Complaint Review: Madison Forex International & Chadwick Investments

I was first contacted by a Ronnie Cricilies (sp?)representing Chadwick an investment firm in the fall of 2003. Ronnie sold me on the idea of investing $10,000 in the spot market for curriency trading. Using the US doller vs. the Japanies yen.

After making the investment He brought in a colliegue, Chris Peck, who was an 'expert' in the futures marke.

Between the two of them I was convinced to invest into the futures market with the doller vs the yen. This cost me an additonal $25,000.

Early in January 2004 I received a call from Mr. Peck telling me the yen was 'tanking' and got me to agree to move what was left of my investment using the doller vs. the Austrailian Doller.

Each time there was a transfer of funds from me to Chadwick there was a $375 per unit. This was charged even moving from the yen into the Aussie doller.

The total number of units was between 12 & 15 including all three transactions.

By March of 2004 I was informed by Chris Peck that our investment was in fact a vertual total loss. And the holding company for Chadwich sent me two statments totaling $35,000 loss of investment.

This was the first part of the fraud, ripoff, and churning.

In late April 2004 I was contacted by a Michael LeCue from Madison Forex International. He was all sympathy for our loss. He informed me that Chadwich's business had been assumed by Madison Forex. That he had been assigned my file, and he was dedicated to helping me recover all of the money I had lost. He claimed to be motivated by money. He promise he woudld work closely with me and make sure we made money. He got me to invest $5,000 more, plus the $375 for three units of the dollor vs. the yen.

During May, June, and July I had weekly up dates from Mr. LeCue telling me we were making money. We were almost fully recovered etc. etc.

Each time I asked him to sell part and take the profit. With the idea to reinvest the basic amount. Each time he refused because he was eager to make everyting back.

This when on all through June and into July.

On July 18, 2004 I again called Mr. LeCue. We had an eight minet conversation (proof: My July 2004 Telephone Bill) in which he told me that we were still in profit, but it had droped since the last time we had talked. I told him to sell.

He again refused telling me we had plenty of time left on the option and that the market was projected to again go up.

On July 20 I called Mr. LeCue. He was busy with another client, and one of his colligues talked to me and abruptly informed me I was out of the market. He tried to get more money, but I demanded to know how and when I'd been taken out of the market,and what money was left in my account.

He told me I'd been closed out on July 18, 2004 and there was vertually nothing in my account.

The next day I reached Michael LeCue and demanded to know how this had happened. He claimed he did not know. He again told me he was sure there was more time. He put me on hold for a short time. When he got back to me he verified that I was indeed out of the market. There was no money in my account.

He was sorry, but there was nothing he could do.

Shortly there after I tried to call him again. Only to discover both of his cell pone numbers were out of service, and Madison's operator told me he was with a client.

I have tried to find a way to report this, but Florida had all the hurricains from the fall into the winter, and I've been unable to make any progress making a claim against Madison Forex and the three salesmen.

The US Securities and Exchange Commission has been zero help, and an attorney on the Internet claiming to handle this type of fraud does not return his voice mail messages.

Robert
las vegas, Nevada
U.S.A.