I met Mr. Bancroft Wright over the telephone, he introduced himself as a experience comodities broker, I ofcourse was skeptical of brokers who uses the telepone to get clients, but after a rather long chat on the pros, and cons (no pun intended here) of
Comodities trading, he had me convinced that opening a new account would be quite bebeficial to me, this guy is good at what he does, he uses the world news, and world markets to drive home his points. He had me conviced that an initial investment of 40,000 dollars would give me a return of 50% to 70% profit given the current position of the US dollar, I ofcourse dont have that much funds available for investments
So I elected to make a rather modest investment of 5000 dollars USD. He wanted the larger sum, but after some explanation we agreed on 5000 USD, he never told me that his commission fee is a full 1500 USD right off the top, so my small investment dwindles to a mere 3500 USD, he calls me every day with reports on the trades, all the time assuring me how well my investment have grown, in two short months it has doubled in value, and Mr Bancroft use every opportunity to incourage further investment, at one point suggesting that I use my entire 401K account.
I remain a bit skeptical, but he assured me that with there STOPLOSS clause, the chance of me getting wiped out is nil, however, from the statements sent to my address, I was doing great, my small investment was now 17,000 USD, then it fell to
12,157.50 USD, then one day I got a frantic call from Bancroft, he said we sold your
Holdings on Silver, and bought Platinum, because your shares was on a slide, quote/unquote. He said platinum was doing way better, I thought how can he sell my shares without even a verbal agreement?
However on his weekly reports he continue the feel good report, then one week past and there was no report, so I went on line to check on my account, I was shocked numb, my account balance was zero, yes, 3 big zeros.
I fired off a call to the home office, and demand to speak with my broker, Mr. Bancroft Wright, the secretary had me on hold for 20 minutes, but I kept calling back,
This was very unusual, finally the following day I cornered him, and demand whats going on with my account, he said he was with a client and will call me bach, he never did, I have to date no verbal or written explanation what happen to my account, and no one at Lloyds Asset Management is talking to me.
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