- Report: #1052678
Report - Rebuttal - Arbitrate
Complaint Review: NewBridgeMetals
NewBridgeMetals3831 NW 5th Ter Boca Raton, Florida USA
NewBridgeMetals, Steve Rose, Noah Silverman, Alex Silverman Ripped Off from day one Boca Raton Florida
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I was a first time investor in metals and told NewBridgeMetals this. I specifically asked them what the cost of "getting in" was and was told that it was "10% of my investment". I asked this question many times and was given the same answer every time. I then, on 2012-04-05, sent them $20,000.00 and was told that I would be able to see my account the next day online. It actually took me a week to get my account information from them and when I finally went online I saw that I had already LOST $7,234.62. That's 36% of my initial investment of $20,000.00 By this time it was past the allowable 3-days that they would let me back out of the investment.
It took me about a week befor I was able to get hold of anyone and then I was told that it was 10% of the TMV (Total Metal Value) and not of my investment of $20,000.00 They said that this was in their online "CUSTOMER LOAN, SECURITY & STORAGE AGREEMENT" AND THEIR "CUSTOMER PURCHASE & SALE AGREEMENT". When I took a thorough look at these documents I could not find any such statements. I called again and was told they would ask their lawyer. When I called again I was told that the lawyer had told them not to put this in the documents since this was "standard industry practice" and therefore did not need to be in the documents. Each time I talked with them they said they would call me back and never did. That was why I had to repeatedly call them.
Over the next 8-months I watched my investment continually decline in value due to the "fees" and "interest" that they also had not told me about. I was continually told by them that if I was patient that the investment would eventually make money. I guess it was my fault that I didn't understand how the system worked and that there would be all these fees and interest, but again I had told them very plainly in the beginning that I was a "first time investor in commodities". I quess they heard that statement loud and clear only their interpretation was "here is a sucker".
Finally after approx. 8-months, on 2013-01-03, I received a call saying that my account was now only worth $4,604.01 and they were sending me silver valued at that amount to close out my account. Four weeks later, on 2013-01-28, I finally received a check, not silver, for the amount of $4,604.01
This report was posted on Ripoff Report on 05/21/2013 12:14 PM and is a permanent record located here: http://www.ripoffreport.com/r/NewBridgeMetals/Boca-Raton-Florida-33431/NewBridgeMetals-Steve-Rose-Noah-Silverman-Alex-Silverman-Ripped-Off-from-day-one-Boca-1052678. 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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