MONEX Ripoff Reports, Complaints, Reviews, Scams, Lawsuits and Frauds Reported

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1, Report #1324357
Aug 24 2016
12:31 PM
Monex monex, money express, monexgroup, monex scam, monex scammers, money express scam, monex group scam, monex group, monex, money express Toronto Ontario
  Seems that I am not alone in experiencing the frustrations Monex is capable of igniting, as I found another RIPOFFREPORT with the same individual with whom I was told to talk to at the Monex legal dept., Brian Griffiths. So I also managed to talk with this same legal department's collection specialist pion named Brian Griffiths. As mentioned in the above individual's ripoffreport - Brian was extremely rude and definately did not provide absolutely any help (which I guess was expected considering there really is no justification for the charges they had charged me), I mentioned that my account was cancelled after only 20-30 transactions. He said, we have no information about that - Ok my account was cancelled with Elavan, So why months later a seemingly annonymous company charges me $500 for an inactivity fee? There was no previous history of me ever dealing with a company with that name. Money Express?! FYI, I have never recieved a pre-authorized charge from a company from the name Money Express prior (nor one from Monex or MonexGroup) so I really had no clue at the time who this entity that was charging me were - even my bank couldnt put 2 and 2 together all they could tell me was their issuing bank was RBC and that is was for an inactivity fee, not much help or to go on. After going to my bank and having the Bank Manager cancel the charge and refund all $500 of my money. I recieved an email 2 weeks later on the 19th stating; MONEXgroup would like to advise you that payment on your merchant account is past due, and that a service fee of $500.00 was rejected by your bank on 2016-08-10 due to NO AGREEMENT EXISTED PDA/BDA. The rejected payment, plus additional charges are now owing and due to MONEXgroup within 7 days. These include a return payment fee of $75 for each rejected payment, and a security deposit of $500 to reinstate service. So now its gone from them trying to steal $500 from me for an inactivity fee to now $1070 lol nice eh? If that isn't predatory business practices, I dont know what is! Well long story short, I don't intend to pay anything for the nothing that they provided me. Everyone from the customer service person to the legal department I have dealt at MonexGroup with are all seem to be lazy imbeciles with whom couldnt find employment elsewere I imagine. If they even try tocome after me for the payment, I will counter sue for legal fees and possibly file criminal charges for them removing money from my bank account illegally without my consent. STAY AWAY FROM MONEX, MONEY GROUP, and Money Express.. #Scam #Scammers #MonexScam #MoneyExpressScam        
Entity: Toronto, Ontario
2, Report #369575
Sep 03 2008
11:21 PM
Monex, Monex Deposit Company, Monex Credit Company, Monex Precious Metals Monex Deposit Company Ripped Me Off for Over $32,000 Newport Beach California
Monex did not properly place my stop loss order and left me holding the bag! 1) Terry Parsons (my account rep) told me he would use a 50 cent/ounce stop loss on my silver trade. However, no stop was placed. 2) Terry repeatedly recommended we raise capital to invest in silver by taking out a HELOC on our property. He even gave us the name of a lender at Wells Fargo Bank. 3) Terry never informed me of the extremely high commission rates I'd be paying and I only learned this AFTER I got my statement from Monex. Total commissions in and out cost approximately $4000 dollars. Head I known this, I would never have agreed to it. 4) At Terry's suggestion I took a substantial ($360,000) long entry on silver. He knew the timing was bad and proved it by taking himself and his clients short within the next 2 days, then telling me AFTER the market had gone down. I know this because he informed me of it! 5) Nearly lost 1/2 my $100,000 investment to margin call, and eventually lost 1/3 due to a manual stop loss I placed. The advice received from Terry was bad in general, but is not part of this claim. 6) I told Terry to place a 17.50 per ounce stop on my trade, he setup the order to only cover half my trade. Eventually I sold the 2nd half at 16.86, 64 cents beneath the correct stop. Had the original stop been placed from the start the price on all would have been 17.98, not 17.50 or 16.86. 7) Harvey Kochen (compliance dept.) claimed I was as much responsible for the stop as they were for the mistake. Total loss due to Monex incompetence: $32,701.68 I have a site dedicated to these scumbags at: Monexfraud Laguna Woods, CaliforniaU.S.A.
Entity: Newport Beach, California
3, Report #404463
Dec 23 2008
05:57 PM
Monex misrepresentation Newport Beach California
monex broker justin dennis(actually a salesman) sold me bars of gold and silver bullion for $25,000. on margin. prior to purchase I asked if this was like commdies. NO was his answer. he stated gold had made a correction and ws at a bargain price and thiss was a perfect time to get in. he has been in the business 15 years and expected gold to raise rapidly! I bought, on his recomendation,2 bars of gold and 3 bars of silver. when gold started to drop I called him and stated I felt it was time for me to sell before i lose any more on my purchase. he stated he felt it was alittle preamture for me to do so! stick it out gold will:rebound. weeks later I had a margain call and had to sell a bar of silver to cover the call. again I asked for his expertise on the matter. If it were his money he'd stay in as gold was making a correction. I foolishly stay with it. gold kept declining. I finally decided to get out and called monex and sold everthing I owned. figuring I may have lost 6 or 7 thousand dollars I was shocked to find I had lost $18,000. dollars. I complained to monex via this brokers superviser that I was misled by justin dennis and was extremely upset he gave me some underling who informed me I was in control of my account and mr. dennis would never advise or suggest a form of action. I am sure Monex knows exactly what mr. dennis duities are. Sell contracts get a commission. nothing more. Clayton chicago, IllinoisU.S.A.
Entity: Newport Beach, California
4, Report #589553
Apr 04 2010
07:14 PM
Monex, Monex Deposit Company, Monex Credit Company, Monex Precious Metals This company should be closed for good, so people like me who lost over $150,000, not to get ripped off. Newport Beach , California
Monex and the  brokers who do precious metal trading are bunch of theives who gamble with clients money without any remorse , they ripe you off and bring your account ballance to zero $ . Do not even give them a penny . 
Entity: Newport Beach, California
5, Report #1239803
Jul 05 2015
09:48 AM
Monex , Monaco Rare Coins Long Beach California
Just a ripp off and the goes to the top CEO and Vice President Adam Crum the great con artis. He took or should I say stole $52,000 from me by charging me a 15% restocking fee for a coin I never held in my hand but was still in their valut. I was told any money that I spent with Monex I would get ever penny back that I invesTed with Monex. When I decided to sell my coin back I got charged $52,000 for the fee. I had this coin 2/3 paid off and when I said I wanted to sell it back I got a restock fee for $52,000 that I lasted found out Adam Crum makes 15% on all his transaction when somebody decided to sell back but yet had a balance still owed, mind you they still have possession of the coin till it is paid in full. Also they are charging you 6% intereste on you out standing balance. The $52,000 dollar penalty or restocking fee went straight into his pocke. He will not return a phone call or return a email or even a written letter, this is a real man and CEO who acts like a child and just doesn't know how to say the put it to you in a nice way. Listen up John Q. Public you have been warned so if you play with the Devil then you are going to get burned.
Entity: Long Beach, California
6, Report #1179495
Sep 26 2014
01:49 PM
Monex Very slow to ship Newport Beach CA
This is the second time that I have used this company. No poblem the first time around. This time I paid with a check. the check cleard a few days ago and they still have not shipped my product. And they can't tell me when it will ship.This is no way to keep a customer!
Entity: Internet
7, Report #1244124
Jul 24 2015
02:21 PM
Monex Group Caution is the guide words Internet
I've delt with many online companies without problems but sorry to find that monex is the type of company that I would never again deal with nor recommed to anyone looking to purchase gold or silver.  You'd want to have your attorney on speed dial.  I made a purchase thinking I was dealing with a reputable company, I was supposed to recieve the wire transfer information the next day---didn't happen.  When I called to find out why and to let the rep know that the purchase would not be happening until the following Monday(late Friday) and I was in hopes the market would further decline I was told the purchase was in stone although this hadn't be explained prior.  I don't do business that way and I'm used to suffering the dalay until the funds clear to actually lock in the price.  This company claims they don't do business that way, it would be nice had it been explained but I refuse to be pressured by a company I no longer have any respect for or intention of ever doing business with again.  best advise----beware and ask all the questions trusting no one one the other end to be forth coming with the rules on their end.  It will come to their attorneys and my attorneys but I'll not be pressured into a verbal contract that was less than honest.  It's bull.  The pruchase was terminated on my end and do business with the reputable dealers out there and leave these clowns alone.
Entity: Internet
8, Report #389133
Nov 07 2008
11:39 PM
Monex - Joseph E. Vincent Don't get involved with Monex...they are a bad business Newport Beach California
Please folks, DO NOT DO BUSINESS WITH THESE GUYS. They are liars and shady business people. I didn't do enough investigations with these morons before I called up and bought silver. I was told one price ( by a putz named Joseph E. Vincent ), I paid that price and then for the next 6 weeks, I got the run around. Tried to talk to the so called head moron ( Mike Moroni...I kid you not) down there. He, of course, would not even return my phone call. If silver would not have gone down in price, I would probably still be trying to get my money out of them. Their excessive fees and lying to me, which I cannot tolerate, have led me to try and warn others not to do business with these putzes. Believe me folks, I don't do these things unless somebody has really pissed me off, these moroni's did. Caveat emptor!@!!! ( Buyer Beware ) Kenmo Aurora, ColoradoU.S.A.
Entity: Newport Beach, California
9, Report #1255733
Sep 18 2015
09:58 AM
Monex Precious Metals Monex Fined Over Securities Sales Newport Beach California
Monex Fined over Security Sales  They Allowed Unregsitered employess to sell Securites You are not talking to real professionals here   ******DONT TRUST THEM Read More here in article about it in the Wall Street Journal
Entity: Newport Beach, California
10, Report #1284034
Feb 01 2016
02:53 PM
Monex Monex rips off 98 year old WWll veteran and renown UCI scholar Newport Beach California
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.
Entity: Newport Beach, California
11, Report #123002
Dec 15 2004
12:12 PM
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, NevadaU.S.A.
Entity: NEWPORT BEACH, California
12, Report #418755
Feb 01 2009
03:02 AM
Monex Deposit Co. gold and silver Newport Beach California
i gave $33,000 to monex in purchase o silver bullion in partial payment of $96,000 worth of silver bullion under their atlas program. they told me i could pay for the balance at any time. in 2008 the price of silver dropped to around $9 per ounce. they said they sold my silver and said i had only $1200 left in my account. they never allowed me to pay off the balance. please do not do business with this company. i am out $30,000. i'm 62 years old on a fixed income. the agent i dealt with said he was unclear as to why monex did this and suggested that i deposit $100,000 to buy more silver bullion but, this time take delivery of the bullion. i declined. in the atlas agreemet, it states on page 9 i waive all rights... . signed red with anger Red with anger seattle, WashingtonU.S.A.
Entity: Newport Beach, California
13, Report #755612
Jul 20 2011
08:31 AM
Monex Credit Card Processing Beware!! Anything but the best Toronto, Ontario
Some time ago, Sept 2009 , 2 sales folks came to my place of business with a less costly card processing system (company), one of the sales person was local so I felt a comfort level with them or I would never have entertianed the switching of my card processing form TD Bank to Monex. I operate a seasonal boat cruise business and since it was Sept I saw no need to switch till the following spring, all parties agreed. I signed up, based on that promise. I also gave them 2 post dated cheques for the spring of the following year (2001) to buy my new machine outright. The deal was no activation or charges till I had the machine operating. Of course they said do you have that in writing. The Machine arrived next spring before the May 24th weekend. The new machine was not as promised with the Chip reader software and had a Moneris sticker and phone number. The old machine Monex sent was such an old clunker with old style paper rolls and 5 minutes to reload the roll, when my new machine that Merchant Services showed up I was so fed up by then I just chucked it in the trash !!!  $850.00 is what I paid for it. I had a problem with the old Monex machine and called phone number on the sticker which was the  Moneris help line only to find out they didn't have a clue about me or the machine, they said it was probably a re-conditioned unit and the vendor didn't re tag it. !! This started me thinking, and upon further investigation with my accountant and the banking statements I find I am doing business with Chase Payment Tech and money was taken out of my account by Money Express. My machine said Moneris I have 2 accounts, I moved the other one over with internet processing only and those folks were called Avalon and they charged me likewise but did eventually refund the charge, the contact states there was to be no charge to use the banking gateway just processing fees. These processing charges started the day after I signed the contract Sept 2009 not like I was promised May 24th 2010. I didn't even have a machine or processed a charge !! and I was paying $50.00 a month for nothing I was very upset who am I doing business with !!! Monex , Moneris, Chase Bank, Avalon,or Money Express. The person I spoke with at :Monex offered to refund the unauthorised charges but by now I had had enough. Refunding charges doesn't reinstate a contract. On top of this these great rates didn't measure up , another company came by and analyzed my Chase Payment statements and on one transaction I paid in excess of 6% !!! I enrolled with the new and more streamlined operator Merchant Services and am totally satisfied. I did have a chance to call the person in charge at Monex and they were more interested in the Contract than my overall satisfaction, so I called Chase and had that stopped sent back the Avalon Charges and returned the Money Express charges. The POS machine went in the garbage. This winter they (Money Express) dipped into my account several times and on one occasion removed a cool unwarranted $500.00 that of course I had my bank return. This company recruits local folks to do the deeds and then throws you to the wind once the ink is on the paper. Worst of all they shop (wholesale) your banking information around to all and sundry looking for the best deal for them not you. Beware!!
Entity: Toronto, Ontario
14, Report #1149226
May 23 2014
02:39 PM
Monex Group Cheats, scams, hidden contracts and cancellation fees Nationwide
Monex Group is a horrible countries. Apparantly you need to tive them 120 days of a prior to a cancellation, or else they will auto-renew the countract THAT THEY NEVER SAID. And when you start to lose business, they will charge you a cancellation fee even if you dont want to cancel of $1000-10000.
Entity: Nationwide
15, Report #1348425
Jan 08 2017
11:53 AM
Monex groups Fraud Company, Never ever deal with these people Toronto Ontario
  Me and my husband had a contract with Monex for 48 months started from Oct17/2011. We leased their POS under lease to own terms for the same period, which was 48 months, but we paid off that POS terminal fully in Oct/2015. We were still paying them monthly fees, which were way more than we were told. Whenever we tried to call them and asked for explanation, they never had any answer for why they are charging that high amount. So we decided to cancel the services with them. And then the nightmare started. When we called them to cancel our services in Dec/2016, they said they renewed our contract for another 48 months. We were very surprised as we did not receive any written notice that they are going to renew our contract. I asked them how did they renew my contract without my authorization, then rep transferred me to their legal department. Brian Griffiths was their legal representative, but later I found out that he was just a collection specialist, who was very rude and abusive, didn't let me talk. He asked me to check our agreement. So we checked our agreement, which we signed initially in Oct/2011. On the agreement, months (time period) for auto renewal were scratched out. I am attaching that contract with this story, where you will see that no time frame was mentioned for auto renewal, it was all scratched out. Then I researched about this company, and found out that we were not the only, they were playing games with. There were so many people, who wrote their complaints online, but I think no one was dare to take them to the court. And off course I will take them to the court, because they are asking us to pay a lump sum of $3341.10 for breaking up the contract, even though no months were mentioned in auto renewal term.
Entity: Nationwide
16, Report #810289
Dec 16 2011
11:15 AM
MONEX MONEX PRECIOUS METALS If you want to have profits not losses, stay away from this company. Newport Beach, California
Unless you have experience in how this outfit does business, Stay away! Add me to the list of those who have lost their money by getting acct with this guys. They did not apply availible protection for my investments even after we discussed my desire to do so. I Lost most of my money, but They made money off me!!! Not such a great deal when it's your money leaving your hands and going into theirs.
Entity: Newport Beach, California
17, Report #1140910
Apr 22 2014
05:40 PM
Monex Group Monex is unscrupulous with leases that go on auto-renew without warning Toronto Ontario
Monex is unscrupulousIt looks like Monex has a lot of people angry and upset. You can now add me to the list. I have been with them for over four years, and I did not even know I had a lease! NO ONE told me, only that I was leasing the terminal!! What else am I leasing? Certainly not the Ingenico 1500 which I get form First Data and costs $30 per month! (By the way that unit is $300 RETAIL COST! so I have paid for it 4 x over!) So I called Monex to cancel my contract and was told it ended in February 2014 - great I thought - IT AUTO-RENEWS FOR ANOTHER 4 YEARS, and there is my initial on the page saying that. Two problems: 1) NO ONE told me it was a lease, and NO ONE told me it AUTO-RENEWED!. They say I owe $1000 + - a lot. The reason I cancelled is because my business is down and I am retiring. I offered them $100 to settle. I stopped payment on any further withdrawals from First Data and Monex on my account. Now we wait and see what happens. Of course I will join any class action. These are unscrupulous contracts designed to catch us all unawares. At the very LEAST they should warn us prior to the contract ending, of how much time is required to get out of the lease (actually 120 days notice in writing PRIOR to the lease ending), but they WANT to catch us out and make money this way so they don't of course.
Entity: Toronto, Ontario
18, Report #1168104
Aug 07 2014
10:22 AM
Monex Deposit Company has a history of investing unsophisticated investors money into a scheme of purchasing SILVER, GOLD  bullion on a leveraged account called an Atlas Account. The contract you sign is part of the scam. The contract acknowledges that you are solely responsible  for all the trades that are made. However, the representatives will give you advise that will drain your account within weeks. The representatives are paid a hidden commission that you will not see on your invoices. It is based on the amount of money you trade. Every time you make a trade, they receive points, which are later converted into monetary bonuses. They will tell you their commission is very low, but they will not disclose the bonuses to you. They will make you go into several trades giving you false information just to get you to trade, therefore continually making commissions. Where this is a leveraged account, as much as 5x, that means 5 times the commission. You will be tricked into thinking they are working for you. They are NOT working for you. They are putting you into trades that will eventually eat up all your assets. A margin call is eventually going to happen because your account will be drained quickly as the silver market is highly volatile, and only a small decrease in prices can make your account quickly go into default because the account is leveraged 5x1.Additionally, I believe that this was all a paper silver transaction, against the Dodd-Frank law, because it allows the metals company to never actually buy the silver but keep your money as if it had. Dodd-Frank law stipulates that you be provide with the serial number of your 1,000 ounce bar to prevent unscrupulous companies from doing the obvious. Well, you will not find any serial numbers to go along with the 1,000 oz. bars you think you are buying. If you have been a victim of Fraud, you can report it to the following FBI website under REPORT INTERNET CRIME: You can report Internet fraud to the FBI at (REPORT INTERNET CRIME)   (((Redacted)))
Entity: Newport Beach, California
19, Report #1342597
Dec 11 2016
08:27 PM
Monex Gold & Silver company Frank Gonzalez. Rep. I lost $18,000.00 doing business with Monex 4910 Birch Street Newport Beach, CA 92660 Internet
     I did business with this company Monex for 7 years.  I bought silver coins for $25,000 dollars (approximately.  On April 3, 2011 or 2012 the silver went up and I had $42,000.00 in my account.  I put a Stop on it to protect my investment.      I was sick and I was not watching my account when one day I noticed that my account went from $42,000.00 to 24,000.00 about six months later.  I called my rep and said Where is my money ? .  He refused to answer me several times.     I sent a fax with several pages explaining what happened to me and asked for the money back.  I called, they were intimidating and rude and unprofessional.      They did nothing.  They asked me to write an email but it was vague (for the time being I would not persure it further)  I am very upset.  Then months went by, I asked to close out the account.      I called my rep.  Frank Gonzalez and I said I wanted to close my account. He started yelling at me.  I called the accountant he yelled at me too. They were both intimidating me.      Then they sent the money ($24,000.00) Fedex next day deilivery.  I am very upset. What I learned from David that stops are only good for 30 days which my rep. neglected to tell me. Also they do not have it on their web page or in my personal account.      It should say Stop   (Good for 30 days) but there was no such thing.  I want my $18,000.00 back..  That money was from my inheritance and I am senior 72 years old plus my mother did without to save that money. 
Entity: Internet
20, Report #1408042
Nov 29 2017
02:03 PM
Monex deposit company / Arthur Reyes monex forced me to closed precius metals account becouse goverment investigations into fraud newport beach California
last friday on Oct 20/17 @1:50 pm.i received a call from Arthur Reyes from Monex Co, that i sould get out and close my acount ,our put more money in to buy more silver becuse the goverment is launching an investigation into some kind of fraud,and i may be at risk of my money getting tight in,anyway i have lost close to $ 10,000.  in cuple of years,also becouse the goverment rigging the metal with fiat currency.  
Entity: newport beach, California
21, Report #775026
Sep 09 2011
09:33 PM
Monex Group, Money Express Monex Group, Money Express Monex Group, Money Express are ripp off. Big time scams. BIG Liars. DO NOT TRUST THEM. Call me to verify how i have been scam Vancouver, British Columbia
Monex Group, Money Express are ripp off. Big time scams. BIG Liars. DO NOT TRUST THEM. Call me (((ROR redacted))) anytime to verify how i have been scam.Please some should help us. This kind of company should not be ripping our fellow compatriots CanadaCLICK here to see why Rip-off Report, as a matter of policy, deleted either a phone number, link or e-mail address from this Report.
Entity: Vancouver, British Columbia
22, Report #657328
Nov 01 2010
01:35 PM
Monex Deposit Company Monex Credit Company, Monaco, Pacific Coast Coin Exchange, Zoomcoin Monex FRAUD how this scam company has damaged my life caused me untold loss suffering and pain Newport Beach, California
Its been over a year now since my account rep at Monex told me that he was unable to generate the cash flow that was promised but instead had actually lost every dime of my investment...over $200,000 which actually the average loss with this company. After talking with dozens of Lawyers as well as other victims of this scam company, it is clear to me that Monex is operating a boiler room type scam. Investors are drawn in with lures of large quick profits and made to feel secure because their account rep seems very trustworthy and knowledgeable. They present clients with lots of videos and literature stating how Gold and Silver are set to go sky high and the profits for those who jump on board will be huge. They usually deliver their metals when requested in hopes of gaining your trust so that you will buy from them again. Once they get an idea of what you've got to invest they promise to double or triple your money in a safe leveraged account. They will show you a few winning trades and send you statements showing your account is on the rise (not without paying exorbitant finance charges and fees). BUT...this is not a bank account, that contract that you signed says that Monex is not obligated to fulfill you orders -which means any money you send them they can keep. So once your account starts to slide they will tell you that you need to further fund the account to keep out of danger of loosing everything, even stating that you can regain your losses if you send them anther 20g or 50g or whatever you can come up with...hey maybe you can take out a second mortgage...but no matter how much more money you send them to avoid disaster, it is inevitable, you are going to loose every dollar you send them... you just got boiler roomed. The monex leverage account - the Atlas Account works like send them 100g to invest, they loan you 1-400g on top of that to increase you profits when the market goes up, BUT then market has to slide only 15% for you to be put on a margin call - that's when they start liquidating your assets without asking you. Next thing you know the market (silver market usually) has slipped only 20% but you've lost a whopping 80%. They are looking at it as if you now owe them money, after all they did loan you 100,000-400,000$. Total scam, total rip-off, no conscious having thieves. And the damage they cause can run much deeper than just the financial loss. Ive lost my house, my cars, my business, my circle of friends has left me, many months of pain and anguish. Ive been homesless, starving, beaten, robbed, made fun of, harassed. All so these bastards could rake up a bunch off free money they did not earn and did not deserve. I had to loose both of my parents to come across that kind of money and they just cold-hearted mow your ass down and leave you totally screwed. What this company is doing to people is not OK, its not a business, its a scam run by criminals. If have been victimized by this gang of theivs please, file a report with the LA Better Business Bureau, the FTC, The FBI, the IC3. Unfortunately you will probably not be able to get your money back, unless you have alot of money to spend fighting them in court, like 20-50g. Sheldon Jaffe is the only attorney I have heard of who has been able to make a recovery, he charges alot and the arbitration costs are even more.
Entity: Newport Beach, California
23, Report #336753
Jun 03 2008
12:25 PM
Monex Precious Metals Cashed my check demanded more money and STILL didn't send me my silver! Newport Beach California
On February 23, I placed an order for 100 ounces of silver and sent a check for $1852.00 to Monex via overnight delivery. The price of silver at the time was about $17.60 per ounce. On February 29th I placed another order for 100 ounces and overnighted a check for for $1874.00 to Monex. A couple of hours later, I received a phone call and had to fly to my hometown because my mom was rushed to the hospital. The following Tuesday I called the broker at Monex and told him I was afraid I would bounce the check since I had not had the chance to transfer money to my checking account. Greg told me 'If it bounces they won't redeposit the check.' Thinking I lost out on the deal, I used the money to pay some bills. A week later Greg called me, asking if I wanted the second order of silver. I told him that I did not, because I didn't have the money, and thought that the purchase was cancelled. After a month went by, I called to ask about the silver that I had originally purchased. Greg did not call me back. After several repeated attempts to call I finally got ahold of him, and he said he was trying to work out the details of my account, referencing the second purchase. I continued calling over the following month, with no returned calls. I called the broker manager but never received a return call. 3 weeks later I called and left a message for the compliance department. That night around 9pm I received a call from Greg Morton, who informed me that I owed them an additional $136.00 to cover the cost of the original cancelled transaction. Since the price of silver dropped over $1.50 per ounce from my original purchase date, I didn't understand this. Monex was actually MAKING more money by holding on to my silver while the price dropped. However, in the interest of closing the account I sent him a check for $136, which Monex promptly cashed. That was nearly 1 month ago and I still have not seen my silver and have not heard from Monex. If you are considering purchasing any precious metal, I strongly suggest that you shop anywhere BUT Monex. They will immediately cash your check - But may never send you your metal! Troy duran St. Louis, MissouriU.S.A.
Entity: Newport Beach, California
24, Report #176992
Feb 18 2006
10:37 PM
MONEX ripoff Did not tell me he had Shorted Bid for Silver to go down. Lost 70% of my Investment Newport Beach California
I spoke to ED SPEERS the SENIOR ACCOUNTY REPRESENTATIVE in Nov 2005 with MONEX and advised him of my Lack of Experience in buying precious metals. He (ED SPEERS) stated he understood my position as a Police Officer and his Uncle had been killed in the Line of Duty. He further stated he would be in charge of my account and that if anything should start to go wrong with my position he would send a e- mail message, and he sent one to me while I was ON-LINE. He explained he would be in contact with me and I purchased some gold stocks. I then watched it several times a day and called back was checking in with ED SPEERS every 2 3 days. I was advised this was not necessary and to just call in every week or so. If anything happened that he needed to talk to me about he had my Mobile phone hone phone and e-mail. I sold off my gold shares at $490 after purchasing them for $463 an Oz. I made approximately $1400 on the trade. The rest of my money was placed in a Mutual fund. I waited for approx. 2 weeks and called back to check the status of my account. I was told to hold on and he would make an order and I needed to confirm the order. A serious of number and my account was read off to me and ED Speers made an order on my account. I heard my account number and SILVER and was asked to confirm the order. I did confirm the order knowing I was buying SILVER. I watched silver for several weeks go up daily basis and felt confident as the market kept going up on silver which was purchased for approx. $8.30 an Oz. On Feb 1, 2006 I received a Western Union MAILGRAM stating that the equity in your loan account with Monex Credit Company fell below call level limits. In order to restore the account $5,294.39 was needed. I immediately called MONEX and was told Ed Speers was there and I was placed on hold. It rolled over to his voice mail after 2 min. I again called Monex and was told Ed Speers was at his desk and I explained it was an Emergency and was told to hold and the call rolled over to his voice mail. I called again and got another broker who said he had gone home for the day. I explained my emergency and was told evidently a stop order was not placed on the account and if my broker did not contact me there could be ramifications for the broker. I called several more times and again the next day 4 times in the morning and left several more messages. On Feb 2, 2006 I got E-mail below: **************************************************** CHRISTOPHER M ACCOUNT: xx-0 RECENT FLUCTUATIONS IN MARKET PRICES OF PRECIOUS METALS HAVE UNFORTUNATELY CAUSED THE EQUITY IN YOUR MONEX CREDIT COMPANY LOAN ACCOUNT TO FALL BELOW MINIMUM REQUIRED LEVELS, COMPELLING US TO LIQUIDATE POSITIONS IN YOUR ACCOUNT PURSUANT TO THE TERMS AND CONDITIONS OF YOUR LOAN AND SECURITY AGREEMENT WITH MONEX CREDIT COMPANY. WE DEEPLY REGRET SUCH ACTIONS. HOWEVER, THE ENFORCEMENT OF MINIMUM EQUITY REQUIREMENTS IS ESSENTIAL AT TIMES OF EXTREME ADVERSE MARKET MOVES. AT THIS TIME, YOU SHOULD DECIDE WHETHER YOU WANT TO REENTER THE PRECIOUS METALS MARKET, IN ORDER TO TAKE ADVANTAGE OF POSSIBLE FUTURE PRICE MOVES. IF YOU WISH TO REENTER THE MARKET, MONEX DEPOSIT COMPANY AND MONEX CREDIT COMPANY PROVIDE A SPECIAL PROGRAM TO REDUCE YOUR COST OF DOING SO. UNDER THIS PROGRAM, THE COMPANIES WILL ALLOW YOU, UNTIL THE CLOSE OF BUSINESS ON FEBRUARY 09, 2006, TO REESTABLISH ALL OR A PORTION OF THE POSITIONS IN YOUR ACCOUNT THAT WERE FORCED LIQUIDATED. THE PROGRAM WORKS AS FOLLOWS: 1. IN ORDER TO REESTABLISH ALL OR ANY PORTION OF YOUR PRIOR POSITION(S), YOU MUST HAVE SUFFICIENT FUNDS ON DEPOSIT WITH MONEX CREDIT COMPANY TO MEET THE INITIAL DOWN PAYMENT AND/OR COLLATERAL REQUIREMENTS FOR THAT POSITION. 2. POSITIONS WILL BE REESTABLISHED AT MONEX DEPOSIT COMPANY'S PREVAILING BID-ASK PRICES, WHICH AVOIDS THE NORMAL BID-ASKED SPREAD. 3. NO COMMISSIONS WILL BE CHARGED FOR REESTABLISHMENT. YOU WILL ALSO BE GIVEN A CREDIT FOR ANY COMMISSIONS PREVIOUSLY CHARGED ON THE FORCED LIQUIDATION OF EACH POSITION YOU DECIDE TO REESTABLISH. IF YOU WISH TO TAKE ADVANTAGE OF THE REESTABLISHMENT PROGRAM AND HAVE NOT YET MADE ARRANGEMENTS TO DO SO, PLEASE CONTACT YOUR ACCOUNT REPRESENTATIVE IMMEDIATELY. MONEX DEPOSIT COMPANY MONEX CREDIT COMPANY (949) 752-1400 ************************************************** I later learned ED SPEERS had shorted the market on Silver and NEVER TOLD ME OF HIS INTENTION OR MARKET ORDER to bet on Silver going down. I sat and watched the marked for 2 weeks with SILVER Market rising thinking I had purchased SILVER and was making money. No Stop order was placed on the account until I finally got hold of him on Feb 2, 2006. I lost 70% of my portfolio. I called MONEX who stated they would look into it and was told by the compliance offer at the very least I got Extremely POOR SERVICE and they would look into it. I understand how the market works and the chance to loose some money. However you would have to be a COMPLETE IDIOT to give half of your life savings to a firm and not watch it. Secondly you would have to be completely INSANE to sit and watch 70% of your portfolio waste away every day and not take any action to stop it. 1. MONEX broker ED SPEERS never told me of the type of trade he was making or SHORTING Silver. 2. MONEX broker ED SPEERS never placed a stop loss in on the account until I called repeatedly to check on the status of my account and had lost 70% of my portfolio. 3. Monex broker acted in a completely irresponsible manner not consistent with any Reputable broker with even basic investment experience. This after stating he was a SENIOR ACCOUNT Representative with MONEX. I am a State of Texas Criminal Investigator in Money Laundering and understand the complexities in dealing with money and investments. I find it inexcusable that some one could misrepresent himself as a learned Broker and his company in such a manner. He in essence STOLE my families Life savings from his lack or interest or basic professionalism NEVER received a e mail or phone message of the amount of Loss or position my portfolio was in. I am requesting an investigation in this incident and sanctions be placed against ED SPEERS directly and the MONEX Corporation. In addition the funds returned from this so Called SENIOR BROKER who placed a purchase order without out notifying the client of the position or volatility of position of his clients account. MONEX's broker ED SPEERS was playing fast and loose with someone's Life Savings and not placing basic stop loss order until it was forced into liquidation. I am available at your disposal to discuss this matter at your earliest convince. Thank you, CLICK here to see why Rip-off Report, as a matter of policy, deleted either a phone number, link or e-mail address from this Report. Chris San Antonio, TexasU.S.A.
Entity: Newport Beach, California
25, Report #177577
Feb 22 2006
05:36 PM
I opened an account with MONEX with a So-called SENIOR Broker Ed Speers. He had me purchase silver only by identifying my account by numbers and symbols. Never told me he was (Shorting) betting the Silver market would go down. I watched the market several times a day watching the Silver cost go up thinking I was making money. I got a notice in the mail of a forced liquadation. I called several times and he did not return my calls. I lost 70% of my money or $10,000 due to incopentence that even a first year broker knows of placing a stop loss order on an account. I complained to the US Securities and Exchange Commission which MONEX is not licensed by. They refered me to the Comiddities Exchange which MONEX is not licensed by but stated that had recieved several complaints on the company in the past. Only the State of California regulates them which is my next step. The Compliance division did a Investigation and stated Well sir some people hold on to a Bad Investment like some people stay in a Bad Marriage. I asked what kind of Idiot would hold on to a position which was falling at several thousand dollars a day and taking a loss of over 70% of their life savings. He could not answer me. MONEX is a BIG RIPP OFF and not regulated by any Federal organization even though they are Brokers. ED SPEERS is an incopetent Broker and needs to be selling tomatos rather then Gold or Silver. HE WILL NOT do even the most basic ethical trades for your money. BEWARE!!! Chris San Antonio, TexasU.S.A.
Entity: NEW PORT BEACH, California

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