- Report: #176992
Report - Rebuttal - Arbitrate
Complaint Review: MONEX
MONEXED Speers, 4910 Birch St Newport Beach, California U.S.A.
MONEX ripoff Did not tell me he had Shorted Bid for Silver to go down. Lost 70% of my Investment Newport Beach California
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He (ED SPEERS) stated he understood my position as a Police Officer and his Uncle had been killed in the Line of Duty.
He further stated he would be in charge of my account and that if anything should start to go wrong with my position he would send a e- mail message, and he sent one to me while I was ON-LINE.
He explained he would be in contact with me and I purchased some gold stocks. I then watched it several times a day and called back was checking in with ED SPEERS every 2 3 days. I was advised this was not necessary and to just call in every week or so. If anything happened that he needed to talk to me about he had my Mobile phone hone phone and e-mail.
I sold off my gold shares at $490 after purchasing them for $463 an Oz. I made approximately $1400 on the trade.
The rest of my money was placed in a Mutual fund. I waited for approx. 2 weeks and called back to check the status of my account. I was told to hold on and he would make an order and I needed to confirm the order. A serious of number and my account was read off to me and ED Speers made an order on my account.
I heard my account number and SILVER and was asked to confirm the order. I did confirm the order knowing I was buying SILVER.
I watched silver for several weeks go up daily basis and felt confident as the market kept going up on silver which was purchased for approx. $8.30 an Oz. On Feb 1, 2006 I received a Western Union MAILGRAM stating that the equity in your loan account with Monex Credit Company fell below call level limits. In order to restore the account $5,294.39 was needed.
I immediately called MONEX and was told Ed Speers was there and I was placed on hold. It rolled over to his voice mail after 2 min. I again called Monex and was told Ed Speers was at his desk and I explained it was an Emergency and was told to hold and the call rolled over to his voice mail. I called again and got another broker who said he had gone home for the day. I explained my emergency and was told evidently a stop order was not placed on the account and if my broker did not contact me there could be ramifications for the broker.
I called several more times and again the next day 4 times in the morning and left several more messages.
On Feb 2, 2006 I got E-mail below:
RECENT FLUCTUATIONS IN MARKET PRICES OF PRECIOUS METALS HAVE UNFORTUNATELY CAUSED THE EQUITY IN YOUR MONEX CREDIT COMPANY LOAN ACCOUNT TO FALL BELOW MINIMUM REQUIRED LEVELS, COMPELLING US TO LIQUIDATE POSITIONS IN YOUR ACCOUNT PURSUANT TO THE TERMS AND CONDITIONS OF YOUR LOAN AND SECURITY AGREEMENT WITH MONEX CREDIT COMPANY.
WE DEEPLY REGRET SUCH ACTIONS. HOWEVER, THE ENFORCEMENT OF MINIMUM EQUITY REQUIREMENTS IS ESSENTIAL AT TIMES OF EXTREME ADVERSE MARKET MOVES.
AT THIS TIME, YOU SHOULD DECIDE WHETHER YOU WANT TO REENTER THE PRECIOUS METALS MARKET, IN ORDER TO TAKE ADVANTAGE OF POSSIBLE FUTURE PRICE MOVES. IF YOU WISH TO REENTER THE MARKET, MONEX DEPOSIT COMPANY AND MONEX CREDIT COMPANY PROVIDE A SPECIAL PROGRAM TO REDUCE YOUR COST OF DOING SO. UNDER THIS PROGRAM, THE COMPANIES WILL ALLOW YOU, UNTIL THE CLOSE OF BUSINESS ON FEBRUARY 09, 2006, TO REESTABLISH ALL OR A PORTION OF THE POSITIONS IN YOUR ACCOUNT THAT WERE FORCED LIQUIDATED.
THE PROGRAM WORKS AS FOLLOWS:
1. IN ORDER TO REESTABLISH ALL OR ANY PORTION OF YOUR PRIOR POSITION(S), YOU MUST HAVE SUFFICIENT FUNDS ON DEPOSIT WITH MONEX CREDIT COMPANY TO MEET THE INITIAL DOWN PAYMENT AND/OR COLLATERAL REQUIREMENTS FOR THAT POSITION.
2. POSITIONS WILL BE REESTABLISHED AT MONEX DEPOSIT COMPANY'S PREVAILING BID-ASK PRICES, WHICH AVOIDS THE NORMAL BID-ASKED SPREAD.
3. NO COMMISSIONS WILL BE CHARGED FOR REESTABLISHMENT. YOU WILL ALSO BE GIVEN A CREDIT FOR ANY COMMISSIONS PREVIOUSLY CHARGED ON THE FORCED LIQUIDATION OF EACH POSITION YOU DECIDE TO REESTABLISH.
IF YOU WISH TO TAKE ADVANTAGE OF THE REESTABLISHMENT PROGRAM AND HAVE NOT YET MADE ARRANGEMENTS TO DO SO, PLEASE CONTACT YOUR ACCOUNT REPRESENTATIVE IMMEDIATELY.
MONEX DEPOSIT COMPANY
MONEX CREDIT COMPANY
I later learned ED SPEERS had shorted the market on Silver and NEVER TOLD ME OF HIS INTENTION OR MARKET ORDER to bet on Silver going down.
I sat and watched the marked for 2 weeks with SILVER Market rising thinking I had purchased SILVER and was making money.
No Stop order was placed on the account until I finally got hold of him on Feb 2, 2006.
I lost 70% of my portfolio.
I called MONEX who stated they would look into it and was told by the compliance offer at the very least I got Extremely POOR SERVICE and they would look into it.
I understand how the market works and the chance to loose some money.
However you would have to be a COMPLETE IDIOT to give half of your life savings to a firm and not watch it.
Secondly you would have to be completely INSANE to sit and watch 70% of your portfolio waste away every day and not take any action to stop it.
1. MONEX broker ED SPEERS never told me of the type of trade he was making or SHORTING Silver.
2. MONEX broker ED SPEERS never placed a stop loss in on the account until I called repeatedly to check on the status of my account and had lost 70% of my portfolio.
3. Monex broker acted in a completely irresponsible manner not consistent with any Reputable broker with even basic investment experience. This after stating he was a SENIOR ACCOUNT Representative with MONEX.
I am a State of Texas Criminal Investigator in Money Laundering and understand the complexities in dealing with money and investments.
I find it inexcusable that some one could misrepresent himself as a learned Broker and his company in such a manner. He in essence STOLE my families Life savings from his lack or interest or basic professionalism NEVER received a e mail or phone message of the amount of Loss or position my portfolio was in.
I am requesting an investigation in this incident and sanctions be placed against ED SPEERS directly and the MONEX Corporation.
In addition the funds returned from this so Called SENIOR BROKER who placed a purchase order without out notifying the client of the position or volatility of position of his clients account.
MONEX's broker ED SPEERS was playing fast and loose with someone's Life Savings and not placing basic stop loss order until it was forced into liquidation.
I am available at your disposal to discuss this matter at your earliest convince.
CLICK here to see why Rip-off Report, as a matter of policy, deleted either a phone number, link or e-mail address from this Report.
San Antonio, Texas
This report was posted on Ripoff Report on 02/18/2006 10:36 PM and is a permanent record located here: http://www.ripoffreport.com/r/MONEX/Newport-Beach-California-92660/MONEX-ripoff-Did-not-tell-me-he-had-Shorted-Bid-for-Silver-to-go-down-Lost-70-of-my-Inve-176992. 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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