NOTICE! Those consumers located in the European Union, effective 5/24/2018 due to the GDPR, citizens of any GDPR applicable country or anyone sitting in, or operating from, such country are prohibited from using this site. Read our Terms of Service to learn more. By using our site you understand and agree to these terms. Don't blame us... blame Europe! This site uses cookies to store information on your computer which may track your browsing behavior on our site and provide you with ads or other offers that may be relevant to you. Some are essential to make our site work; others help us improve the user experience. Read our Privacy Policy to learn more.

Report: #123002

Complaint Review: MONEX DEPOSIT COMPANY - NEWPORT BEACH California

  • 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

Show customers why they should trust your business over your competitors...

Is this
Ripoff Report
About you?
Ripoff Report
A business' first
line of defense
on the Internet.
If your business is
willing to make a
commitment to
customer satisfaction
Click here now..
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: https://www.ripoffreport.com/reports/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. 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

Search for additional reports

If you would like to see more Rip-off Reports on this company/individual, search here:

Report & Rebuttal
Respond to this report!
Also a victim?
Repair Your Reputation!