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  • Report: #1041953

Complaint Review: Monex

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  • Submitted: Tue, April 09, 2013
  • Updated: Fri, June 28, 2013

  • Reported By: E2 — Brooklyn New York
Monex
4910 Birch Street, Newport Beach CA 92660 Internet United States of America

Monex Monex Deposit Co Poor trader supervision and strategy, Internet

*General Comment: Ripoff by Monex

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Here is todays letter to the owner of Monex:

Dear Mr. Carabini, 

 

Taking a moment here to write you a short note regarding my experience with your company. Basically during this  recent bull market in precious commodities your trader ****** ******** traded my account and lost thousands of dollars. This represented a large percentage of the total account entrusted to him. I am sure there are stories and explanations aplenty. I am also sure there are numerous protections in place preventing you and your firm from having to successfully trade.

 

My suggestion traders at your firm need a unified strategy if you have so many experts well put them all together and have a unified direction so investors do not bleed out at your firm. The concept that a trader at one desk does what he thinks makes sense and the trader at the next desk does what he thinks makes sense is clearly not working.

 

I look forward to a refund of my hard earned - easily lost money. But that likely will not happen. At any rate I will be sure to publicize online your response. This disappointing  record of losses I had with your firm, needs to be publicized - perhaps preventing yet some other fellow from suffering the same losses - due to basically poor strategy and lack of proper supervision at your firm.

 

Best wishes, 


Note - they are probably fine as a depository - lousy at trading. 


This report was posted on Ripoff Report on 04/09/2013 03:20 PM and is a permanent record located here: http://www.ripoffreport.com/r/Monex/internet/Monex-Monex-Deposit-Co-Poor-trader-supervision-and-strategy-Internet-1041953. 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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#1 General Comment

Ripoff by Monex

AUTHOR: Ripoff by Monex - ()

I recently lost over $44,000, my whole savings, through Monex. The Monex financial advisor who made me buying on leverage without me understanding what I was doing (I thought I was only buying with the 53,000 I had invested) was fired by the company. I feel horrible about what happened and of course ,as you mentioned, Monex requests his clients to sign a Bible-long like customer agreement designed to prevent any possible lawsuit. I was wandering if there is any possible way to sue Monex. I lost 90% of my savings and I feel I was totally taken advantage of.
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