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Ripoff Report | Monex Review - Newport Beach, California
Report: #1284034

Complaint Review: Monex - Newport Beach California

  • Submitted:
  • Updated:
  • Reported By: Candi — Newport Beach California USA
  • Author Confirmed What's this?
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  • Monex 4910 Birch Street Newport Beach, California USA

Monex Monex rips off 98 year old WWll veteran and renown UCI scholar Newport Beach California

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My father Judd Hubert purchased 10 bars of Platinum on 11/08/12 for $160,000. I witnessed this transaction. He paid by check and made it clear that he only wanted to hold the 10 bars and nothing more.                                                                            

On 10/16/14, he received a call from a sales associate Dan Wales who told him that he would do everything to diminish any losses as the value of the platinum was going down. Mr. Wales claims that my father who was 98 years old agreed over the phone to buy 10 more bars of platinum. My father told me he never agreed to purchase any more platinum and only wanted the 10 bars he had initially purchased.

On 11/30/15, my father sold the what he thought was 10 bars of platinum because the value was going down. He was told he could claim the loss on his taxes. On 12/4/15, he received a check for $30,540.38. He said he should have received the sales price on 10 bars which was $83,320.00.

Because I know that at the age of 98 years old my father did not understand or comprehend telephone conversations concerning these transactions, I called Dan Wales to explain this. I told him that my father never agreed to anything other than the original 10 bars which was purchased.

He told me that had him agreeing on a recording. I have written requesting this recording and have never received a response. I also spoke with the claims officer who said they had a recording of my father agreeing to a loan of 10 bars used on the intial purchase. 

I told him that I consider this phone conversation elder abuse because my dad at 98 years old did not understand any loan transactions because his hearing and comprehension on the phone was poor. He only understood that losses would be reduced.

I wrote them a letter asking for the sales price on the 10 bars and requested the additional 10 bars be thrown out. I also asked for the transcript of the recording and never got a response.

Monex has a long history of ripping people off. They have had serveral class action lawsuits and negative articles in the LA Times in addition to lawsuits from the IRS.

My father became depressed after this situation became ill and then passed away last week. He was one of the last WWll vets and a very renowned scholar from UCI. His obituatury in the LA Times and memorial at UCI are currently being planned.

Monex should not be allowed to get away with this. I have showed all documents to our attorney who said the numbers don't add up and that the value of the platiinum did not go as low as they claim.

Their contract is rigged against any customer and the only recourse is to let the world know what they are doing.

This report was posted on Ripoff Report on 02/01/2016 02:00 PM and is a permanent record located here: https://www.ripoffreport.com/reports/monex/newport-beach-california-92660/monex-monex-rips-off-98-year-old-wwll-veteran-and-renown-uci-scholar-newport-beach-califo-1284034. 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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