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Report: #697614

Complaint Review: The GMS Group, LLC - Miami Florida

  • Submitted: Sat, February 19, 2011
  • Updated: Sat, February 19, 2011
  • Reported By: Sam — Miami Florida U.S.A.
  • The GMS Group, LLC
    Boca Raton, Fl, Lexington, NJ, Houston, Tx, etc
    Miami, Florida
    United States of America

The GMS Group, LLC White Collar FRAUD endorsed by Broker and Managers Miami, Florida

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 --For over 30 years, our individual clients have enjoyed service with a personal touch, coupled with the same market experience and municipal bond expertise provided to our corporate and institutional clients. -------    HERE IS WHERE THE LIE STARTS: 

The GMS Group, LLC - located in 7 locations - advertises nationally as a reputable company, however, does not reveal the excesive number of times the SEC has sanctioned it or the reasons; I did not find out about their record until we were before a board. The broker and manager failed to mention they had been specifically cited in most of those reports.

The White Collar theft I am witness to began by The GMS Group immediately by their taking nearly $14.000 FROM THE MONEY TO BE INVESTED and then to cover the thefts, by saying that it was owed to the IRS and the IRS had the money.

The IRS refused to return the money saying they never levied the monies from The GMS Group, LLC. The GMS group had it.

Double-talk prevails - "we do not have Florida bonds, there are no more Florida bonds for the year was the response" - days after a large advertisement appeared in the Miami Herald Newspaper. However, as we are the best in the industry we will find you municipal bonds of quality and reliability. Weeks passed and at each inquiry, including calling the comptroler of the company, the lie that the IRS had the investment money continued. It was never returned. 

The representatives of The GMS GROUP, LLC, THE MANAGER AND BROKER USED THE MONEY TO BE INVESTED, minus the $14.000, to clear their desks of investments which were high risk and which included General Motors which was close to bankruptcy and a non-municipal bond called State Street Bonds, State of Georgia, not even close a municipal bond but a deal by Lehman Brothers, not a municipal bond but a comodity. The GMS manager and broker ignored that this was to be a conservative investment and changed what was marked to suit their plan.

In a few weeks the portfolio selected exclusively by the MANAGER and his agent had lost almost $150.000. Permission to buy the chosen bonds were not given but one was recognized over the phone. No information was delivered other than to 'hurry.' Under such circumstances 3 municipals were sold on the same day.

The GMS Group has now been sanctioned, must pay a fine, it's agent is to have a reprimand on his record, however, the  SAME way of doing business continues. THIS TOOK PLACE IN FEBRUARY 2011. There are many thieves among financial institutions, GMS Municipal Bonds can stroll it's way to the front of the line without effort  It has the title. 

Two (2) large billboards announcing their services stand on I-95 in Broward County, Fl.
More in the other states where they are licensed.

I would like to meet others who had the same inter-action to consider a class suit.

This report was posted on Ripoff Report on 02/19/2011 09:04 PM and is a permanent record located here: The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content

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