• Report: #277296

Complaint Review: Gryphon Financial

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  • Submitted: Fri, October 05, 2007
  • Updated: Sun, April 25, 2010

  • Reported By:Victoria British Columbia
Gryphon Financial
110 Wall St. 11th Floor New York, New York U.S.A.

Gryphon Financial Gryphon Financial claims of 100% profit in 3 months or less guaranteed New York New York

*General Comment: Gryphon Financial-Adorno & Yoss LLP Attroney Response

*Consumer Comment: Response on Behalf of Gryphon Holdings, Inc.

*REBUTTAL Individual responds: Ripp off memberships

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Phony accounts.I first came in contact with Gryphon Financial wjen I signed up for their newletter. I then joined one of their memberships "the Newsletter" in which they advertised 100% profits in 3 mos. or less. I then joined several on their other memberships all costing less than $100.00 per year. This was in Mar/April 2007.

In early April 2007 Gryphon Financial's representative Mr. Bolton Anderson phone me several times to talk to me personally. Mr. Anderson asked me on on of the phone calls if I would be interested in having the CEO of Gryphon Financial Mr. Kenneth Maseka do trades for me. Mr. Anderson went on to explain an account would be opened in my name and all profits would be deposited in this account.

Foolishly I agreed to this and spoke personally to Mr. Maseka or someone who said that he was Mr. Maseka. Mr. Maseka said that he could guarantee to double my money in 3 mos. and the minimum amount to open an acct. would be $5000.00 U.S. Mr. Maseka went on to say that he made millions in the stock market and even the secretary made $600000 trading some stock called "ice". I even spoke to the secretary and she confirmed to me that she did make that money.

I sent the money by wire transfer to Gryphon Holdings 67 Wall St. New York NY. on April 26 2007. There was no email confirming I sent the money, but they did acknowledge that they got it.

In July 2007 I tried phoning Gryphon Financial to speak to Mr. Maseka only to be told that he was not in or he was busy and he would get back to me. I began to get a little worried at that point.

I then edited my membership profile and was stunned to learn that my $5000 was now showing up in one of the programs that I had already paid for.

I immediately sent them an email saying that there was an error as I had already paid for the membership before I had sent the wire transfer and to send me a refund of my $5000. I was told that I had signed up for this program at the full price and there would be no refunds at all. I was then told that the $5000 was the membership fee for Mr. Maseka's "private play" series.
I was then told by Mr. Maseka that the $5000 was a down paymemt for his "private play " series for which he charges $20000 a Year! I still asked for a refund but again was told that there would be no refunds at all.

I am extremely dis-satisfied with this co. and their unscrupulous and devious methods used to lure customers for their own gain. I feel very foolish for trusting Mr. Anderson as it was him for initializing my contact with Mr. Maseka. Mr. Anderson was very personable on the phone and seemed sincere. Do not be the victim as I was. Warn everybody about this company.

Theresa
Victoria, British Columbia
Canada

This report was posted on Ripoff Report on 10/05/2007 01:43 PM and is a permanent record located here: http://www.ripoffreport.com/r/Gryphon-Financial/New-York-New-York-10005/Gryphon-Financial-Gryphon-Financial-claims-of-100-profit-in-3-months-or-less-guaranteed-N-277296. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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REBUTTALS & REPLIES:
0Author 2Consumer 1Employee/Owner
Updates & Rebuttals

#1 General Comment

Gryphon Financial-Adorno & Yoss LLP Attroney Response

AUTHOR: Peter - (U.S.A.)

Response on Behalf of Gryphon Holdings, Inc.

Adorno & Yoss Llp - Fort Lauderdale (U.S.A.)




POSTED: Wednesday, September 17, 2008


This response is being posted by Adorno & Yoss LLP, counsel to Gryphon Holdings, Inc. d/b/a Gryphon Financial (Gryphon). We have been requested by Gryphon to respond to the false and defamatory statements posted in Report Nos. 277296 and 277422.

Theresa claims she was misled by Gryphon because she believed the $5,000.00 she paid was for Gryphon's CEO to do trades for her, when, in fact, the $5,000.00 she paid was actually a down payment to enroll in the Private Plays service.

Gryphon makes very clear on its website (www.GryphonFinancial.net) that it is an educational service--not an investment advisor, stating in its Disclaimer:

GryphonFinancial.net is an educational service, not an investment advisor. All subscribers to each service receive the exact same trading signal publications. Active trading is not for everyone; please speak to your investment advisor before determining the suitability of GryphonFinancial.net educational services for your objectives and risk tolerance.

The Disclaimer further unambiguously states that the recommendations provided by Gryphon are not guaranteed. Our client's Return Policy, also detailed on the website, makes clear that ALL CHARGES ARE NON-REFUNDABLE.

The service Theresa enrolled in, Private Plays, was a VIP service offered by our client. For $20,000.00, a customer enrolled in this valuable service received personal stock trade recommendations from Gryphon's CEO. The receipt provided to Theresa after she made her initial $5,000.00 down payment clearly stated that the $5,000.00 was a deposit for the Private Plays service. In no way would Gryphon have represented to Theresa that the $5,000.00 would be traded in the stock market by Gryphon, on her behalf, because Gryphon is neither an investment advisor, nor a trader.

We regret that Theresa misunderstood the terms of the service; however, we maintain that Gryphon did not mislead Theresa and that it was entitled to receive the funds Theresa obligated herself to pay for the service.

Gryphon has authorized Adorno & Yoss LLP to initiate any and all actions as may be necessary to prevent defamatory statements from being posted about its company on the Internet and will do so in the appropriate judicial forum, not on the Internet through an anonymous name.

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#2 Consumer Comment

Response on Behalf of Gryphon Holdings, Inc.

AUTHOR: Adorno & Yoss Llp - (U.S.A.)

This response is being posted by Adorno & Yoss LLP, counsel to Gryphon Holdings, Inc. d/b/a Gryphon Financial (Gryphon). We have been requested by Gryphon to respond to the false and defamatory statements posted in Report Nos. 277296 and 277422.

Theresa claims she was misled by Gryphon because she believed the $5,000.00 she paid was for Gryphon's CEO to do trades for her, when, in fact, the $5,000.00 she paid was actually a down payment to enroll in the Private Plays service.

Gryphon makes very clear on its website (www.GryphonFinancial.net) that it is an educational service--not an investment advisor, stating in its Disclaimer:
GryphonFinancial.net is an educational service, not an investment advisor. All subscribers to each service receive the exact same trading signal publications. Active trading is not for everyone; please speak to your investment advisor before determining the suitability of GryphonFinancial.net educational services for your objectives and risk tolerance.

The Disclaimer further unambiguously states that the recommendations provided by Gryphon are not guaranteed. Our client's Return Policy, also detailed on the website, makes clear that ALL CHARGES ARE NON-REFUNDABLE.

The service Theresa enrolled in, Private Plays, was a VIP service offered by our client. For $20,000.00, a customer enrolled in this valuable service received personal stock trade recommendations from Gryphon's CEO. The receipt provided to Theresa after she made her initial $5,000.00 down payment clearly stated that the $5,000.00 was a deposit for the Private Plays service. In no way would Gryphon have represented to Theresa that the $5,000.00 would be traded in the stock market by Gryphon, on her behalf, because Gryphon is neither an investment advisor, nor a trader.

We regret that Theresa misunderstood the terms of the service; however, we maintain that Gryphon did not mislead Theresa and that it was entitled to receive the funds Theresa obligated herself to pay for the service.

Gryphon has authorized Adorno & Yoss LLP to initiate any and all actions as may be necessary to prevent defamatory statements from being posted about its company on the Internet and will do so in the appropriate judicial forum, not on the Internet through an anonymous name.
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#3 REBUTTAL Individual responds

Ripp off memberships

AUTHOR: Dan - (Canada)

I too ripped off by this company not as much but the trades are rediculous.
some I guess they get maybe analyists reports or something but with just a 999 mebership a year you get a coin flip on trades and depending on like which ones you go for you can lose a lot. Mr. Baldwen is just a puppet in the organization he knows nothing about trading and only knows how to process your credit card order.
I am sorry for anyone who comes in contact with these guys.

Dan
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