Trading ITG mytradingitg, Intercontinental Trading Group, Fran Monroe, Gary Mathews, Francis Monroe recommend commodity option contracts that will expire worthless, option contracts were never purchased, San Jose, Other
This is an elaborate scam that looks almost legitimate except for the series of unfortunate incidents that lose all of your money invested. Gary Mathews uses telemarketing to contact potential investors. The pitch is to invest in lucrative commodities option contracts and the gains will be tax free because they are in Panama. You are asked to fill out broker agreements that look familiar and wire money to their HSBC account in Panama. They create a bogus account for you on their website www.mytradingitg.com so it looks like you are buying option contracts, that are never actually purchased for you. The recommendations to buy these unrealizable option contracts are supposed to be sold at the highest price but unfortunately you are advised to wait until the options become worthless or expire. The account adviser, Fran Monroe, leads you to believe that you can regain your loss if you invest more money and extend the option contracts, (AKA milking you for more money). All of your money will be lost and it is all under the guise that you made a bad investment and you signed agreements that you knew of the risks. Only problem is they never actually purchase your options they just post it to your account and say they did.
This group has been doing this for over 5 years they were reported by Canadian regulators in 2006 and were exposed in a CBC article Intercontinental Trading Group http://www.cbc.ca/canada/new-brunswick/story/2009/11/06/nb-trading-ban.html
They are currently banned from soliciting business in New Brunswick and Saskatchewan, however this has not deterred them. They just altered their names and carry on. We, the victims, have an obligation to swallow our pride and inform others and report these people to the authorities. Also known as Hartford Capital.