Contacted by GBE to enter silver market in Sept. after initial $5,600 investment, I was referred to their "expert" market analyst (Zeiler) who was convinced that I could recover from a poor recommendation to buy platinum by another company (Diversified Precious Metals).
Being unfamiliar with the markets and the type of account into which I was entering, I believed the very up-beat analysis of the silver market which led to an investment of $104,000 ($50000 $54000) on which there was a $40,921.64 "total"management fee. Within 2/3 days of the $54,000 investment there was a $25,000 equity call which I paid to protect the 20,000 ounce position. As of 11/30/08, my loss was 93% of the $134,600 investment.
I have been misled with the deceptive practices by GBE with a devastating loss and drastic depletion of my retirement account. (my age is 70) I am in contact with the Virginia Attorney Generals Office and I see that California has issued a desist and refrain order against GBE for violations of state codes that require registration or license or exemption in order to trade commodities in the form of precious metals. The silver market, as of Jan/ Feb has risen to exceed my purchase prices, however I am sill out 87% of my investment.
This company is deceitful and preys on elderly persons not familiar with the deceptive, misleading practices as employed by Global Bullion Exchange LLC.
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