• Report: #123002

Complaint Review: MONEX DEPOSIT COMPANY

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  • Submitted: Wed, December 15, 2004
  • Updated: Wed, December 15, 2004

  • Reported By:MIAMI Florida
MONEX DEPOSIT COMPANY
PO BOX 1800. NEWPORT BEACH, California U.S.A.

MONEX PRECIOUS METALS DEPOSIT COMPANY - I was ripped off! MONEX DONT DO BUSINESS WITH MONEX! READTHIS HORROR STORY MONEX.COM NEWPORT BEACH California

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ATTENTION INVESTORS. In February 2004 I contacted MONEX PRECIOUS METALS, also DBA as MONEX AND MONEX DEPOSIT COMPANY located in Newport Beach Ca. to purchase $10,000 worth of gold and silver bullion as an investment. .

I was connected to a high pressure  broker named Amanda Rayney. She promptly talked me out of buying bullion and into high risk Leveraged Futures Contracts. She told story after story of how people make vast amounts of money with the Leveraged contracts.

She continually stated that silver was going to $11 or $12 per ounce. instead of sending her $10,000 I sent her $50,000. She was ordered at least 6-8 times to invest $10,000 at a time.

A few days after the account was opened we decided to make a $10,000 purchase of gold and silver. She was also carefully instructed time after time to use close STOP LOSSES. Ms. Rayney defied orders and spent $23,284!

I was charged a whopping $1,108.00 in commissions!She also failed to put in stop losses.

When she read me the order it was in Leveraged numbers Thus I had no idea at the time she spent more than $10,000. The following day the market was up.

I called Ms Rayney and ordered her to put in a stop loss. She failed.

The following day the Precious Metals market crashed hard. I phoned her again and checked on the stop loss. SHE FAILED TO IMPLEMENT A STOP LOSS! This is when I found out she spent beyond the $10,000 as ordered.

I lost $4,000 in 2 days with MONEX. In other words dont do business with MONEX! Please visit the following Websight BBBSOUTHLAND.ORG. MONEX HAS AN UNSATISFACTORY RATING FROM THE BETTER BUSINESS BUREAU. Everything I experienced with MONEX is stated on this websight.

They mention repeat problems with high pressure salespersons and questionable tranactions that result in investor losses. And of course they blame the investor for all the problems.

I also contacted THE NATIONAL FUTURES ASSOCIATION and spoke with Investigator Chuck Ricci. The NFA has logged a whopping 213 complaints against MONEX He also said he receives a steady stream of complaints against MONEX. I also contacted Superior Court in Orange County Cal. They found at least 20 major lawsuits that have been filed against MONEX .

Monex also forces its smaller investors to go to arbitration and bars them from sueing. Investors beware. There are dozens of ethical precious metals dealers. Do business with them and avoid MONEX at all costs.

Brian.
Las Vegas, Nevada
U.S.A.

This report was posted on Ripoff Report on 12/15/2004 12:11 PM and is a permanent record located here: http://www.ripoffreport.com/r/MONEX-DEPOSIT-COMPANY/NEWPORT-BEACH-California-92658/MONEX-PRECIOUS-METALS-DEPOSIT-COMPANY-I-was-ripped-off-MONEX-DONT-DO-BUSINESS-WITH-MONE-123002. 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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