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!!!
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