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.