It is more than a bit curious that a flurry of testimonials (9 to be exact) in the form of rebuttals praising NBI Consultants appeared on July 8. All in 1 day. This was more than 3 months after the original posting from a former employee warning the public that NBI Consultants is a ripoff. Think about it. Could it be that James Weisbrot wrote those testmonials himself in an attempt to bury the warning?
I too had the displeasure of working for James Weisbrot during the same time period as the original poster. Here is what I found out to be fact and what I suspected:
NBI Consultants does not buy the precious metals. Money investors send goes into NBI's bank account in Sunny Isles, FL. No clearing firm is used to purchase precious metals. Although NBI verbally promises to send clients monthly statements via email and U.S. Mail, none are sent. The only statement sent is an original confirmation that NBI purchased X amount of Y metal on Z date in Q denominated currency. A clearing firm is not even named. This is fact.
The registered owner of NBI Consultants is Julie Weisbrot (James Weisbrot's wife). This is fact.
James Weisbrot has a criminal record and served 3 years on Rikers Island, New York City's jail sytem. This is fact.
James Weisbrot hires "fronters" to cold call individuals and businesses from lists he buys from lead brokers. Fronters can rarely last the full 2 weeks he requires them to front on the telephone before they quit in frustration, or from his belittling or simply get a summarizing fire from James after or during one of his alcohol or drug binges before the fronters even collect one pay check. This is fact.
NBI Consultants is not a member of the Better Business Bureau although they list themselves as. This is fact.
NBI Consulants name use to be NBI Metals. That was before they were sued by a client in Arizona, paid the client a healthy sum of money and were court ordered to cease and desist doing business in The State of Arizona. To avoid the bad press associated with NBI Metals, they simply changed their name and reincorporated. This is fact.
NBI Consultants use to advertise and claim that it's main office (and "research") was located on Wall Street, NYC, NY. When in fact, all that was there was a mail box and highly inefficient telephone answering service. It's interesting that NBI Consultants still uses a 646 area code (Manhattan) as it's fax number. Probably a relic from the days when they claimed to be a Wall Street investment firm. These are facts.
James Weisbrot's life style could not be supported from the legitimate commisions NBI Consultants has earned from it's brokering of precious metals. He owns at least one oceanfront luxury apartment in a highrise on Rte A1A, a luxury Mercedes benz sports coup and supports an expensive alcohol and drug habit. This is a strong suspicion supported by facts.
Southern Florida has commisioned a task force to investigate suspected fraud in the precious metals industry:
American Precious Metals, LLC Business Review in Deerfield...
... Consumers in the sale of precious metals contracts. The FTC and CFTC are part of the South Florida Securities and Investment Fraud Initiative, a multi-agency task force... Www.bbb.org/south-east-florida/business-reviews/gold... - Cached
FTC Stops Bogus Precious Metals Dealers - Federal Trade...
FTC Stops Bogus Precious Metals Dealers Senior... The FTC and CFTC are part of the South Florida Securities and Investment Fraud Initiative, a multi-agency task force... Www.ftc. Gov/opa/05/preciousmetals. Shtm - Cached
This is fact.
Why has NBI Consultants not yet been investigated by this task force? Maybe, that is yet to come. Or maybe, NBI Consultants claims to not be a precious metals brokerage but rather a consultancy. They claim to not solicit business. Hence, clients who "purchase" precious metals are required to fax back a form stating that their purchase was unsolicited. Possibly, NBI Consultants has managed to evade the task forces radar because of this technicality.
If NBI Consultants books were ever examined by an authorized government agency, I strongly suspect that a simple ponzi scheme would be exposed.
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