The short math is I invested $7000, and $2000 went away for membership leaving $5000 to buy silver (550 oz), with storage cost and interest. Silver dropped from about $33 to $29 and without my consent they sold at $29, leaving me about $600 of my original $7000 investment. You can hardly burn money that fast without lighter fluid.
I am embarrassed that I bought into this scam.
Joseph Glenn Commodities seems to be the poster child for the CFTC warning:
Over the past several years, the CFTC has taken enforcement action against wrongdoers who lured customers to purchase purported interests in precious metals without taking delivery, through various misrepresentations including claims that they would earn large profits with little risk. These companies often charge a commission for the purchase transaction, a loan origination fee, an interest charge on the remaining balance (which accrues over time), and fees relating to storage and shipping of the metal they pretend to purchase for the customer. Sometimes, not all of these fees are disclosed up front.
Although there is much clever language in the Joseph Glenn Commodities paperwork, a fundamental legal concept applies: Fiduciaries owe two main duties to their clients: a duty of loyalty and a duty of care. The duty of loyalty requires that fiduciaries act solely in the interest of their clients, rather than in their own interest. Thus fiduciaries must not derive any direct or indirect profit from their position, and must avoid potential conflicts of interest. The duty of care requires that fiduciaries perform their functions with a high level of competence and thoroughness, in accordance with industry standards. JGC failed its fiducary responsibility.
So here is what is going to happen. JGC can propose a resolution to my concerns by 5 PM Monday, Apr 30. Give me a reason why I should not start with a complaint to CFTC, Florida Attorney General, etc. And continue with internet scam sites and local print and news media. I want to protect other good faith investors from your scam and I intend to make it very difficult to attract future investors. Dont construe this as a threat, but please consider it a promise.
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