• Report: #949887

Complaint Review: Rothman Group Las Vegas Florida

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  • Submitted: Tue, October 02, 2012
  • Updated: Mon, December 03, 2012

  • Reported By: Eric Pozniak — Las Vegas Nevada United States of America
Rothman Group Las Vegas Florida
720 E. Charleston Suite 150 Internet United States of America

Rothman Group Las Vegas Florida Michael J. Rothman Michael Rothman Problems with Rothman Metals??? Internet

*Author of original report: Still losing money with ROTHMAN GROUP?

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I am a former employee of the Rothman Group. If you are doing business with them and have any questions or concerns please contact me. I am very familar with the business practices of the Rothman Group and the owner Michael J. Rothman.

I worked for Michael Rothman as an independent contractor for almost two years (known him for at least 5) and can certainly share some insight on what really goes on in this now 2 man shop. If you are a current client and feel like something just doesn't seem right....it probably isn't.

I am sure the owner will respond with his own version of how he runs a business as if he were on Wall Street but i assure you I will only provide you with the cold hard facts about this "company". I know by doing this I am sure to receive many personal attacks on my character and he will probably say i am a disgruntled employee in order to save his own face. This unfortunately is the norm for this business....ask Michael what happened when he left the last firm he was with (Lloyds Assett Management which is out of business).

My intention is only to help and assist anyone still working with the Rothman Group to help you find a plan to exit with at least some of the money you invested. Remember these types of firms are unregulated, the only people that make money are the owners.....when everyone is losing money the owner is still collecting interest and every transaction comes with a hefty spread...anywhere from 3-5% depending on the mood of the owner.

I will not even stoop to personal attacks, as ones personal life is their own business, whether its dealing with girlfriends, substance abuse, or family drama.....Lord knows we alll have it. Anyways i am looking forward to speaking with you and sharing with you my knowledge of the industry as well as the Rothman Group in particular. I am especially interested in speaking with individuals that came throught the leads he purchased from Zack's Research. I have to run for now....but i promise there is more to follow!!

 

This report was posted on Ripoff Report on 10/02/2012 03:33 PM and is a permanent record located here: http://www.ripoffreport.com/r/Rothman-Group-Las-Vegas-Florida/internet/Rothman-Group-Las-Vegas-Florida-Michael-J-Rothman-Michael-Rothman-Problems-with-Rothman-M-949887. 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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Updates & Rebuttals

#1 Author of original report

Still losing money with ROTHMAN GROUP?

AUTHOR: Eric Pozniak - (United States of America)

First of all I would like to thank everyone who responded to my initial posting. Per the overwhelming requests and concerns I will explain the flaws with this type of program. The only person at the end of the day that  makes money is the owners. 

Outrageous Fees make it virtually impossible to make any money

Let me begin by pointing out the fees then I will give you an example of just how difficult it  is to make money with this type of investment. Typical FEES you are paying with  this type of invest are as follows:    


  • Commission- Most people pay between 3-7% of the metal value. For example if you invested $10,000 and only used 2.5 to 1 leverage you are paying (based on 5%) $1250 up front that
    goes right into the owners pocket. Now your initial investment is only worth $8750   

  •  Next most companies charge a spread. A spread is the difference between the "real" or "spot" price of the metal and the "actual" price you pay. In the case of Palladium the spread is typically 5% above spot. 
    For example if the spot price is $600 per ounce you are actually paying $630 per ounce. Some of that spread goes directly into the owners pocket. So on a $10,000 investment using 2.5 to 1 leverage you would be able to purchase approximately 
    40 ounces of Palladium. If you multiply 40 times $30 thats another $1200 that you have to over come with a movement in the price of palladium. Now your initial investment is worth only $7550!!!   

  • The longer you are in the market without a major move to the upside you continue to lose value to your intiial investment because of the monthly interest being charged. Most companies charge around 9-9.5% annually on the leveraged amount. So on your $10,000 investment with the 2.5 to 1 leverage you would be paying that interest on approximately $15,000 ($1350 annually) or $112.50 per month.   
  •  Lastly the "hidden" storage fees that they charge every month.....while they are minimal they still add up and help to reduce your investment on a daily basis. The worst part about this is the question of do they REALLY have the metal. My suggestion is to call the depository the claim is storing your metal and see what they have to say about your account. These are just a few reasons why it is extremely difficult to ever make money unless you see a huge move to the upside in a very short period of time, which has obviously not happened. Even with a $100 move in Palladium chances are you will not make any money....or at least the type of money that make the risk worth it. 

Remember this is a unregulated industry and many companies have gone out of business leaving the clients with nothing. Don't take my word for it check it out on your own. One Florida company called Global Bullion Exchange was actually featured on 60 minutes for milking investors of almost 28 million dollars!!!!!

They still don't know what happened to all the money. If you have any questions or concerns or simply want an exit strategy give me a call and I will be more then happy to assist you. Remember these are not brokers your dealing with....they are very talented salespeople who will do anything to get your money. Ask the owners of these firms if they invest in this program and ask them
to give you a list of all the clients that have made money with them.......the list will be short....very short. Look forward to hearing from you.

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