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Report: #598650

Complaint Review: Lloyds Asset Management - West Palm Beach Florida

  • Submitted: Fri, April 30, 2010
  • Updated: Mon, May 09, 2011
  • Reported By: Ripped off in California — LA California United States of America
  • Lloyds Asset Management
    515 N Flagler Drive Suite 105
    West Palm Beach, Florida
    United States of America

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These guys are all a bunch of low rent crooks. They harass you into sending them money, promising that silver is going to take off. Well, try asking them about their commissions. Why would anyone spend 40% of their money on commissions?

If the market is so hot why don't they just charge 2% or 3% like a hedge fund and then take 20% of the profits? Why not? Because they want your money now! And they want it now because they could care less if metals go up or down as long as they get your money now. Don't be a sucker for these losers. Just another scumbag Florida boiler room!

This report was posted on Ripoff Report on 04/30/2010 12:06 PM and is a permanent record located here: https://www.ripoffreport.com/reports/lloyds-asset-management/west-palm-beach-florida-33401/lloyds-asset-management-lloyds-metals-scam-boiler-room-rip-off-artists-complete-scam-west-598650. 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. READ: Foreign websites steal our content

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REBUTTALS & REPLIES:
2Author
3Consumer
0Employee/Owner

#1 Consumer Suggestion

contact CFTC

AUTHOR: fraud detectve - (United States of America)

you need to file your complaint with the CFTC here www.cftc.gov against lloyds commodities, lloyds metals and hunter wise commodities their "alleged" physical metals ultimate "clearing firm" have the CFTC run an audit and you will know whether any PM were ever bought for you at all or you just got robbed. If you did get ripped off contact the FBI and your local U.S. Attorney's office.They will put those crooks in prison and you might get some of your money back thru CFTC civil case efforts because CFTC will have a federal judge freeze these scumbags assets until they are proven guilty or innocent.
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#2 Author of original report

They still take 40% of your money as fees and commissions

AUTHOR: Michigan mother - (United States of America)

Yes, you are right. If the market goes way up some of your clients will make money. And if the earth spins on its axis fast enough we could churn butter without a churn.


The bottom line is that when a client sends Lloyds money, regardless of the amount, approximately 40% of the cash that is sent to Lloyds is immediately, and I mean immediately, taken as commissions and fees.


If you send them $10,000 then they will take $4,000 right off the top for commissions. That leaves you with $6,000 the day after you wire them your money.  If you send them $100,000 they will take $40,000 for commissions. Now they will try to sugarcoat that by talking about how much silver, gold or whatever the flavor of the day happens to be, will go up.  But, no matter how you slice it, day one you are down 40% on your account. Not a great way to start an investment is it?


Remember, when they call you with their boiler room pitch just ask then a simple question, to which they will never give you a straight answer; "If I send you $100, 000 how much of that $100,000 are you taking for commission and fees?"

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#3 UPDATE Employee

Correction/education

AUTHOR: Cavender - (USA)

Let me set you straight Mr. Soreloser.  The commission is 6%.  With 3 to 1 leverage it only amounts to 18% MAX with the minimum equity to buy.  I bet if the market ran straight up since you bought, you would take credit for the whole idea and the timing, huh? Furthermore, Silver was up 80% in 2009 with NO leverage and has traded as low as 15 and as high as 19.5 so far in 2010.  Evidently you were sold out at a loss because you couldnt or WOULDNT maintain your equity.  That is your fault Mr. Soreloser.  It's a shame because Silver makes alot of people alot of money.  Just not you I guess.  If you paid your margin call or just paid off your loan balance you would still be holding your ounces and have a shot at making real money when the market runs toward highs.  In summary, people like you will always blame your own shortcomings on someone else.  It's your responsibility to be able to maintain your account.  Best of luck in the future, you need it!

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#4 Author of original report

TOTAL SCAM

AUTHOR: Michigan mother - (United States of America)

If you send these clowns $10,000 dollars they are going to take almost $3500 in commissions. No matter how much you send them the commission that comes out of your cash that you send them always adds up to at least 35%.


They are just a bunch of crooks in a sleazy Florida boiler room. Ask them how much of your cash is going to commission and fees. They can't tap dance their way out of that question.

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#5 UPDATE Employee

get it straight

AUTHOR: G.R. - (United States of America)

well actually we have the lowest commission and fees of anyone in the entire industry. i challenge you to find a firm that charges only 6% commission only when you buy metals. ill save you time...you cant it is the lowest of anyone in the metals industry. if you want metals this is the best chance you have at success and profits. we also charge the lowest premiums above spot. 3% to be exact. goldline for example charges 35% above spot premium and 14-28% commission ...i understand your anger but do not blame others for your personal failure.
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