Monex, Monex Deposit Company, Monex Credit Company, Monex Precious Metals
Monex Deposit Company Ripped Me Off for Over $32,000
- 09-03-2008
- 26
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:
http://www.MonexFRAUD.com
Company: Monex, Monex Deposit Company, Monex Credit Company, Monex Precious Metals
Country: USA
State: California
City: Newport Beach
Address: 4910 Birch Street