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

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26, Report #1092967
Oct 18 2013
05:21 PM
Monex Group HUGE RIP OFF With $5000 cancellation fee... Their Legal Dept will not return my calls or my emails! Woodbridge, Ontario Ontario
I own a small photography business and have been a client of Monex group for approx 6 years.  Until now I had no major issues with them.  The minor issue I had was about a year ago when my machine stopped working for debit transactions.  I was told to ship it to them and it would take about 5 weeks to get it fixed.  I would not be able to do ANY transactions for 5 weeks, so I just lived without accepting debit. Recently I was told by some friends about alternate choices for credit card processing at better rates and decided to cancel with Monex.    I left a message on voice mail with Brian Griffiths who is in charge of their legal dept saying I wanted to cancel. Thats when the trouble began.   He then sent me an email and telling  me that I was in a 90 month contract (that I had no idea about). He then sent me an invoice for $5000 for early cancellation penalty.  I called and again got his voice mail and left a message explaining that there is no way I will pay that so I am NOT going to cancel until my contract expires in July of next year. They sent another invoice with interest added.  I called them again, and again and again.  Each time leaving a message and asking Brian Griffiths or anyone from legal dept to call me back. Not once have they called!!  I emailed them numerous times as well and they have not returned my calls.  All I wanted to do is formally give my notice of cancellation ahead of their 120 day deadline, but they will not acknowledge my calls. Now a new problem has popped up.  My machine just died completely.  I was told that my machine is the older swipe card type and did not support the new chip cards and they cannot fix it.  I have to upgrade to their chip machine for $310.  I only plan on staying with them for approx another 9 months when my contract is up so I don't want to pay $310 for the machine upgrade.   I've read about numerous people who have had the same problem but have not heard about anyone's final results on the issue.   Has anyone reading this gotten out of one of their contracts?  
Entity: Woodbridge, Ontario, Ontario
27, Report #1123603
Feb 14 2014
02:39 PM
Monex Group Trap, Liar, hidden terms, unreasonable charge, unreasonable penalty Richmond British Columbia Canada
I have been using MonexGroup Credit Card Processing Services for almost a year. The sales representative didn't explain clearly to us, only mentioned that they're cheaper and better than all other company in N. America. In fact, NO. Thers's a bunch of hidden fees, abscure transaction when transfering money back to our bank account, the so-called hotline is only open from Monday to Friday, 9 to 5 eastern time, take more than a day for transfering the money ... etc ! Absolutely POOR SERVICE !Then we decided to look at our options for our merchant processing in Oct'2013 and took advantage of a trial period with Moneris Solutions. The Sales Team of Moneris Solution informed us not to terminate the service with MonexGroup and keep on paying their service even we chose to use the service of them. We have been paying for the service to MonexGroup even though we have not been using the terminal. On Feb 11, 2014, they suddenly sent an email to us for closing our account and charging us $2816.97 penalty for terminating our contract. We have never cancelled our services with MonexGroup and continued to pay all of our charges during this time. We contacted Henry at MonexGroup our sales representative concerning the letter and he explained that MonexGroup is now taking legal action against us. Then we then contacted Brian Griffiths at their legal department to ask what our options are. He was being so rude and stated that the contract stipulated that we were not allowed to look at our options. We explained that it was only trial however now knowing this we would like to continue using MonexGroup services. Brian then told us that if we decided to continue using MonexGroup services we would still be charged for not processing any transactions in the past 3 months. Monex's stand is that we have to process transactions every month to maintain the account open at any time that we stop processing transactions they will consider that a breach of contract. When reviewing the contract we cannot tell where this is stipulated.We are so frustrated, we haven't received anything, such as, reminder, warning ... before they sent us the termination letter. We don't expect this is a service. We feel that paying $2816.97 penalty in termination fees for a service we have never terminated is obsured. And they are taking advantage of us in this condition. Don't use MonexGroup ! It's a trap.We have just filed a complaint to BBB for this matter and waiting for their reply.
Entity: Richmond, British Columbia
28, Report #1144887
May 07 2014
06:36 PM
Monex Money ExpressPayment Tech Long-term, unreasonable contracts, terrible customer service, Auto-renewal for further long-term Montreal, Toronto. Ottawa Nationwide
I have a similar story to most others that I've read on this site. I called in Dec '13 to discontinue my service with Monex/ Money Express as my business was closing. I was told my contract auto-renewed the month before for another 4 years! No notice; no heads-up.... nothing. If I wanted out it would cost me $2000+I kept my business account open over the next few months to close up outstanding transactions. Monex made a few small withrawals from my account, which I tried to have resolved but wasn't terribly concerned until they decided to grab $500. Customer Service rep told me to fax my bank statement & this charge would be reversed.... then says, Ooops, actually, sometimes when an account is inactive, we'll charge an inactivity charge of $500. I was advised to call the legal dept, which apparently is one guy - the muscle.Did they not get it? I'm out of business! My account is now in the red by $200+. I have now blocked them from further transactions & am hoping my bank will help. Not sure what else to do as it seems nobody is getting any satisfaction through Monex.*Aside - my location says I'm in Maine. I'm actually in Nova Scotia, Canada but there were no Provincial drop-down choices.
Entity: Nationwide
29, Report #1155112
Jun 16 2014
09:40 AM
Monex Credit Company Monex Precious Metals Totally mislead me on parameters of Atlas Account Newport Beach California
 Iwas recently made aware that the Dodd-Frank bill may help me with my dilemma.If I had known back in 2011 that I was victimized I would have made a report back then. The Atlas account by Monex is a leveraged account and I was assured that the worst thing that could happen to me was that I would break even on my investment. What happened was quite the opposite.I had done about five transactions with them and never had any trouble. On or about 9/16/11 ( I have the paperwork) The metals on the London exchange took a hit. By 3:00 A.M. Eastern Standard Time I had lost $13,023.64. That combined with the time difference between Eastern time and California time would have meant that I would have had to sell my position at 12:00 A.M. Eastern time, a time when nobody is in their office. I was not notified that I lost all of my money until approx. 1:00 P.M. Eastern time.I was never told any of this, of course. 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 companiesfrom doing the obvious.I was never provide with a serial number as per federal law as required and I have the paperwork to prove it. I lost a smaller amount of money on one occasion and they conveniently couldn't find my rep.(Joe Tejeda) until it was too late.I don't expect to recoup any of my money but I hate to think of this happening to another poor person who like myself can't afford tol lose it. Thank You in advance for any help you may afford me and please warn your readers to stay clear of Monex. Please feel free to contact me. Thank You. Yours Truly,Jeffrey Cxxxxxxxxx                                                                                                             
Entity: Newport Beach, California
30, Report #1041953
Jun 28 2013
03:52 PM
Monex Monex Deposit Co Poor trader supervision and strategy, Internet
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. 
Entity: Internet, Internet
31, Report #538759
Dec 13 2009
06:26 PM
monex liqudated all my inv estments with out notifying me.The agebt was a cheat.but,it's fine I believe in what goes around comes around,that agent will repent his deeds. newport beach, California
this is a fraud company who took my hard earned money,they cheated & took all my investment with out notifying me.The agent was a cheat & guided me wrong on investing in it & they took all my ETF's investments by liquidating it & won't even notify me about this.
Entity: newport beach, California
32, Report #771415
Aug 31 2011
10:44 AM
monex group charged me for 6 debit machines,have one in my possesion-paid $2000 for it. continues to take money from my bank toronto, Ontario Canada *EDitor's Suggestions on how to get your money back into your bank account that someone wrongfully takes it from you!
My problem with these people has been going on since 2009. We were introduced to a salesperson representing Monex. We wanted to obtain mastercard and visa in the office since people do ask to use it from time to time. In the beginning we decided to order 6 debit machines so the sales staff could use them while on the road. Within the next day or so we called Mr Ken McGrath and asked him to cancel 5 of the machines-we would only buy one that I could use through the office for everyone over the phone. I was told that was fine. He brought ONE debit machine to us-we paid $2000 that day for it. The only time it was used was to show me a few examples how to use it. All that ever got hooked up for it was American Express and debit. The main thing we wanted was Visa and mastercard. We called numerous times to get this going and got nothing but a total run around every time.  This guy will call you back and this guy will help you etc. etc. Then I noticed Monex taking money out of our account-not charges to use the credit cards but charges to pay for 5 more debit machines. When I finally got to tlak to someone about this he said that they would not give me back any money they had taken for the machines we never got because we had ordered them.-although we cancelled quickly. He offered me free paper for the debit machine for a year. Why would I need paper for something that never got set up properly? It was over $600 they had taken by this time until I put a stop payment on it. The sales guy-Ken McGrath promised us to fis this too many times too. Last year they sent us back the money they took from us after one of our guys told him he had no business taking the money for something we don't have. This year again here we go-they are trying to take money out again!!! I have put a stop payment on this and now they have put me in collections and the woman was anything but nice in there-very rude and very pushy!!! I do not understand why I should have to pay anything for something I have never had. We have never ever gotten to use the machine we do have that we paid $2000 for. I am a victim here and I have tried so many times to fix this-by trying to get the machine working properly,by getting them to stop charging me for machines I don't have. I am very upset with this place and I am a victim!!!! We went to another place for visa and mastercard a long time ago because we needed it and they certainly never did anything to help me. Why would they send me money back last year and then put me in collections?? Crazy!!!! I have a paralegal helping me with this matter at this time. I hope it gets resolved because it has gotten way out of hand and I am being bullied by these people. Buyers-BEWARE!!!!!!!!!!!!!!EDitor's Suggestions on how to get your money back! HERE IS WHAT RIP-OFF REPORT SUGGESTS YOU DO: Go to your bank within 60 days of the charge, or as soon as you know about the charge, don't delay, and tell them that there has been fraudulent activity within your account. Explain that you wish to file a dispute, and demand that they assist you in accordance with Federal Regulation E.According to the majority of victims interviewed by Rip-off Report, those who immediately called their banks to dispute the charges did not get very far. Many victims got the following responses from their banks: we could not do anything for you or you waited too long; it has been more than 60 days.If the bank is says that you have waited too long, explain to them how you called their 800 number as soon as the charges were found, and were told by the bank that nothing could be done. Remind the bank that they failed to assist you properly at the 800 #, and instead, provided you with an inadequate explanation of your right to dispute. Tell the bank that it's their fault time has expired, and since they gave you the wrong info to begin with, they will just have to deal with it, take the loss and reverse the charges.Tell them the truth; this was unauthorized and your account was NOT to be charged! Keep emphasizing how you never authorized anything! Direct them to the hundreds of victims reports that were filed on Rip-off And if you're at the bank, walk them over to their computer and make them go to this site! If you are on the phone with them, tell them you will wait while they access this site! Either way, be persistent!DO NOT TAKE NO FOR AN ANSWER! Let them know nicely, that you were advised to Report them (the Bank) and this situation to the Banking Commission in your state. Since each state has a different name for the agency/controller over banks, find that name before you call or get to the bank so you can throw it in their face. The more knowledgeable you appear to be, the further you will get.And just continue to demand the Federal Regulation E form! The bank CAN, MUST and WILL reverse the charge! But, you must be persistent; ask to speak to the supervisor or the area manager for all the branches in the state.Let the bank personnel know you are meeting with the media later in the day, that you would much rather they do the right thing (as most other banks have) by looking at the complaints and immediately reversing the charge(s) to your account; no matter how long ago it was. Be sure to call the Media if necessary so you are telling the truth.If you have to, be loud (but nice) in front of other customers. If you are just calling by phone, the above tactics should still work. The bank can easily fax or mail to you the Federal Regulation E dispute form.CHARGES TO YOUR CREDIT CARDIf the charge was to your credit card (not debit card, check card, or checking account), contact the credit card company as soon as possible to request a dispute form. Consumers usually have a little longer to dispute fraudulent credit card charges (up to 6 months), but it is better to act right away. In this type of situation, credit card disputes are usually successful since fraudulent companies often won't contest the disputed charge. In rare cases, credit card companies will review disputes, but refuse to reverse the charges. If this occurs, complain to a manager and let them know you will be filing a report here.Remember Don't let them get away with it! Make sure they make the Rip-off Report .. The more Reports filed on a Company or individual, the more likely it is that the authorities, media and attorneys will want to take action. And good luck Let us know how you do!ED Magedson Founder Author of www.ripoffrevenge.comRip-off Report PO Box 310, Tempe, Arizona 85280
Entity: toronto, Ontario
33, Report #1325432
Aug 30 2016
01:26 PM
Monex / MoneyGroup monex scam, monex scammers, money express scam, monex group scam, monex group, monex, money express Mississauga Ontario
MONEXGROUP IS AN ABSOLUTE NIGHTMARE! So I own a small business outside of Toronto and in March 2016 was looking to migrate my credit card processing to a new provider primarily because GoPayment, my current processor at the time, had announced that they were closing their Virtual Terminal service as of the end of March. Monex was one of the companies that came up in my search for new processors. My first contact with a Monex/ MonexGroup sales representative was with a fellow by the name of Mr. Emad Tadros on Thursday, Jan 28th, 2016. He seemed very nice and because he knew a mutual lawyer friend of mine I felt at the time in good hands. He promised that he would make it a seamless transition and have me up and processing with a new processor as soon as possible - at this point I was still 2 full months away from desperately needing another processor so worse case scenario I still had a time to search for alternatives provided things with Monex didn’t work out. Well, after a month and a half of waiting and playing email tag back-and-forth frankly I was getting quite frustrated as well as a bit desperate to tell the truth, as I was now only 2 weeks away until I no longer had credit card processing for my business. I sent a last email to Mr. Emad Tadros asking if he would be so kind as to possible give me a phone call to provide an update with respect to the virtual terminal service I required, and that it would be greatly appreciated – but at that point I had already begun looking at Square and other options available to me. I was told by Mr Emad Tadros that these things sometimes take time. April was a bust, I had to quickly sign with Square to meet my customers payment needs and incur a high rate as a result. Then I finally I received an Elavon Activation Email May 3rd, 2016 and naturally I transitioned to them because their rates were better. So I was told that I was okay to process with another company named Elavon via Elavon (shesh, had I known I would have just signed up directly with Elavon?! I am a Costco member and would have gotten a better deal!!). Anyways a week rolls by and I processed just over $3,500 Cad worth of orders with new processor Elavon, only to find out at the end of the week that account with them was canceled, this was May 11, 2016. Nearly 4 months of waiting and work for a week of processing. But wait, things go from utterly frustrating and total waste of time to an outright small business persons' nightmare, please bare with me. Anyways, I took the wasted time and experience as a lesson learned and moved on my search for a new credit card processor. I was never again contacted by a Monex or any one of their agents. To my surprise, 6 months after Monex and I parted ways (unbeknownst to me at the time) a $500 came out of my business bank account on August, 11th , 2016 from a Money Express. I had never received a 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 was and what where they charging me for - even my bank couldn’t put 2 and 2 together for me all they could tell me was Money Express's issuing bank was RBC and that is was for an inactivity fee, not much help or to go on. After more frustration and wasted time I ended up having to go to my bank, filling out forms, and having the Bank Manager cancel the charge and refund all of my $500 taken from the account. It was then received an email 8 days later, on August, 19th, 2016 with the subject heading “MONEXgroup – Outstanding payment notification” 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. I immediately called customer service and was forwarded to a Mr. Brian Griffiths in the Legal Department/ Collections. I proceed to tell Mr. Griffiths my problem and it seemed my issue fell on deaf ears. He was extremely rude and certainly did not provide absolutely any help at all (which I guess was expected considering the ridiculous fees charged that were in question), I mentioned that my account was canceled after only 20-30 transactions. He said, we have no information about that - Ok well my account was canceled with Elavon after 8 days, So why months later does Monex feel the right to charge me for not servicing me. After some research online into other complaints against Monex's business practives it seems that I am not alone in experiencing the frustrations Monex is capable of igniting. Here I found another RIPOFFREPORT oddly enough with the exact same individual with whom I was told to talk to, Mr. Brian Griffiths. After getting super frustrated myself with Mr Griffiths' lack of knowledge about my account and issues and not wanting or willing to help or further look into the matter I angrily ended our conversation feeling unserviced and completely unsatisfied. 5 DAYS LATER... August 24th, 2016 I received another message from Monex/ MonexGroup's Legal department collection specialist Mr. Griffiths stating; “Prior to issuing a formal demand we wanted to extend an opportunity for you to reinstate your service. The balance presently due is $1,075.00, this payment can be made through a certified cheque or money order made payable to Money Express POS Solutions Inc.” So after trying to rectify the original fraudulent $500 “inactivity fee” they tried to charge me they added a $70 chargeback fee on the erroneous inactivity fee and then they wanted another $500 for reinstatement of services?! To the tune of $1,070 ?!?!? What kind of predatory/criminal billing practice is this, I asked myself. 2 DAYS LATER... This issue has gotten to an inception level nightmare now - Aug 26, 2016 I receive both mail and an email correspondence, again from Mr Griffiths stating that my business now owes MonexGroup $5,300.83 and that the payment is due Sept 15th, 2016. So let us recap here: A $500 'inactivity fee' becomes $1,070 in 5 days, another 2 days and that increases almost 5 fold to $5300, so by the end of this week if things keep up am I to expect a bill for $26,000+. Absolutely ridiculous that a company can do this to a small business, they should be fined and criminally prosecuted to the full extent of the law. I have also taken the liberty to share my experience thus far with Monex, MonexGroup and representatives on RipOffReport, PissedConsumer,, and any other consumer advocate websites to provide any potential, unsuspecting customers with insight and credible information pertaining to Monex's diabolically shady billing practices. Furthermore, under the advisement from council I will be entertaining the idea of filing official complaints with the Ministry of Government and Consumer Services as well as the FCAC, the Peel Regional Police Fraud Squad, The Canadian Anti-Fraud Centre and quite possibly the RCMP. My advice is to STAY FAR AWAY FROM MONEX, MONEY GROUP, and Money Express... PLEASE SPREAD THE WORD. I WILL KEEP UPDATING THIS RIPOFFREPORT! ---- Thank you kindly RipOffReport for allowing me to voice my grievance.
Entity: Nationwide
34, Report #386012
Oct 29 2008
10:56 PM
Monex Conned out of my savings by Monex Long Beach California
October 29, 2008 RE: Conned out of my savings by Monex Dear Department of Corporations, I realize that you are probably busy the economy, but I have a serious problem I hope you might be able to find the time to help me with. With what the US's elected officials are doing with these hundred billion dollar bailouts with taxpayer monies I feared not only would my bank collapse but runaway inflation caused by these bailouts would diminish the value of my meager savings. I was seeking safety, instead I found a con man who stole my savings. On 10-3-2008 I called Monex, 302 Pine Ave, Long Beach, CA 90802, 800 444 8317 about purchasing some gold to shelter my savings due to the falling dollar. I spoke with Joe Diez x2976. He briefly explained their system of delivery, storage and Atlas account. On 10-8-2008 I spoke with Joe again and he insisted that Gold was a bad purchase and that I needed to buy Silver because it was going to take off. Eventually he convinced me to change my plan of getting some gold delivered and agreed to $36,000 of silver in an Atlas account. I made the transfer and when I called to tell him I'd done it he told me he'd made a mistake in his math and I needed to send another $1185 which I very reluctantly did bringing my total to $37,185 His math was not making sense to me and I asked him to clarify the numbers. I was driving so I told him I'd call him when I got to my destination. I did, he didn't answer, I left several messages that day and on subsequent days. On 10-13-08 I finally reached Joe after several more attempts and he then informed me that my account was about to be placed on call' and that I'd need to send them another $8666. I said WHAT?' He then proceeded to tell me that if the value of the silver dropped by a mere 14% that I either had to add more money to it or it would vaporize my investment. I was shocked. At no time in our previous conversations did he disclose this and I specifically asked questions like what else do I need to know and what happens if the market goes down. I made it very clear to Joe that I was trying to shelter my savings in something solid and I did not want high risk investments. I absolutely did not agree to this. I do not see how this is legal. Is not full disclosure a core part of the investment world? He absolutely did not disclose this and I absolutely would NOT have done this investment if he had. I specifically told him I was looking for something safe and he ensured me that what he was doing was safe and that I could even make a few bucks in the process. Yes, I know the old saw about a fool and his money are soon parted so perhaps I deserve to have my savings taken by a con man, but really? How is this legal? He did NOT disclose that my purchase would be vaporized by a mere 14% change, he did NOT disclose that what he was doing was extremely risky. I specifically told him I was looking for safety. I hope you can assist me in this as this is my savings that Joe and Monex has conned me out of and looks like they have vaporized nearly all of it While I suspect that I've simply been conned and there's nothing that can be done I hope you can help undo what an unethical person has done to an honest hardworking taxpayer. This is my personal savings and it is what I use in tough times to float my company when we have to pay for products we produce, but haven't sold yet. A company I do NOT run on credit. A company who now has to lay off it's employees because we no longer have that cushion. A company who employs hundreds of individuals across the nation in various jobshops. A company who is dedicated to manufacturing INSIDE the USA. A company which is now on full pullback mode, no orders are being placed and we've slashed every expense to the point where we can not operate. This con man has destroyed our future and while I certainly played my part in this fiasco I was trying to shelter my savings against what Congress is doing and the failures of banks. Please help me get my savings back so we can continue to support America and the American worker. Sincerely, Robin Simpsonville, South CarolinaU.S.A.
Entity: Long Beach, California
35, Report #181635
Mar 17 2006
07:32 AM
I lost $10,400 to a dishonest broker ED SPEERS with Monex. He bought Silver and shorted the market while silver went UP! He Sat and watched it as I lost 70% of my live savings.MONEX is not regulated by US Government or any legeal Brokrage intinty. I filed a complaint with the (BBB) Better Business Bureau of Orange County California. I noticed (11) other complaints on the company and the (BBB) rated MONEX with an (F)!I asked for an investigation and Herbie Coachman/Compliance Officer with MONEX stated At the very least you got BAD SERVICE. After the investigation they felt it was my fault for trusting their Broker who was giving me FALSE updates. ED SPEERS is a dishonest man MONEX is not listed in California with the Board of Corporations which pulled their charter in 1992. I cant find a single organization who regulates MONEX. The are Liars and Conmen STAY AWAY! Chris San Antonio, TexasU.S.A.
Entity: NewPort Beach, California
36, Report #1141195
Apr 23 2014
05:46 PM
MonexGroup Monex Group hidden fees, no customer service, tight contract, automatic renewal of contract Nationwide
Do not sign any contract with this company. If you already have, make sure you send written cancellation at least 120 days before your contract is finished (and get something in writing that they have received your cancellation), otherwise they hook you into an automatic renewal. If you cancel mid-term, they will charge you thousands. Their contract is tight and somehow legal, so if you've signed it, you're screwed. Yep, I talked to a lawyer. Not sure how the Monex folks sleep at night, nor how they will be able to continue these actions, especially with all the contract-less competition emerging in the market these days. Choose another company.
Entity: Nationwide
37, Report #1038339
Mar 26 2013
08:32 PM
Monex Group Company has requested $9,500 payment from me for cancelation of there services after my contract with them for 5 years! Woodbridge, Ontario
I am a small business owner and  had used monex group services since I signed up in 2008. My contract is completed as of Nov 09 2012. I decided to continue our services with this company. On March 19 2013 I realized a $500 transaction has been withdrawn from our business account.  As I called to ask what this was all about I was told it was a fee that applied to the unusage of the terminal machine for 2 months. I had told customer service that business was really slow and not everybody wants to pay by credit card. I had aslo asked why is it nobody from there company sends any notices or calls to notify us? There response was they do not do that.  Desperate to resolve this matter I had ask them to compromise and have the fees returned to us considering we have been conducting business with them for 5 years with no late payments. Again there reponse was not something they were interested in helping out with. Furious with the customer service they had provided us with, our next step was to cancel there services, so we called and made that request. No problem, nothing said on there behalf. Days later they send us mail indicating that we now owe them 9 thousand five hundred dollars due on April 5 2013 for cancelation of there services...... Unreal how is it possible they could come up with those figures? Apparently they say, if we do not issue a cancelation letter to there company within 120 days before our contract is complete they decide to automatically renew your contract for you and lock you in for another 5 years of horror! If anybody has had any issues simular to this, please help. I do not know what to do all I know is that this is really unprofessional customer service and monex group is a scam company. Stay away or youll be the next victim. They have 67 complaints in the bbb within a short period of time and is plastered all over the internet with many victims caught into there  world of scams and hidden charges... Someone please help, lets get something together and shut this company down! 
Entity: Woodbridge, Ontario
38, Report #1115637
Jan 15 2014
06:57 AM
Monaco Financial, LLC Monex Rare coin company that will ripoff your money but will never return your calls or emails. Long Beach California
Monaco Financial is a rare coin business out of Long Beach California that also go by the name of Monex. The company is located at 4900 Birch Street, Long Beach,  California. They are a high pressure sales company with only one thing in mind is to take your money no matter by what means.   This is a rare coin company and the sales person that is your representive is always calling you with this deal or that deal. The most important thing is to get you to sign a finance agreement if you can not pay for a coin but just put a down payment on a coin is to charge you interest and they matain complete control of your coin that you bought till it is payed off.   That like buying a car by getting it financed and never taking it home till you pay the car off. You are charged interest even though you never see the rare coin you bought till paid in full. You buy a coin for $30,000 may put down $20,000 dollars and owe $10,000 but if you decide to cash in your coin you get a penalty stuck for 15% on the $30,000 dollars you bought it for even though you have paid $20,000 on your loan, all you get back is $15,500 dollars of you money that you have invested, even though you have been paying %5.99 interest on your loan.  I bought several coins through Monaco and was promised that what I invested I would recive back when I got ready to sell what I had bought from them.  Wrong when you try to question them they will never return your call or you email or even a written letter. I was scammed for over $20,000 dollars thinking and being promised to get my money back that I invested with Monaco. Beware before sighing a contract for financial aid to buy a coin because your down payment will be less of the over all price and you don't even get a kiss.  Stay away from them and their smooth advertisements and keep you money in your pocket not theirs.  
Entity: Long Beach, California
39, Report #1315006
Jul 04 2016
01:07 PM
Interbank FX, LLC IBFX, Monex Group, Mr. Todd B. Crosland, Manager Losses Holladay Utah
Dear Ripoff Report, Please review, process and file my complaint for your readers as follows. Interbank FX and the Monex Group didn't comply or follow all NFA and CTFC Rules and regulations during my single account trading resulting in my losses of $17,058.33. FIFO regulations were not implemented. Their company maintained its conflict of interest by acting as the Forex Market Maker and Forex Broker. Controlling the market, they charged spread PIP's often exceeded thirty per trade. Any additional information supporting my claims will be provided as requested. Thank you for your consideration, time and understanding.
Entity: Holladay, Utah
40, Report #1267546
Nov 12 2015
02:15 PM
Monex Group Canada Monex Legal Department useless, rude and ripping off customers toronto Ontario
Our contract with Monex was ending so we sent them written notice (5 months ahead as they need 4 months notice) to cancel the service. We were told that Legal Department would send us termination documents. We have been following up with them constantly for 9 months, every time we were told the same thing that they will send the documents. Monex kept charging us for all those months, around $100/ mth and $500 of unexplained fee. After 9 months, we managed to talk with the legal department named Brian Griffiths. He was extremely rude and helpless, many occasion he threaten to hang up. No apologies whatsoever. We have done everything needed to cancel the contract that is matured. So we don’t understand why they are not closing the account and kept ripping off our money. We have documented everything and all the emails/faxes are kept as a proof. 
Entity: toronto, Ontario
41, Report #385331
Nov 10 2008
12:13 PM
Monex Credit Company I bought and paid for gold 10oz bar thru MR Luis A. Ovalle on 9/16/2008, However the gold never arrived and being told that I will have to waite becouse they are out of the Gold presently. When I asked that either the gold be shipped to me or refund the monies that I have paid, I am being told that I can sell my gold at todays prices which is lower than what I paid. Newport Beach California
On Sep. 16th 2008 I paid for a gold Bar (10oz),The gold never arrived. The sales person Mr. Luis Ovalle who seems to be a very nice man keeps telling me that they are out of gold presently, and I could choose to sell the bar back to them at todays gold prices. I have paid close to $8000 for my purchase and the spot is much lower than that. He even asked me talk with his manager Mr. Mike Carlson who is very hard to reach. This whole matter seems quite fishy to me and quite upsetting. A perbtani Pembroke Pines, FloridaU.S.A.
Entity: Newport Beach, California
42, Report #433902
Mar 17 2011
07:23 AM
John Kassoulides, Director Business Development - Monex Group DO NOT DO BUSINESS WITH THIS PERSON he has a very dark side(scammer) Vaughn Ontario
John Kassoulides, Director Business Development Monex Group TEL: 905. 265.1828 x237 Fax: 905.265.0041 Do not do business with this person John Kassoulides he has a very dark side he comes across as a real family man, charming and talking about his family enticing you about how much of a nice person he is and he stands as a firm example of the company. However, all the promises he, John Kassoulides makes about returns are no where close to what he promises. All he wants John Kassoulides, is your money and he gives you all excuses and promises. Stay away from all the ads they have in different magazines and newspapers just flashy crap. They can not do trade shows anymore because former clients will approach them. People are not buying their machines or sales pitches. Never mind that from my insiders their staff is being riped off as well by not getting paid. Sales people will not do shows any longer. Locations suck and there so many hidden charges. Stayed tuned for my info from the inside. Just remember good old John Kassoulides. Signed Henry W Doog Toronto Henry w doog Toronto, OntarioCanada
Entity: Vaughn, Ontario
43, Report #896496
Nov 01 2012
01:06 PM
Monex Group Monex/Money Express Financials/Money Express POS Solutions/CIT/LFG Auto-Renewing 7.5 Year Contracts, $1000 cancellation fees, No Terms & Conditions, Internet
Hi everyone. I want everyone to know how Monex Group and it's involved companies treat you. I am a small business owner of local computer store. I originally signed up with Monex Group for their Debit Machine services back in November of 2004. I have since been stuck in this contract for 7.5 Years. I would now like to get out , and switch providers; as the customer service, and trust just isn't there with Monex. It is now June 2012. I called Monex a few Month's ago ( Roughly early January 2012 ) to find out when the contract was up , and to cancel my contract. I was told their is a large fee ( around a $1000 ) cancellation fee, and that i was unable to cancel it unless i was willing to pay. I was also informed i was in a 7.5 year contract, which is Auto-Renewing in june 2012. I was informed to call back in June when i was ready to cancel the contract, or pay the large sum of money upfront. at this point i wasn't logging my conversations, as i didn't think it would end up becoming a nightmare. On June.8th 2012 ( 4:40pm ) i called into Monex again , to look into my contract information. I requested the information, I was told that i was paying 9 cents per transaction , and a $9.49/m service fee. as for the contract end date.. I was told that my contract was 7.5 years, and that I signed Nov.22nd 2004 , and my contract was over Nov. 2012. I said to the Representative that makes 8 years not 7.5 years. She put me on hold to double check. When the Representative returned she now tells me my contract Auto-Renewed in April 2012 ( for another 7.5 years!!!! ) . I informed her that a 7.5 year term would mean the contract ends on June.22nd 2012 based on the sign up date. At that point the agent hung up. I called back 15 min later to get the story straight. This time i spoke with Tashna and was informed i'm paying 10 cents per debit transaction and $9.14/m service fee. ( is this company just making up prices? ).  I asked this agent same question, when my contract is ending. I was told she was unable to find the contract on her system. Yet not more than 15 min ago they were able. The Agent told me she would file a request for the contract and i would be receiving it via email in 48 hours. I did receive the copy of the contract from monex via email within the time frame originally quoted. however it wasn't a complete contract, simply a invoice for the debit terminal , with my signature on it. right above where i signed it shows I agree to the terms and conditions provided on page 2 . There was never a provided copy of page 2 via email. Nor can i find any record of the terms and conditions on the so-called page 2 dating back from 2004.  I called back June.11th 2012 to speak to monex regarding page 2 of the terms and conditions, spoke with janice briefly. I was then transfered to Brian Griffiths in the Legal Department / cancellations  Department. As apparently he handles all the cancellations, because they don't actually have a cancellations department. ( Probably because their a big scam, and impossible to leave ).  I spoke with Brian regarding getting my hands on page 2 of the contract, as well leaving monex. Brian offered horrible service, and doesn't seem much a people person.I was told that Monex Required 120 days written notice prior to canceling, otherwise their would be a cancellation fee. This is ridiculous as i called back in January, and nothing was mentioned about written notice. 120 days, that's 4 Monthes! what company requires that anyways? Without the terms and conditions i don't even know if that is true. I was also told that before anything can happen he would have to review my contract. This would be done at his convenience , when he has time. I asked for a approximation and was given nothing. just whenever he got around to it. how re-assuring is that? I mean this is the legal department!!!  Is brian just going to sit around for 3 weeks and let my contract Auto-Renew? what do I do ?. Later that day , i thought i'd'e try another method. I contacted Live Chat Support found on Monex website. spoke with Lauren McCullough. Again i requested they email me my contract. she was very kind, and attempted to be helpful she said she would send me the contract and that it won't be an issue. she was going to send me an email within 10 min. 20 minutes later i did receive and email. However as you might guess it wasn't the contract. it was the run-around again. i was told my contract was very old, and that they would need to dig it up. it will take another 48 hours to request it again.  at this point i don't know what to do , other than to expose the company, and to seek the help of other's who have had similar experiences. As of today i have send a letter of cancellation to Monex via Email , Fax, and Registered Mail. I don't want to be a part of this horrid company any longer. I will also be filling a complaint with my local better Business Bureau today.  Has anyone else on this forum had this problem obtaining their contracts , made up prices , etc.. this company is a Major Scam.. Please Help me get out of the contract!!!
Entity: , Internet
44, Report #1156697
Jun 22 2014
09:19 PM
Monex Very sneaky, heavy handed and unethical Nationwide
Monex contract (in such small print it can not easily be read) initially says 90 months. The salesman advised this was not good and shortened it to 48 months.  He advised me that in 48 months the terminal would be out of date and so would any other arrangements and Monex would be in touch before the end of the term to make arrangements to update with new equipment and anything else that would need to be addressed. One paper attached advised to call to return the terminal at the end of the contract period of 48 months.   When this was attempted, the Monex rep sent an email stating the contract was for 90 months.  When they were advised the contract had been signed for 48 months,  they then changed their story to state the contract states the non-renwal has to be sent in 120 days before end of contract or it automatically renews for another 90 months. With this came a demand for $5000. Previously my wife sold her business and the same person at Monex lied to her and when she asked to speak to his manager he responded with Who do you think you are?       And multiple times he told her   'We'll see you in court.       
Entity: Nationwide
45, Report #246222
Mar 17 2011
07:23 AM
CIT Financial, Monex Undisclosed hidden Charges, equipment doesn't work Toronto Ontario
About a year and a half ago I signed a contract with a Monex Sales Rep for a wireless credid card machine. The contract stated 49.86/month for 48 Months. Conveniently the paperwork was staples together hiding the CIT logo on the lease. While doing my taxes this year I noticed that the charges debited from my bank account were for $74.62 by a company identified as LFG on my statements and that a charge for $15.90 had been deducted by Monex since Aug 7. Calls to Monex offered 2 different explanations about this charge, one was a warranty replament fee the other excuse was a charge for the wireless (Rogers), I wonder which one is true? The charges were undisclosed at the time of signing the contract. After removing the staple in the contract to copy the specific page I noticed that the lease was with CIT. With a quick call to the number on the lease I discoved that CIT is a US based business even if the address is listed in Burlington Ontario. I quickly discoved that customer service at CIT is misnamed, more like rude, crude and totaly without respect, they should listen to their recordings some time. Acording to the so-called service person, our contract is for $63 plus taxes and not for the amount on my copy of the contract, I wonder what happended there? What a rip-off, how can Monex legaly apply hidden charges and how come my payments are not the same as on my contract? To add insult to injury, my credit card machine has not worked for 3 weeks, Monex sent me a replacement termimal and that one still doesn't work. Layers and Layers of companies spanning more than one country all blaming each other and covering for each other. Charles Gravenhurst, OntarioCanada
Entity: Toronto, On. M5J 1A7, Ontario
46, Report #292858
Jan 24 2008
09:28 PM
LFG, is a rip off and a scam! Chicago Illinois
We were approached by a salesperson called Mickey Freece who was very positive in that he was going to save us a lot of money and that this is a great service. He then handed us a lease form for a credit card machine and did not bother to go over it. On the contract there were no lease number, no total amount that I will be paying, no monthly payment, and no company name in which we were leasing with. We wanted to buy our own machine and he was very discouraging about that saying things like it probably won't work if we buy our own and so on. Being a first time owner and have never used a credit card machine we trust him and went ahead with the lease. We did not get the opportunity to read the contract and he just wanted us to sign it. We have overpaid over $1000 to LFG for a credit card machine that is only worth $100. On top of that, the machine is no longer functioning and they are not willing to send us another one. When we called LFG to to ask them if they could send us another machine, they were very rude. I offered to buy the rest of the money back and they were like I don't know how much you owe so i'm gonna have to transfer you to another agent, which they did. THe other agent was never there and I always get the voicemail everytime I did call. I even left a message for him/her to call me back about the amount and they never did. So, now i'm getting 8-10 calls a day from them and they are really rude. They would hang up the phone or just not say anything. Could anyone offer a solution for me? This company should not be in business because be they scamming innocent people out of business!! Lfgisascam Lynchburg, VirginiaU.S.A.
Entity: Chicago, Illinois
47, Report #1091604
Oct 13 2013
08:54 AM
Monex Deposit Company, Monex Gold, Ruthless Boiler Room Scam, Newport Beach California
The whole basis of this company is to scam every person they come into contact with. They scammed me out of $190,000 (my inheritance from the death of both my parents) in 2008 and I became homeless as a result. These people are trained con-artists, they played every trick in the book and wiped me out.They gain your trust by acting like they are on your side and pretending to be knowledgable and friendly, they lead you through a few sucessful trades and then when your confidence is built up they get you to go big into the Atlas Account which is a scam contract written by jewish attorneys. At one point I requested them to cash in 20,000 in gold coins and they lied to me repeadedly about sending me a check but the check never came...LYING THIEVES!!!!I have spent 2 years fighting them in court and lost because the judges (Richard Fybel, Julianne Moore) are corrupt just like Monex. I have never heard of anyone who has had a positive outcome with the Atlas Account, only devastating losses. Michael Carabini, the companies president is a ruthless sociopath and belongs in prison right next to Kenneth Leigh and Bernie Maddoff.DO NOT SEND THIS COMPANY MONEY FOR ANY REASON!
Entity: Newport Beach, California
48, Report #1251579
Aug 28 2015
06:41 PM
NAA National Agents Alliance Andy Albright Honesty, Clarity, Truth and Honor. NAA tells it like it is. Insurance selling is hard work! Nationwide
I joined NAA after being molested by Principal Financial Group, Bank of America, Merrill Lynch and Morgan Stanley.  My commission payout from those big name companies was 25-30% with no ownership in my book of business. The big companies also banned me for two years from being able to work in the industry in their territory.  They believe business is business and I get that.  They spent time trying to train me and support me with back office staff and online platforms and very critical and depressed management.  They are ruthless unlike NAA. NAA is just a bunch of regular often x Amway people looking to make some money selling to old reworked leads untill thay can afford to purchase new leads.  Prety much the same as a green stock broker calling on recycled leads again and again.  That pain is the right of passage in the financial services business.  I found NAA online,  and after leaving the BIG BOYS of finance I looked for an organization that was a bit more friendly but still had clout in the financial services market.  Their webpage at says: National Agents Alliance provides the perfect career opportunity for those who would like to increase their income potential with both up-front commissions and residual income. OK, that sounded good to me. Upfront and residual. I like it!  I joined and learned the following information: ALL INSURANCE COMPANIES ARE MULTI LEVEL MARKETING SALES ORGANIZATIONS. If you contract with an FMO, IMO, DMD, MGA, PPGA, you are in an MLM insurance company. Those are all acronyms for MLM marketing inside the United States insurance business.  Field Marketing Organization, Insurance Marketing Organization, Master General Agent, Blah, Blah, Blah.....   The levels go 10 deep for most.   Allianz, F&G, Transamerica, Mutual of Omaha, Foresters, Great American, ING, American National, National Western, etc are all MLM.   When I was in Amway MLM I had a minimum monthly purchase requirement.  With NAA there is no quota or monthly fee for membership. It is not a real MLM from that stand point. You just give up some of your commission on each sale. You get that back as you build a team and get promoted. Working at any insurance agency you would have had to do that anyway and probably have a desk fee.  Captive agents at a brokerage firm get really screwed so NAA is not a bad place to work in comparison. At a big name firm you get a low contract under the MLM system and then the brokerage firm puts it on the production grid and knocks it down another 75% and then eliminates bonuses etc when you fail.   Most independent agents however try to escape that big brother system and take an MGA or PPGA contract called the STREET LEVEL CONTRACT. It is often paying 80-100% of 1st year commissions but then they have no support and have to pay for all of their help and go purchase an executive suite and a yellow page add and web page.  No one is available to watch for errors or help teach compliance or help negotiate lower rates for E&O. There is no time for selling because everything is administrative. Independent agents with a poor marketing group (FMO or IMO) hand all of the up line commissions to the Field Marketing Organization and then get nothing back except an occasional mug or envelope opener.  The trips are available from the insurance company not the IMO-FMO upline usually. Some marketing groups will take you on an incentive trip if you are a top dog because you made them an extra bonus. With NAA it was slightly different. They have mailing programs and offer free leads to beginners.  The NAA system is the best one for a new agent or an old dog agent wanting back into the business. It is awesome for part timers too!  The free leads are mostly reworked and they tell you that on each lead. It is marked as called 1 time or 3 times etc. There is money in the reworked leads if you call them enough times. The older one are awesome too because people need upgrades and you can find those in the list all the time. The average sale nets about 400 dollars but you have to work too find the money. The money is there for sure however compared to the wire house leads I would call back in the day. The NAA leads take way less work to close that standard recycled leads. One in the home a one call close is the norm.   I worked recycled leads cold at Merrill and Morgan Stanly for years and those leads were bad, bad, bad…. All of the NAA leads at least had the client’s signature on them requesting information and you can close them if you are a salesman but few people are sales people. Most of us want to be order takers.  Go work in a call center hell if you want to be an order taker.  Your numbers will be bad there too if you can’t sell. NAA has an awesome back office and education system. They are there for you if you work.  If you can’t sell and wont go to the training meetings you are going to fail!  The same goes true with the wire houses but they will fire you where you will just drop out of NAA if you suck as a sales person. Right off the bat NAA told me the reworked leads were free on a limited basis.  If I wanted more leads then I needed to purchase them. There are not enough home sales in many counties to provide new leads to one thousand insurance agents so Mortgage Protection Leads are reworked even when they are fresh. Other agents caught them when they were moving in half the time. It is a hard market but you can make money.  You need to learn to sell and few people can close a deal if it is not a laydown. FRESH leads cost money. When I had 100% contracts and paid 5000 dollars to a mail house for a 1% response rate I was out of pocket $50 dollars per lead on average.  With NAA they let you get something called a GMR. That means they take the risk of mailing for you and you only pay for the yield not the full mailing. Your lead cost will drop big time when you do that.  The NAA back office and training is brilliant.  They have an online interface that is a dream to work with.  In terms of residuals and commission haircuts. That money is spread out among the MLM up line just like any other marketing organization in insurance does.  The difference is that as you bring people into the biz you get to share in that pot of money and it is massive!  If you are not in NAA or insurance in general to build an agency you will work hard all of your days with little to show for it.  With NAA you need to start with the intention of recruiting so you can get the residuals right away!   To be an manager anywhere else you need to fight for the interview and get one of the coveted spots. With NAA everyone can be a manager from the beginning making at least 5% on their down line and as they progress they will earn 10X that figure.  It is an awesome way to spread the wealth and everyone can participate not just the coveted agency mangers. Mutual of Omaha, Foresters, Transamerica etc all love NAA as a marketing organization. As for Andy Albright being a redneck money making CEO? Yes he is and good for him. He also shows the path that those who work earn and those who kind of work kind of earn.  If you want real contract hell, real hard work, real low pay, and real compliance nightmares then get a job with a bank or major wire house.  You will be begging Albright for a job again.  He is a business man and every contract is clear. Learn to sell. Enjoy the lead system and better yourself so you can close the sale.  NAA in no cake walk but they are better than most insurance marketing up line agencies. Get out and recruit if you want residual income and overrides.  That is what you would have to do as an agency manager at Prudential or MetLife but you would never get that job as you need an amazing resume and killer instinct and no self-respect.  NAA is hard work as is any financial services job.  Work sucks. That is my complaint!
Entity: Nationwide
49, Report #942535
Feb 13 2013
05:24 PM
DinarCorp, Inc. Samir Altaeh , alias Samir Al-Tayeh Dinar dealer who gladly collects your money but won't send you currency or a refund. Internet
BEWARE of DINARCORP, Inc.   Somehow this company led by Samir Altayeh , alias Samir Al-Tayeh continues to  avoid prosecution & shut down by closing under past company names as US Dinar, US Foreign Exchange , Inc.  Mid America Trade, US Trade LLC, US Dinar LLC, , etc.  Currently operating as DINARCORP , Inc. the story remains the same : they take your money and you get no currency or no refunds.   
Entity: , Internet
50, Report #340327
Apr 15 2010
02:04 PM
Gold And Capital, Mcmullan Co. Kevin Mcmullan gold dealer claims clients 50,000.00 is a loan to him, client receives nothing in return, no metals, no money. y Irvine California
Gold & capital is a self directed investment firm that buys and sells Precious metals on the investors behalf as directed by the investor only. On April 02,08, I wired from my bank in Arizona 50,000.00 in to their account at city national bank in Irvine CA. Funds were held in trust till I directed a purchase. However, I chose not to invest after 2 months. And on June 09,08 I called Kevin McMullan owner of the company and asked that he send my 50,000.00 back. Then on June 11,08, I received a e-mail stating that the fund are now a loan and that he will direct the terms...Kevin has not returned any of my phone calls. Greg prescott valley, ArizonaU.S.A.
Entity: Irvine, California

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