFRAUD.com


Thank You for reading of this Complaint / Review. For viewing of other complaints, reviews or scam reports about Monex, Monex Deposit Company, Monex Credit Company, Monex Precious Metals, press here.
Complaint author: Monexfraud

Offender: Monex, Monex Deposit Company, Monex Credit Company, Monex Precious Metals

Country: USA
State: California
City: Newport Beach
Address: 4910 Birch Street

Category: Business & Finance

Dear visitor, you have entered to site as unregistered user.
We recommend you to Register or Login to website under your name.

Information
Members of Guest cannot leave comments.

USACONSUMERCOMPLAINTS.COM - United States Consumer Complaints, Reviews, Reports, Feedbacks and Claims. Board of Shame. Black list.

Every consumer of goods and services can leave on the site USACONSUMERCOMPLAINTS.COM a complaint, review, report, a claim or negative feedback on the person, firm, company, shop, service or web-based project, whose actions left this consumer dissatisfied.

^