• Report: #647047

Complaint Review: Opvest

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  • Submitted: Sun, October 03, 2010
  • Updated: Tue, April 03, 2012

  • Reported By: AJ — Santa Clara California U.S.A.
Opvest
8001 Irvine Center Drive Suite 1030 Nationwide United States of America

Opvest Cheats on phone by selling options money making strategies, deceives on options trades, Internet, Phone, Irvine, California, Nationwide

*REBUTTAL Individual responds: I am Chris Dickens but I didn't work with you.

*Consumer Comment: Opvest talks a good talk, but don't know what they are doing.

*Consumer Comment: Opvest Fined for Trading Principals

*Consumer Comment: Skillfully Will Play You

*Consumer Comment: Opvest Ripoff

*Consumer Comment: Just Read This....

*Consumer Comment: Stay away from OpVest if you want to keep your money

*UPDATE Employee: Reponse to Complaint

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Beware of this guy Chris Dickens..he tells good stories and gives examples of money doubling strategies like 'Iron Condor' etc. They call Opvest as an education based company but don't tell you that they charge $60 for each trade..even after opening the account they will never show the transactions and how much money they make from fooling you..Chris Dickens is a slick guys who is good as phone salesman and will lure you into investing huge money into options trading but all he does is drain down your hard earned money till the end and then keeps on asking for more money to invest in the account. Don't deal with Chris Dickens at Opvest, they have all the loopholes closed for legal action as they record each and every transaction but if you believe in this guy and invest then you'll end up crying in the long run!! 

This report was posted on Ripoff Report on 10/03/2010 02:48 AM and is a permanent record located here: http://www.ripoffreport.com/r/Opvest/nationwide/Opvest-Cheats-on-phone-by-selling-options-money-making-strategies-deceives-on-options-tr-647047. 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 7Consumer 1Employee/Owner
Updates & Rebuttals

#1 REBUTTAL Individual responds

I am Chris Dickens but I didn't work with you.

AUTHOR: Chris - ()

My name is Chris Dickens and yes I worked at OpVest, but this report is in error. I left OpVest in November of 2009. This report is dated October of 2010 which is almost a year after I was gone. Also I have no record or memory of working with anyone named or with the initials "AJ".

Complaints against a broker or firm are submitted with the National Futures Association or NFA. As you can see at the NFA link below my record is squeaky clean.

As I understand it OpVest (or Investcore Partners as they changed their name to) and OpVest brokers had a number of complaints filed and action taken against them in 2010 and subsequent years, but I was not involved. My record is clear and no action was taken against me. I don't have so much as a complaint. You will also see on the NFA website that my Series 3 License was withdrawn in November of 2009 and has not been used since.

In other words, I am not the person that AJ is or should be angry with. 


https://www.nfa.futures.org/basicnet/Details.aspx?entityid=WNZ30Fp7Qr0%3d&rn=Y

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#2 Consumer Comment

Opvest talks a good talk, but don't know what they are doing.

AUTHOR: The Prick of the Pen - (United States of America)

Don't believe the slick con talk about Opvest.  They told me they were keeping a close eye on my account, and they told me that had someone that worked on the floor of the stock exchange and knew pretty much where things were headed.  They did not fully explain that when they tell you they are buying you some protection to the downside, that in real terms that means you can lose your money both ways.  If they are so good at what they do, then why was every trade they placed for me a loser except the one I picked.  They lost me $10,000.  in a matter of six months, and for some reason, 6 months seems to be what they need to depart you from your hard earned money.  A previous poster said they lost their money in six months too.  In my opinion they are making money for the people they choose by taking your money and betting (basically what this is) one way, and then betting the client they want to make money, probably their friends, the other way.  After all, in order to make that money they need a few suckers to use.  I was one of those suckers.  If they are not crooked, they sure as heck don't know what they are doing.  I have 10,000 less in my pocket to prove it. I don't recall them ever telling me what their commission was and since mine was in an IRA I have not been able to get an accurate accounting either.
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#3 Consumer Comment

Opvest Fined for Trading Principals

AUTHOR: J. Davis - (United States of America)

News release Mar. 28, 2012 from National Futures Assoc. which has levied fines against Opvest, charging the co. for "failing to observe high standards of commercial honor and just and equitable principals of trade by recommending trades to customers that maximize commissions without regard for the best interest of their customers"-- it's about time some type of action is taken against this investment firm! 
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#4 Consumer Comment

Skillfully Will Play You

AUTHOR: J. Davis - (United States of America)

I have read a number of ripoff complaints and find rebutals in defense of Opvest to be based on 'traders not knowing what they're doing' !  Why do we pay  $60 trade fees on broker recommendations if not for their knowledge and experience? I was gradually bled out of $5000 over about 6 months (sound familiar?) based on weather-related harvest tragedies leading (supposedly) to likely specific commodity shortages. so corn, or oj or coffee or soybeans were trumpeted as the way to likely returns on my trading investment. My associate  at work who also invested at the same time with Opvest had the exact same experience. Except he lost nearly $6,000.



What actually happens is you will take one step forward then 2 back and you'll be encouraged to make another buy to offset the 2 back, and all the while your advisor is pocketing fees for each move.



It was exactly like going to the casino and playing the slots, except there you have fun and they give you free drinks! But usually you LOSE!







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#5 Consumer Comment

Opvest Ripoff

AUTHOR: The Prick of the Pen - (United States of America)

I used opvest and they drained me of 10,000 in as little as six months.  They told me, we have a guy on the stock floor that keeps us informed, then they would have me take a option on a company, and then tell me they were also giving me protection to the downside, ha, all that did was help them drain my money faster.  I would never recommend them to anyone, they mislead, and have a scam going, at least that is how it seems to me.  I saw another guy post the same results, 6 months, no money.
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#6 Consumer Comment

Just Read This....

AUTHOR: Jconrad - (United States of America)

I was looking up information on OpVest and found these complaints on the firm. I opened my account about 3 months ago and just now started looking for reviews/information on this company. I dont understand why these traders lost money with OpVest and not know how it happened. Although I lost on my first trade, should have bought the put! I soon made money on my second and have been hooked ever since. I called my broker after reading these blogs on Iron condors to see if this was true. My broker took me online and showed me an Iron condor that was placed in there research center also showed me the risks and profits behind it. Yes the commissions were roughly around what these guys posted but at the same time there is no way you can make double your profit on something like this. Obviously whoever post the complaint has no idea on what he's saying. I would also like to add that after placing my first trade, I received a statement in my email! Not only was my broker willing to walk me through the account but he also sent me a recorded webinar in case I wasn'tt able to get in touch with him.  All in all I really dont agree with these complaints.  If you guys want to learn how to trade futures or options I personally recommend this company. As for the complaints that are posted, I hope you guys find what there looking for. Go Silver!!!

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#7 Consumer Comment

Stay away from OpVest if you want to keep your money

AUTHOR: PAL - (United States of America)

I back up the original filers complaint.  I had an equally disappointing experience with OpVest.  They contacted me (I did not go looking for them) and I feel they prey on the inexperienced trader by somehow getting contact information (phishing?).  They say they want to educate the inexperienced trader, but all they provide is some online tutorials - the same information you can get by doing your own research of online available material or reading a few good books on options.  They do not mentor in any way, which is what they implied they would be doing.  So, by making such ascertions, to the trader, the higher than usual commissions seem somehow justified.  While the OpVest "rebuttal" implies that everything is upfront and very clear about their commissions, what I found very unfounded by them is that they recommended trades that were inappropriate for my low balance account.  One trade had 4 legs, so the commission was in the area of $400+, which was very inappropriate for a small balance account.  Needless to say, most of their "recommended trades" went against me and if I hadn't closed my account when I did, they would have drawn it down to -0-.  If I wanted to lose money, I could have done that on my own.  Their commission rates were TOTALLY unjustified and I wish the Attorney General would investigage them.
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#8 UPDATE Employee

Reponse to Complaint

AUTHOR: RC - (United States of America)

I have worked at OpVest for years and just wanted to address a few items in the complaint.  Although there is a risk of loss in all trading and we do have clients who lose money, as well as ones who are profitable, there are some items in this complaint that are just not factual.  We are an educationally based company and work very hard to help people understand the market and how to attempt to take advantage of it.  Every single person who opens an account goes through a verbal and written procedure in which the commission rate is clearly agreed upon by both parties.  So, I don't see any way that the client did not know that there was commission involved in trading, and by law every single client receives a statement every single time any activity takes place in their account.

Every trade is taped for the broker's and the client's protection, and not to close any loopholes.  Mistakes are made, and if there is a discrepancy, then the tape is listened to in order to prove what happened.  If the broker placed the trade incorrectly or differently than the tape indicates then the broker pays for the mistake.  This way, there is no finger pointing and the system has been designed to minimize disputes that may arise if mistakes are made.  Nobody is perfect, we accept our mistakes and are willing to make them right.  It is like instant replay in a football game.

I can't address specifically what Chris Dickens said to this client because I don't even know who the client is because Mr. Dickens was not on my team.  But, I would like to say that we go through extensive supervisory audits by the regulators and have had clean audits for years.  We really try to do our best for each client, and if any client has an issue we welcome them to call our customer service department and discuss the issue to come up with a solution.  That information is also part of the account opening process.

Although this client may have lost money I thought it would be the right thing to do to attempt to address some of the issues that just aren't based on fact.  Finally, Chris Dickens has not worked at OpVest for over a year.
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