• Report: #658889

Complaint Review: Lloyd's Asset Management, LLC

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  • Submitted: Fri, November 05, 2010
  • Updated: Thu, March 17, 2011

  • Reported By: David — Eastern Ohio United States of America
Lloyd's Asset Management, LLC
515 N. Flagler Drive #305 West Palm Beach, Florida United States of America

Lloyd's Asset Management, LLC Metals Commodity Scammers West Palm Beach, Florida

*Consumer Suggestion: Florida & Commodities Don't Mix

*Author of original report: Settled!

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I met Mr. Robert Menzel over the telephone. He introduces himself as a experience comodities broker, I am very skeptical of brokers who use the telepone and referrals to get clients, but after numerous weeks of conversations and long chats on the pros, and cons (no pun intended here) of comodities trading, he has me convinced that opening a new account would be quite beneficial to me. This guy is good at what he does. He uses the world news and world markets to drive home his points. He had me conviced that an initial investment of 5,000 dollars would give me a GREAT return profit given the current position of the US dollar. I elected to make a rather modest investment of 5000 dollars USD.

He wanted the larger sum, but after some explanation we agreed on 5000 USD. He never told me that his commission fee is a full 1500 USD right off the top, so my small investment dwindles to a mere 3500 USD. He calls me every day with reports on the trades while all the time assuring me how well my investment has grown. Then, the calls cease. Mr Menzel and then Mr. Robert Stropp (another brliker?) use every opportunity to encourage further investment. I remain very skeptical. On the day that I had decided to sell my holdings, I try to call to the home office and beg to speak with my or ANY broker. I kept calling back three times a day for 3 days without any return calls. Lloyds Asset Management and Mr. Robert Stropp FINALLY called me back when I filed a BBB complaint (2 days after filing).   After some pressure, I am supposed to be remitted my funds and the account closed ----thankfully so!

This report was posted on Ripoff Report on 11/05/2010 03:05 PM and is a permanent record located here: http://www.ripoffreport.com/r/Lloyds-Asset-Management-LLC/West-Palm-Beach-Florida-33401/Lloyds-Asset-Management-LLC-Metals-Commodity-Scammers-West-Palm-Beach-Florida-658889. 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:
1Author 1Consumer 0Employee/Owner
Updates & Rebuttals

#1 Consumer Suggestion

Florida & Commodities Don't Mix

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

I seem to recall an infamous gold broker, International Gold & Bullion Exchange, which operated in south Florida in the early 80s. They sold gold to thousands of people and offered to store the gold in their vaults. Most people fell for it. When investigators went to the vault they saw the gold bars stacked up. Further inspection revealed they were wooden bars painted gold. Scam imploded.


Folks, you can buy gold locally, in any amount you want, at reasonable prices with no sky-high commissions. Coins and bullion are the easiest to trade.

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#2 Author of original report

Settled!

AUTHOR: Dave - (United States of America)

Account was closed and received payment as promised.
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