Larry Pesavento - TradingTutor.com
$107,000 retirement money lost by professional stock trade
- 10-06-2003
- 72
On 11/05 I placed my retirement money ($190,000.00) with Larry Pesavento, a professional stock trader in Tucson, AZ, and paid him a management/set-up fee of $3,800.00 (2%) to trade my account.
Shortly after the first of the year he recommended that one of his students trade my account as he did not have time for it. He assured me that this gentleman was his best student and that he would look after the account activity closely.
While I was in Chicage (April) on business, I received a frantic phone call from Mr. Pesavento in Tucson stating that the gentleman trading my account had lost $107,000.00 in a quick series of losing trades over the past 2-3 days.
He assured me that he could get the money back. I immediately closed the account to trading within the hour.
In November and December Mr. Pesavento started another smaller commodity account for me to "get the loss back". This account rose to approximately 40,000 over the next few weeks, and then started dropping over the next several weeks to around $22,000. At this point I called Mr. Pesavento and asked him what was going on with the declining balance, wherein he apologized that he had forgotten the positions he had taken in the account and I decided to take him off the account as a trader.
From December until the present he has refused to make up for the loss or trade an account responsibly to regain the loss. He stated that there was nothing more he could do for me, that the loss was not his responsibility. I recently have received copies of email correspondence from the second gentleman regarding my loss, and in two e-mails, Mr. Pesavento has admitted responsibility for the loss, but asked the student trader not to discuss this loss episode with me, and he has also asked that before the student trader sends any email correspondence to me that he, Mr. Pesavento, be permitted to review it first. He will not even return the $3,800.00 account management fee that I paid him!!!
Company: Larry Pesavento - TradingTutor.com
Country: USA
State: Arizona
City: Tucson
Address: 4625 E. Camino Rosa
Phone: 5205290469