• Report: #1046945

Complaint Review: Sovereign Market Systems

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  • Submitted: Mon, April 29, 2013
  • Updated: Mon, April 29, 2013

  • Reported By: Jim Chuk — Michigan
Sovereign Market Systems
1945 S. Ocean Dr. #2408, Hallandale, FL 33009 Internet, Florida United States of America

Sovereign Market Systems Eric Weisbrot, Igor J. Weisbrot, James Weisbrot, Jim Weiss, Juliya Weisbrot, Juliya Simchuk This company stole money from a 92-year old - hasn't returned proceeds from silver sale, imposed exorbitant fees. Internet, Florida

*REBUTTAL Owner of company: arbitrate

*Author of original report: Read before you invest

*REBUTTAL Individual responds: here are the facts Jim

*Author of original report: Very sad, but very true

*REBUTTAL Individual responds: it's easy to slander and lie on the internet

*Author of original report: Report Update

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Sovereign Market Systems is a ripoff, a scam, probably a ponzi scheme. They are no better than common thieves, preying on a 92-year old man with early stage dimentia, taking his money over the phone to supposedly purchase silver bullion. He never received the trade confirmation they said was sent. When he finally tried to get out of the deal, cut his losses, and the sell transaction was processed, they kept his money. After 30 days the proceeds from the sale have not been received. 

To top off the shady dealings, Sovereign charges a 15% fee on purchases, and a 15% fee on sales. I have the trade confirmations to prove it (finally got them emailed). They dont even follow their own account agreement on the bid-ask prices. Cheats!

Eric Weisbrot (also known as Igor J. Weisbrot (his real name), James Weisbrot, Jim Weiss), with COO wife (ex?) Juliya Weisbrot, also known as Juliya Simchuk, are the Sovereign thieves. You can find them on FB. She was the registered agent for Sovereign in Florida; now he is. They reside at 1945 S. Ocean Dr. #2408, Hallandale, FL  33009. You can view that condo on Zillow. The supposed office phone number is 212.537.6049. Igors mobile is 646.416.4221. Igor does not answer his cell phone anymore nor does he return messages from clients anymore.

The respectable-sounding Wall Street address of Sovereign is another part of the total sham - the NYC office of Sovereign is simply an answering service. Note that SMS is not registered with the SEC or the CFTC. 1945 S. Ocean Dr. #2408, Hallandale, FL  33009

To further illustrate their personal respectability, Eric was booked on possession of cocaine charges in Broward County, FL on May 24, 2012 (id #581200451).
Juliya was booked on battery/domestic abuse charges in Broward County, FL on November 2, 2012.

Do not do business with them, or you will lose all your money too. We are proceeding with complaints with the CFTC, the FBI, the US Attorney for the Southern District of Florida, as well as the State of Florida Division of Corporations. 

This report was posted on Ripoff Report on 04/29/2013 05:19 AM and is a permanent record located here: http://www.ripoffreport.com/r/Sovereign-Market-Systems/Internet-Florida-33009/Sovereign-Market-Systems-Eric-Weisbrot-Igor-J-Weisbrot-James-Weisbrot-Jim-Weiss-Juliy-1046945. 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:
3Author 0Consumer 3Employee/Owner
Updates & Rebuttals

#1 REBUTTAL Owner of company

arbitrate

AUTHOR: Eric J. Weisbrot - ()

I don't know what you are trying to accomplish here Jim but normally people would go to arbitration if they had a conflict like you seem to have. All you are doing here is cheap slander and defamation campaign on the internet. I don't know what your little table means but SMS would be more then ready to go to arbitration wwith you which would be a proper venue to resolve any disputes. This forum and your smear campaign on it is not the right venue. 

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#2 Author of original report

Read before you invest

AUTHOR: JimChuk - ()

Just the facts for anyone considering doing business with Sovereign Market Systems, because as always, buyer beware, and maybe you can do better with SMS than my 92-year old father-in-law with early stage dementia. On his behalf I’m still trying to recover at a minimum $3,190 in fees charged wrongly.

When you open your SMS account, please refer to the client ‘Account Agreement”, on pages 4 and 5 under “Administrative Fee Disclosure”: 

“15% of total metals value fee on all purchase orders made with Client’s funds deposit, changing markets and using excess equity.”

“A percentage charged by SMS based on the total value of the underlying metal in clients transaction. This onetime non-refundable fee entitles the client to unlimited trade executions (buy and sell) per year for the life of the Clients’ Account of the position originally purchased...”

 From actual trade confirmation emails (note the clearing house is in Belize City, Belize):

Date of trade/purchase 2/11/13: 

Investment amount/”gross deposit”: $11,500

Net invested/”total metal value”: $9,769

Administrative fee: $1,731

Net metal price: $32.56

 

Date of trade/purchase 3/5/13: 

Investment amount/”gross deposit”: $16,500

Net invested/”total metal value”: $15,105

Administrative fee: $1,395

Net metal price: $30.21

 Date of trade/sale 4/1/13:

Total metal value: $21,267 

Net proceeds from sale: $18,077

Administrative fee: $3,190

Net metal price: $26.58

 Administrative fees paid three times: $1,731+$1,395+$3,190=$6,316

 I have requested a refund from SMS of the administrative fee from the final sale ($3,190); this has not been even acknowledged, but has been further obfuscated by SMS. The guilty party may claim to forgive, but their role is better to rectify the injustice, to make it right.

 
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#3 REBUTTAL Individual responds

here are the facts Jim

AUTHOR: Eric J. Weisbrot - ()

SMS Client paid 10% admin fee on his purchase to an independent contractor of the firm. He was a client brought to the firm and managed by the independent rep, not me. It was agreed to split the fee half at purchase half at sale. Which is what was done. Again, clients check was mailed for full proceeds of the sale and full balance on his account as expeditiously as possible. The resons it was delayed a few weeks were beyond my control as I pleaded with Jim to understand and accept as a decent human being. There are no sinister " aliases" my given name is Weisbrot I legally shortened it to Weiss when I got my U.S. citizenship in 1986. Subsequently I took back my full last name Weisbrot thru a legal name change in 2008. Eric is a translation of Igor which is my Legal name, as is James my legal middle name. No major sinister aliases here as Jim propagates. As to CA cease and desist order from February 2009. The State of CA has a state law, apparently prohibiting financed purchases of precious metals by residents of the state. The State of CA issued the order without any fine or any further action agains NBI , Juliya Simchuk or myself. Once we were informed about the state's law we never had any issues with the state of CA or any other government body or any private client. We've had been in the precious metals dealership business since 2004 we never had a single client arbitration law suit or any government body ENFORCEMENT action. Jim you have been a total terrorist without mercy, compassion or forgiveness. The reason for that most likely is that it's you who forced your father in law to sell his fully paid for position at a considerable loss without any need to do so. It's you who lost money for your father in law by your actions. It's easy to lie and slander on the internet it's easy to destroy people's lives, reputations and livelihood. I forgive you. I hope God does too.

 

Eric J. Weisbrot

Sovetreign Market Systems, CEO

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#4 Author of original report

Very sad, but very true

AUTHOR: JimChuk - ()

Mr. Weisbrot writes and makes accusations of "slander and lies." I posted an update indicating that the funds from the final sale trade were finally received after over a month's wait, after many, many attempts to contact this company, this man, and only after I filed a ripoff report.

But he does not refute anything I've reported. It is all fact. This company, this man, owes my father-in-law, a 92-year old with early stage demensia, a refund of $3,190 for charging a one-time 15% administrative fee TWICE. Fact. I simply do not want anybody to have to go through what I've had to do to get my father-in-law's money back. After a month of assuming it was gone, never to be seen again. You would think regardless what was going on, he could operate his business, and respond to messages left at his publicized business phone number???

Again, it is all fact, confirmable with just a little internet research - just understand the various alias, etc. Ask yourself - why does a "god fearing" man need so many aliases and different company names. In Florida Sovereign Market Systems is registered with the state as a foreign LLC, and Igor J. Weisbrot is the registered agent (that's Eric). The California Cease and Desist order was against NBI (National Bullion) which was Juliya Weisbrot and Jim Weiss. That's Igor. Check out the previous ripoffreport filed against NBI and Jim Weiss - and the same defense, namely "slander and lies." Yes, the internet makes it easy to make stuff up, to lie; but it also makes it easy to cheat and swindle, repeatedly. Buyer beware!

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#5 REBUTTAL Individual responds

it's easy to slander and lie on the internet

AUTHOR: Eric J. Weisbrot - ()

Sovereign Market Systems has paid the client in full on his account in a timely manner which the poster neglets to update here. While it's accurate that the check was delayed due to personal circumstances beyond my control as soon as it became possible the check was mailed and cashed by the client of SMS. As to personal issues he brought up here in his smear campaign, yes, we are divorcing and both our arrests resulted in charges being droped due to lack of evidence and both cases dismissed respectively. Juliya and I had a wonderful 19 year old relationship that unfortunately ended. I still love my ex wife and I am afraid I always will. She gave me a wonderful son Alec whom I love and cherish and will do so until I die. My personal life's misfortunes and set backs has been aired here by this poster's defamation and I leave it to God to forgive this man as I already have. 

 

Eric J. Weisbrot, CEO

Sovereign Market Systems, LLC, 

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#6 Author of original report

Report Update

AUTHOR: JimChuk - ()

This is an update to my ripoff report. For a month I was unable to reach Igor at Sovereign Market Systems; upon filing the original ripoff report he contacted me within 3 days and paid the amount due from the final trade transaction within 5 days.

Igor claimed that due to a very contentious divorce in progress he was kicked out of his house, and lost access to his phone and computer, and therefore lost access to all phone calls, emails, and messages from the NYC answering service (phone number listed on corporate website). He now has a new mobile phone number, and Juliya lives in the Hallandale condo. He claims he now has "nothing" and "living on a couch." 

I don't know what to think of this couple anymore. Their past history does go back to another entity, National Bullion (NBI), that got into trouble in a couple states (e.g., California). I do know that on a $28,000 "investment" Sovereign Market Ssytems charged over $6,000 in "administrative fees," double what their account agreement states ("15% one-time"). i have requested a refund on this overcharge. 

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