• Report: #899366

Complaint Review: SGM Metals LLC...Jim Purnell

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  • Submitted: Mon, June 18, 2012
  • Updated: Sun, July 22, 2012

  • Reported By: Davo — Baytown Texas United States of America
SGM Metals LLC...Jim Purnell
8895 North Military Dr.Ste. 106E Palm Beach Gardens, Florida United States of America

SGM Metals LLC...Jim Purnell Sterling Gold Metals LC....sgmmetals.com Super Con Artist Palm Beach Gardens, Florida

*General Comment: Not So!

*Author of original report: Up-Date SGM Metals LLC... Jim Purnell

*Author of original report: re-traction letter

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4/14/2011 I received a cold call from (Ben Bernanke) SGM telling me how I could triple my income investing in gold/silver. he gave me the impression that if I invested 15K on 1-3 margin I would triple my money in 3 months. 3months later I receive a cold call from Jim Parnell giving me the same spill only this time he wanted me to invest more moneys on a 1-3 margin. Bottom line I invested over 250K and went through three margin calls plus Jim shaved off 130 oz of gold and 9,500 shares of silver for the forth margin call. Administrative fees, 9.5% interest on my margin leaves me with only 10K of the 250K +

I'm 72 years old and I don't have a chance of getting my moneys back. I truly believe that I was con'ed by Jim and his coneys into believing that I could make a fortune with gold/silver.  Jim play the chicken-little game; he told me the stock market would implode along with the banks, Pull all of your money out before the depression hits he said " it will be worse than the depression of the 1928-1930's".

Jim Bernanke was fired. I think he was tired of all the bull-shit that SGM was telling Senior citizens. 

This report was posted on Ripoff Report on 06/18/2012 04:33 PM and is a permanent record located here: http://www.ripoffreport.com/r/SGM-Metals-LLCJim-Purnell/Palm-Beach-Gardens-Florida-33410/SGM-Metals-LLCJim-Purnell-Sterling-Gold-Metals-LCsgmmetalscom-Super-Con-Artist-899366. 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.

Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report.

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REBUTTALS & REPLIES:
2Author 1Consumer 0Employee/Owner
Updates & Rebuttals

#1 General Comment

Not So!

AUTHOR: Concerned - (United States of America)

The author of the original complaint against Jim Purnell is my ex-husband who is also my very close and good friend.  Please do not believe the retractions he wrote.  He wrote those after being coerced and threatened by Jim Purnell and his lawyer.  My ex-husband has been in the early stages of dementia for a couple of years now.  He was definitely suffering from it when Purnell cold called him last fall.  My ex-husband also suffers from Ataxia and is confined to a wheel chair.  It is obvious when talking to him on the phone that something is wrong.  He slurs his words and occasionally gets confused.  However, this did not matter to Mr. Purnell.  He talked my ex-husband into cashing in his IRA to buy gold on margin.  As a result, my ex-husband lost $250,000.  All of his savings.  All of his retirement.  He now owes the IRS $42,000 and is so depressed I fear for him.  Purnell and his attorney called up my ex-husband and threatened him with lawsuits, etc. if he didn't print a retraction, so, being scared to death, he did.  My ex-husband is on anti-seizure medication and can't, and doesn't, drink.  My ex-husband's life has pretty much been ruined and my personal opinion is that it's all due to Jim Purnell's cold call and the fact that he pressured a disabled man suffering from dementia into cashing in his life savings.  Shame on him.
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#2 Author of original report

Up-Date SGM Metals LLC... Jim Purnell

AUTHOR: Davo - (USA)

Original Report:4/14/2011 I (Johnny Davis) wrote the report on SGM Metals LLC...Jim Purnell And Ben Bernanke. This report is false and fabricated by me (Johnny Davis) I was drunk and frustrated; I started writing, in a rant, and took all my anger out on SGM Metals.

Please remove my report from your data base and your web page. The entire report is false.

Thanks,

johnnydavis2540@yahoo.com
Johnny Davis 281-427-7136 Hm.
713-253-1467 Mobile
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#3 Author of original report

re-traction letter

AUTHOR: Davo - (United States of America)

I would like to recant my last report, dated 6/18/2012 @4:30PM, about SGM Metals....Jim Purnell. I gave a false impression of the company and Jim Purnell, the company has an excellent record and Jim did not lead me down a brim rose path.  I was drunk and I took my frustrations out on Jim and his co-workers. I'm truly sorry for any harm I may have caused the company and especially Jim Purnell.

Johnny Davis
johnnydavis2540@yahoo.com 
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