• Report: #657328

Complaint Review: Monex Deposit Company

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  • Submitted: Mon, November 01, 2010
  • Updated: Mon, November 01, 2010

  • Reported By: Daniel — Atlantic Beach Florida United States of America
Monex Deposit Company
4910 Birch Street Newport Beach Newport Beach, California United States of America

Monex Deposit Company Monex Credit Company, Monaco, Pacific Coast Coin Exchange, Zoomcoin Monex FRAUD how this scam company has damaged my life caused me untold loss suffering and pain Newport Beach, California

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Its been over a year now since my account rep at Monex told me that he was unable to generate the cash flow that was promised but instead had actually lost every dime of my investment...over $200,000 which actually the average loss with this company. After talking with dozens of Lawyers as well as other victims of this scam company, it is clear to me that Monex is operating a boiler room type scam. Investors are drawn in with lures of large quick profits and made to feel secure because their account rep seems very trustworthy and knowledgeable. They present clients with lots of videos and literature stating how Gold and Silver are set to go sky high and the profits for those who jump on board will be huge. They usually deliver their metals when requested in hopes of gaining your trust so that you will buy from them again. Once they get an idea of what you've got to invest they promise to double or triple your money in a "safe" leveraged account. They will show you a few winning trades and send you statements showing your account is on the rise (not without paying exorbitant finance charges and fees). BUT...this is not a bank account, that contract that you signed says that "Monex is not obligated to fulfill you orders" -which means any money you send them they can keep. So once your account starts to slide they will tell you that you need to further fund the account to keep out of danger of loosing everything, even stating that you can regain your losses if you send them anther 20g or 50g or whatever you can come up with...hey maybe you can take out a second mortgage...but no matter how much more money you send them to avoid disaster, it is inevitable, you are going to loose every dollar you send them... you just got boiler roomed. The monex leverage account - the "Atlas Account" works like this...you send them 100g to invest, they loan you 1-400g on top of that to increase you profits when the market goes up, BUT then market has to slide only 15% for you to be put on a "margin call" - that's when they start liquidating your assets without asking you. Next thing you know the market (silver market usually) has slipped only 20% but you've lost a whopping 80%. They are looking at it as if you now owe them money, after all they did loan you 100,000-400,000$. Total scam, total rip-off, no conscious having thieves. And the damage they cause can run much deeper than just the financial loss. Ive lost my house, my cars, my business, my circle of friends has left me, many months of pain and anguish. Ive been homesless, starving, beaten, robbed, made fun of, harassed. All so these bastards could rake up a bunch off free money they did not earn and did not deserve. I had to loose both of my parents to come across that kind of money and they just cold-hearted mow your ass down and leave you totally screwed. What this company is doing to people is not OK, its not a business, its a scam run by criminals. If have been victimized by this gang of theivs please, file a report with the LA Better Business Bureau, the FTC, The FBI, the IC3. Unfortunately you will probably not be able to get your money back, unless you have alot of money to spend fighting them in court, like 20-50g. Sheldon Jaffe is the only attorney I have heard of who has been able to make a recovery, he charges alot and the arbitration costs are even more.

This report was posted on Ripoff Report on 11/01/2010 01:22 PM and is a permanent record located here: http://www.ripoffreport.com/r/Monex-Deposit-Company/Newport-Beach-California-92660/Monex-Deposit-Company-Monex-Credit-Company-Monaco-Pacific-Coast-Coin-Exchange-Zoomcoin-657328. 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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