• Report: #974069

Complaint Review: Olympia Asset Management

  • Submitted: Mon, November 26, 2012
  • Updated: Sat, January 05, 2013

  • Reported By: Bob — SAVANNAH Georgia United States of America
Olympia Asset Management
888 7th avenue manhattan, New York United States of America

Olympia Asset Management Olympia Capital Scam Boiler Room Operation!!! manhattan, New York

*UPDATE EX-employee responds: Olypia former Employee

*UPDATE EX-employee responds: Olypia former Employee

*Consumer Comment: Also Ripped off by this Company

*Author of original report: Still Incorrect

*General Comment: Huh?

*Author of original report: Stay Away

*General Comment: Useless report

What's this?
What's this?
What's this?
Is this
Ripoff Report
About you?
Ripoff Report
A business' first
line of defense
on the Internet.
If your business is
willing to make a
commitment to
customer satisfaction
Click here now..

Does your business have a bad reputation?
Fix it the right way.
Corporate Advocacy Program™

SEO Reputation Management at its best!

This firm is the definition of BOILER ROOM!!!!! You will recieve a phone call from a broker that will CLAIM to have talked to you a couple months ago it will sound just like this "Hi John its your broker from Olympia dont you remember me " You will say NO because it never happened its all a lie they will do this with EVERY person they get on the phone. The pitch continues with "I gave you some unknown stock three months ago since then it has gone up 10-15 points but thats besides the point right now i have a great idea with a company called Corning Incorporated.

You should hang up the phone immediately!!! This stock is going no where this firm operates off of heavy trading to earn quick profits. They cold call Dun & Bradstreet cards all day and try to build clients that way. You will NEVER SEE your broker or visit his firm. Sadly enough the name is most likely a fake. This firm is located in Midtown,NYC and the owner Mike Murphy is a down right grimey individual. He uses his high turnover rate with brokers and ends up keeping all their leads and accounts after 6 days a week of making 500 plus calls a day for months even years. 

INVESTORS THERE IS NOTHING LEGIT ABOUT THIS FIRM PLEASE DO YOURSELF A FAVOR HANG UP THE PHONE ITS A PROMISE YOU WILL LOSE MONEY. NONE OF THE STOCK THEY PITCH WILL BE WINNERS AND JUST TO THROW IT IN THERE THEY PURPOSELY PICK STATES LIKE GEORGIA, ALABAMA AND OTHER SOUTHERN STATES BECAUSE THEY FEEL THE NEW YORK TALK IS PROFESSIONAL TO SOUTHERN FOLK PLEASE AVIOD THEM AT ALL COSTS

This report was posted on Ripoff Report on 11/26/2012 06:15 PM and is a permanent record located here: http://www.ripoffreport.com/r/Olympia-Asset-Management/manhattan-New-York-/Olympia-Asset-Management-Olympia-Capital-Scam-Boiler-Room-Operation-manhattan-New-York-974069. 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.

Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report.

Click Here to read other Ripoff Reports on Olympia Asset Management

Search for additional reports

If you would like to see more Rip-off Reports on this company/individual, search here:

Search Tips
Report & Rebuttal
Respond to this report!
What's this?
Also a victim?
What's this?
Repair Your Reputation!
What's this?
REBUTTALS & REPLIES:
2Author 5Consumer 0Employee/Owner
Updates & Rebuttals

#1 UPDATE EX-employee responds

Olypia former Employee

AUTHOR: robertfin - (United States of America)

Sir,

I am a former registered broker of Olympia and can attest 100% that this is boiler room chop shop.  I quit after being assaulted by the firm's owner Mike Murphy following a pay dispute in 2003.  Mike Murphy forces his brokers to make nonstop random cold calls using Dunn and Bradstreet leads to corporate executives non-stop 10 hours per day 5 days per week.  The culture at Olympia is "get on the phone or else!"  Murphy creates a hostile, noisy cut throat culture for one simple reason...turnover creates opportunities for Olympia Asset Management in the form of stealing broker accounts when they quit and also by churning customer accounts for commission.  Check out my story at this link for a better understanding of how Mike Murphy operates Olympia Asset Management:

(((link redacted)))

Murphy has had a shady background having screwed over numerous partners in his business.  Under Murphy's leadership the firm has also been fined in the past for customer losses in excess of hundreds of thousands of dollars.

Sadly this clown Mike Murphy now is a regular on CNBC fast money and seems to have duped a former partner of Seth Tobias to start his own hedge fund Rosecliff Capital.

I complained to the SEC years ago as a whistleblowing insider but to my knowledge they did not intervene successfully.  But a somebody needs to start a class action and take down this firm.  If you need a witness, I am more than willing to testify.

CLICK here to see why Rip-off Report, as a matter of policy, deleted either a phone number, link or e-mail address from this Report.
Respond to this report!
What's this?

#2 UPDATE EX-employee responds

Olypia former Employee

AUTHOR: robertfin - (United States of America)

Sir, I am a former registered broker of Olympia and can attest 100% that this is boiler room chop shop.  I quit after being assaulted by the firm's owner Mike Murphy following a pay dispute in 2003.  Mike Murphy forces his brokers to make nonstop random cold calls using Dunn and Bradstreet leads to corporate executives non-stop 10 hours per day 5 days per week.  The culture at Olympia is "get on the phone or else!"  Murphy creates a hostile, noisy cut throat culture for one simple reason...turnover creates opportunities for Olympia Asset Management in the form of stealing broker accounts when they quit and also by churning customer accounts for commission.  Check out my story at this link for a better understanding of how Mike Murphy operates Olympia Asset Management:

(((link redacted)))

Murphy has had a shady background having screwed over numerous partners in his business.  Under Murphy's leadership the firm has also been fined in the past for customer losses in excess of hundreds of thousands of dollars.

Sadly this clown Mike Murphy now is a regular on CNBC fast money and seems to have duped a former partner of Seth Tobias to start his own hedge fund Rosecliff Capital.

I complained to the SEC years ago as a whistleblowing insider but to my knowledge they did not intervene successfully.  But a somebody needs to start a class action and take down this firm.  If you need a witness, I am more than willing to testify.

CLICK here to see why Rip-off Report, as a matter of policy, deleted either a phone number, link or e-mail address from this Report.
Respond to this report!
What's this?

#3 Consumer Comment

Also Ripped off by this Company

AUTHOR: CA Consumer - (United States of America)

I so wish I had researched this company before doing Business with them. The initial report on this site was 100% accurate , guy  told me I had spoken with him a few months back , stock he suggested has appreciated >20% , "anyway doesn't matter now put your money in Corning (GLW)" so I took a chance and did went down 5%. Two weeks later the same guy comes back to me an suggests an overnight opprtunity with Micron (MU) +20-30% it lost 8%. Now I realize I can be naive especially when it comes to finances and I do take full responsibility for making these decisions and sending the money.

What happed to me was that on the MU investment the Broker (Joe Suh) informed me they did not recive the check and therefore without my knowledge sold my investment in Corning to cover the loss made on MU. This is total lies and deception money was sent vis Fed-Ex as requested. I do not know where this company makes money out of this fraud but clearly thay do. Over just four weeks they have manged to relive me of over 50% of my initial investment. Do yourself a favor and stay well clear of this company as you will get ripped off.

One other thing to be aware of is thier charges (ticket) and also commisions as they are outrages if you are going to buy a stock do it yourself 
Respond to this report!
What's this?

#4 Author of original report

Still Incorrect

AUTHOR: Bob Radualski - (United States of America)

Once again you dont address the real issues and questions which were the FACT your company LIES and tells potential customers that you have past relationship with them. Does FINRA and the SEC know anything about your actions I'm assuming no. WHY is it if you talk to a majority of analysts they all laugh at your stock picks for instance Corning Incorporated and tell YOUR BROKERS please pick something else it isnt going ANYWHERE. Please lets not kid ourselves here since you sound so educated on Corning how about we play facts. 1) GLW has weaknesses such as feeble growth in the company's earnings per share, deteriorating net income and disappointing return on equity. Now tell me how with those factors how do you possibly think this company is gonna go up to 23$ or more per share. Those sound like serious issues dont you think ??Why don't you explain the real issues at hand 1) Being the false misrepresentation and lies you present customers on the phone with and 2) The clear cut problems that show GLW or Corning Inc will NOT hit the numbers you claim. STOP robbing innocent people on your boiler room operations and telemarketing scams
Respond to this report!
What's this?

#5 General Comment

Huh?

AUTHOR: bill - (United States of America)

Profitability and stock performance are two seperate issues "Bob."  I just checked and if you were lucky enough to buy Corning for you clients (sounds like you didn't have many of them) 2 weeks ago those clients would be up 11% in that time frame.  Oh, and the reason the stock is up, the company raised its guidance for next quarter.  Translation for you...profits are up!  Question Bob? Are you from Savannah, the Bronx, both or neither?  Again, useless bantor from an obviously disgruntled broker. DISREGARD!  Good luck! 

Respond to this report!
What's this?

#6 Author of original report

Stay Away

AUTHOR: Bob - (United States of America)

Please Bill tell me how profitable has CORNING INCORPORATED been? Don't you find it unusual that majority of your stocks are never real winners hmmmm??? its quite sad and shameful you are willing to support a company that misrepresents themselves and BLATANTLY lies to potential investors about having some form of a relationship with them in the past. Please do yourself a favor and STOP committing unlawful acts against innocent people with lies of potentially making money. This firm is a telemarketing company that preys on hardworking people and cons them with loser stocks.
Respond to this report!
What's this?

#7 General Comment

Useless report

AUTHOR: bill - (United States of America)

Blatantly obvious this was written by a disgruntled employee...
Respond to this report!
What's this?
Report & Rebuttal
Respond to this report!
What's this?
Also a victim?
What's this?
Repair Your Reputation!
What's this?
X