- Report: #68411
Complaint Review: Larry Pesavento - TradingTutor.com - Tucson Arizona
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Larry Pesavento - TradingTutor.com
4625 E. Camino Rosa Tucson, 85718 Arizona, U.S.A.
Phone:
520-529-0469
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Larry Pesavento - TradingTutor.com $107,000 retirement money lost by professional stock trader Tucson Arizona
On 11/05/2001 I placed my retirement money ($190,000.00) with Larry Pesavento, a professional stock trader in Tucson, AZ, and paid him a management/set-up fee of $3,800.00 (2%) to trade my account.
Shortly after the first of the year (2002) he recommended that one of his students trade my account as he did not have time for it. He assured me that this gentleman was his best student and that he would look after the account activity closely.
While I was in Chicage (April 2002) on business, I received a frantic phone call from Mr. Pesavento in Tucson stating that the gentleman trading my account had lost $107,000.00 in a quick series of losing trades over the past 2-3 days.
He assured me that he could get the money back. I immediately closed the account to trading within the hour.
In November and December 2002 Mr. Pesavento started another smaller commodity account for me to "get the loss back". This account rose to approximately 40,000 over the next few weeks, and then started dropping over the next several weeks to around $22,000. At this point I called Mr. Pesavento and asked him what was going on with the declining balance, wherein he apologized that he had forgotten the positions he had taken in the account and I decided to take him off the account as a trader.
From December 2002 until the present he has refused to make up for the loss or trade an account responsibly to regain the loss. He stated that there was nothing more he could do for me, that the loss was not his responsibility. I recently have received copies of email correspondence from the second gentleman regarding my loss, and in two e-mails, Mr. Pesavento has admitted responsibility for the loss, but asked the student trader not to discuss this loss episode with me, and he has also asked that before the student trader sends any email correspondence to me that he, Mr. Pesavento, be permitted to review it first. He will not even return the $3,800.00 account management fee that I paid him!!!
Jack
Gaffney, South Carolina
U.S.A.
Shortly after the first of the year (2002) he recommended that one of his students trade my account as he did not have time for it. He assured me that this gentleman was his best student and that he would look after the account activity closely.
While I was in Chicage (April 2002) on business, I received a frantic phone call from Mr. Pesavento in Tucson stating that the gentleman trading my account had lost $107,000.00 in a quick series of losing trades over the past 2-3 days.
He assured me that he could get the money back. I immediately closed the account to trading within the hour.
In November and December 2002 Mr. Pesavento started another smaller commodity account for me to "get the loss back". This account rose to approximately 40,000 over the next few weeks, and then started dropping over the next several weeks to around $22,000. At this point I called Mr. Pesavento and asked him what was going on with the declining balance, wherein he apologized that he had forgotten the positions he had taken in the account and I decided to take him off the account as a trader.
From December 2002 until the present he has refused to make up for the loss or trade an account responsibly to regain the loss. He stated that there was nothing more he could do for me, that the loss was not his responsibility. I recently have received copies of email correspondence from the second gentleman regarding my loss, and in two e-mails, Mr. Pesavento has admitted responsibility for the loss, but asked the student trader not to discuss this loss episode with me, and he has also asked that before the student trader sends any email correspondence to me that he, Mr. Pesavento, be permitted to review it first. He will not even return the $3,800.00 account management fee that I paid him!!!
Jack
Gaffney, South Carolina
U.S.A.
1 Updates & Rebuttals
Jack
Gaffney,South Carolina,
U.S.A.
Larry Pesavento email transcript update
#2Author of original report
Fri, February 27, 2004
Mr. Pesavento is denying that he was involved in the management of this retirement money. In fact Mr. Pesavento managed the money, and billed, and collected management fee for doing so. See the attached email transcripts showing his intent to keep this event from his client... At 10:24 AM 9/19/03 -0700, you wrote: --- Larry Pesavento wrote: Date: Wed, 10 Apr 2002 03:55:07 -0700 From: Larry Pesavento To: XXXX.XXX Subject: Re: Trading Update please dont send any correspondence to (client) without letting me see it first as i have the legal burden -- --its only money At 10:26 AM 9/19/03 -0700, you wrote: --- Larry Pesavento wrote: Date: Tue, 09 Apr 2002 23:02:21 -0700 From: Larry Pesavento To: XXXX.XXX Subject: Re: Trading Update i spoke with (client) today--he was throwing up over the phone--he thinks i let him down which is what i did i assume responsibility for what has happened--do not contact (client) ,i am the one he will come to for restitution .-please do not say or write anything about this without giving me the chance to see it first--he will stop payment on the march maagement fees and close the futures and other stock accountsI will write more tommorrow --- Larry Pesavento wrote: Date: Mon, 15 Apr 2002 08:04:53 -0700 From: Larry Pesavento To: XXXX.XXX Subject: Re: E-mails from (client) requesting review > i have asked you several times to let me review your emails to (client) before sending them --dont make more problems for me -----Original Message----- From: Larry Pesavento [mailto:[email protected]] Sent: Saturday, September 20, 2003 6:11 AM To: XXXX.XXX Subject: Re: ok NOW I WILL LOSE A GOOD FRIEND AND FACE LITIGATION
