In October I reviewed a recommendation on MrSwing.com for Patrick Montes. After years of experience and research Mr Larry Swing said Montes was the real deal. I contacted Montes, he is very convincing when it comes to speaking about options and said I would be in "very good hands" and that he was the best in the business. Mr. Montes emailed me results from his two systems, a $25,000 account called platinum and a $50,000 account called double platinum in which he trades 10 different commodities with very good results. He assured me that he would always keep 50% of my money in cash to safe guard my account.
Also said corn was ready to make a move if I wanted to get on board. So I opened an account with Montes with $22,000. Mr Montes never wanted me to contact the brokerage house on my own, he always wanted me to go through him. This was a fully managed account. He traded my account almost exclusively in grains, mostly corn and soybeans, instead of his platinum system. As my account dwindled he assured that everything would work out. Until today, 4/16/07, I called him to find he has lost it all. I thought I had done my due diligence before hiring this guy. Larry Swing of MrSwing.com and Leslie Burton of Fox Investments recommended him.
4/16/07 Called Montes to find out what to do. Asked three times why he put all my eggs in one basket and why he used 100% of my account, no answer. Said $22,000 really wasn't enough to trade anyway, not even $50,000, why wasn't I told this when I signed up? Also before I signed up he sent me a $25,000 account example and a $50,000 account example.
4/20/07 all positions expired worthless. $21,000.00 gone. I had taken $1000 out for an emergency.
4/23/07 talked to Montes, asked again why he put 100% of my account at risk and reminded him that just 2 or 3 weeks ago I called and he said he had set up my account so it would be there to trade another day. Went on and on about stuff I really don't understand but never answered my questions. Said he would wave his commissions and Dorman Trading would cut their commissions almost in half until I got my initial investment back.
5/9/07 Montes called upset because in a letter to Dorman I said he had lost all my money, which he did. Montes wanted me to send a letter to Dorman saying he wasn't to blame for my loses, but I told Dorman the truth. Told me I better not f*k with him or there would be trouble. Then tried to place some of the blame on me because I should have said something if I didn't like the way things were going. I did this on several occasions. One time in particular early January I called because I noticed only $5,000 in cash in my account, as usual he explained it away and I felt good when I hung up.
5/07Montes called all excited because he thought the grain market had turned around. Fool me once, shame on you, fool me twice, shame on me, but I figured giving him a second chance was cheaper than a lawyer. So I sent him another $1200 hoping for the best.
8/17/07Once again my options expired worthless, and I lost about $1000.
I contacted the board of futures and commodites trading. They investigated and found he was trading naked calls in my account (not good), but didn't think he did anything wrong. Even though Montes told me he lost all his client's money he is back in business under a friend's name.
Look this guy up on the SEC, and the futures and commodites trading website he has changed his name once, lost his credentials several times, and has changed business names several times.
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