• Report: #697940

Complaint Review: Lloyds Metals Co

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  • Submitted: Mon, February 21, 2011
  • Updated: Mon, May 09, 2011

  • Reported By: andy — Ashland City Tennessee USA
Lloyds Metals Co
515 N. Flagler Drive, Ste 305 West Palm Beach, Florida United States of America

Lloyds Metals Co Lloyds Asset Management Lost me over $130,000 in 19 trading days in gold and silver while both were increasing in value daily West Palm Beach, Florida

*Consumer Suggestion: contact CFTC

*Consumer Comment: My Family and I are also victims of Mr.Stropp

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I am a 70-year-old retiree who fell victim to a fast- and slick-talking salesman named Bob Stropp at Lloyds Metals.  He pressured me into sending him my 100 Gold $20 Liberty coins and $30,000.00 in cash, which he was going to use in trading in silver and palladium.  That was my life savings, and I can't replace it.

He promised me that by the end of the year (2010), he would "have me at $200,000."  It took him only nineteen (yes, 19 trading days!) to lose my money down to $41,621.00, which I demanded back and received, though they were extremely reluctant to let me have it back.

Bob Stropp tried very hard to keep me from getting it back, instead, he wanted to "get it back up" for me.  In order to keep me from taking the remainder of my money back, he dropped their commission from 6% to 4% on the last trade, and when I finally demanded my money back, he offered to continue (mis)managing my account at zero commissions to induce me to stay.  

In every single trade  he bought high and sold low!  I didn't see this until I started getting reports, which arrived 8-10 days after the trades were done.  That's where they made their money and they didn't care one bit about what happened to my money!  Buying and selling frequently is how they make their money, without regard to the fluctuation of the value of the coins.  Get those commissions and fees, whatever you have to do!

My loss came to $136,514.00, which included their commissions, fees, and interest of $35,667.00.  I felt gutted, to pay them that much money to LOSE  my money so fast! 

Either they are extremely incompetent at what they are doing, or they lied to me and STOLE MY MONEY!  With the cost of gold, silver, and palladium going up over this past year as it has, it's sheer incompetent stupidity or outright theft!  What do you think?

I'm a 70-year-old retiree, trying to take care of an ailing 95-year-old mother and a grown handicapped daughter.  We need this money to live on and pay bills, and I'm just devastated by this loss.

Avoid Lloyds Metals at all cost.  If you are reading this and have lost money to these crooks, please post it on this site, so I can contact you, or you can contact me here.  I hope to join others in going after these thieves!

This report was posted on Ripoff Report on 02/21/2011 01:33 AM and is a permanent record located here: http://www.ripoffreport.com/r/Lloyds-Metals-Co/West-Palm-Beach-Florida-33401/Lloyds-Metals-Co-Lloyds-Asset-Management-Lost-me-over-130000-in-19-trading-days-in-gold-697940. 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 0Employee/Owner
Updates & Rebuttals

#1 Consumer Suggestion

contact CFTC

AUTHOR: fraud detectve - (United States of America)

you need to file your complaint with the CFTC here www.cftc.gov against lloyds commodities, lloyds metals and hunter wise commodities their "alleged" physical metals ultimate "clearing firm" have the CFTC run an audit and you will know whether any PM were ever bought for you at all or you just got robbed. If you did get ripped off contact the FBI and your local U.S. Attorney's office.They will put those crooks in prison and you might get some of your money back thru CFTC civil case efforts because CFTC will have a federal judge freeze these scumbags assets until they are proven guilty or innocent.
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#2 Consumer Comment

My Family and I are also victims of Mr.Stropp

AUTHOR: Josh McAllister - (United States of America)

Lloyds assets have also stolen money from me and my family. Mr Stropp traded accounts without our knowledge just a few days apart sold out of markets and got back into markets without our authorization or knowledge. Sent us bogus statement that were not a reflection of our actual account. This happened to us on two seperate accounts. So we are teaming up with other individuals to expose this company to keep these crooks from going after other trustworthy investors. Also Mr. Stropp was impossible to contact while having an account with him, but before you open an account you cant get him to stop calling you.  So you can email me if you like at jntmcallister@aol.com . Sorry for your loss.
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