Mr. Bob Stropp contacted me in May wanting me to purchase silver. He insisted that the market was doing well, and that it was a win, win investment. I was skeptical about it. I told him to give me some time to think about it. He was very persistent. He called me several times. He finally convinced me to borrow my retirement to purchase silver. I was aware that there would be a penalty if I drew my funds out for tax purposes. He convinced me that the profit that I would make would take care of any penalty charges that I might accure. He also told me that he would spot me $5000.00 to start my investment, until I sent $20,000.00 in. Once he received the $20,000.00, I was sent a receipt showing that I was making a profit. After the second week the profits started to go down and I started to worry.
I contacted Mr. Stropp and informed that I wanted to pull out my profit and he insisted that I needed to stay in. He informed me that the $5000.00 that he had spotted me would be a significant penalty charge. Mr. Stropp had never informed me of this. He convinced me to stay in because He stated if I pulled out I would lose a signifcant amount. On the next trade I informed him to put a stop lost on the trade, so my lose would be minimal. He assured me that he would.
Unfortunately the market began to go down and I was losing money. I tried to call Mr. Stropp to sell and find out the status of my investment, but I was never able contact him. I tried to call him day after day, and I was never able to reach him, and he never returned my phone calls. I was finally able to speak to one of his co-workers and I was informed that Mr. Stropp was out of town on a business trip. Finally, Mr. Stroop contacted me and informed me that I lost all of my money. I questioned him about my stop lost. He informed me that due to company policy if the margin of the investment was too low, that I would also be penalized.
After losing a $20,00.00 investment, I was sent back $1200.00. If Bob Stroop had only utilized the Stop Lost, then I would not have lost my investment. I feel that his practice was unethical and should be investigated. I would like my investment and the tax penalties to be replaced since I was not given the opportunity to have the stop lost put in place to protect my money.
0 comments