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Report: #1041953

Complaint Review: Monex - Internet Internet

  • Submitted:
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  • Reported By: E2 — Brooklyn New York
  • Author Not Confirmed What's this?
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  • Monex 4910 Birch Street, Newport Beach CA 92660 Internet United States of America

Monex Monex Deposit Co Poor trader supervision and strategy, Internet

*General Comment: Ripoff by Monex

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Here is todays letter to the owner of Monex:

Dear Mr. Carabini, 

 

Taking a moment here to write you a short note regarding my experience with your company. Basically during this  recent bull market in precious commodities your trader ****** ******** traded my account and lost thousands of dollars. This represented a large percentage of the total account entrusted to him. I am sure there are stories and explanations aplenty. I am also sure there are numerous protections in place preventing you and your firm from having to successfully trade.

 

My suggestion traders at your firm need a unified strategy if you have so many experts well put them all together and have a unified direction so investors do not bleed out at your firm. The concept that a trader at one desk does what he thinks makes sense and the trader at the next desk does what he thinks makes sense is clearly not working.

 

I look forward to a refund of my hard earned - easily lost money. But that likely will not happen. At any rate I will be sure to publicize online your response. This disappointing  record of losses I had with your firm, needs to be publicized - perhaps preventing yet some other fellow from suffering the same losses - due to basically poor strategy and lack of proper supervision at your firm.

 

Best wishes, 


Note - they are probably fine as a depository - lousy at trading. 

This report was posted on Ripoff Report on 04/09/2013 03:20 PM and is a permanent record located here: https://www.ripoffreport.com/reports/monex/internet/monex-monex-deposit-co-poor-trader-supervision-and-strategy-internet-1041953. 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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#1 General Comment

Ripoff by Monex

AUTHOR: Ripoff by Monex - ()

POSTED: Friday, April 12, 2013
I recently lost over $44,000, my whole savings, through Monex. The Monex financial advisor who made me buying on leverage without me understanding what I was doing (I thought I was only buying with the 53,000 I had invested) was fired by the company. I feel horrible about what happened and of course ,as you mentioned, Monex requests his clients to sign a Bible-long like customer agreement designed to prevent any possible lawsuit. I was wandering if there is any possible way to sue Monex. I lost 90% of my savings and I feel I was totally taken advantage of.
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