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  • Report:  #66931

Complaint Review: Liberty First Foreign Services Liberty First Advisory Services - Barcelona Spain

Reported By:
- Singapore, Asia,
Submitted:
Updated:

Liberty First Foreign Services Liberty First Advisory Services
C/Paris, 101-107, #08-1A Barcelona, 587968 Spain, Spain
Phone:
+34-934935000
Web:
N/A
Categories:
Tell us has your experience with this business or person been good? What's this?
These people approached me about entering the currency trading markets. They used high-pressure sales techniques, with the main broker seriously misrepresenting his position as chief strategist in the company and making claims about upcoming events given to him in confidence from the banking community, which ultimately proved false.

They recommended I place trades in currencies and at prices that even their own internal advisor and consultant to the owner considered flawed. They also advised AGAINST a hedge strategy

Personally, I believe this broker was trade bucketing, but can't prove that. The owner, Louis Joseph Ferone, is banned from trading on the NYMEX for that very reason, plus a number of others. Is it any wonder that he now bases his business out of Barcelona in Spain!! You can read the National Futures Association report on his case number NYME EA 96-01 and his NFA ID is 0259138.

The owner has now disposed of the services of the broker concerned, who was essentially a contractor for a company called EPEC. The owner has offered to return my commissions in a payment that is substantially less that the amount lost through the broker's incompetence. I have accepted his admission of guilt, but rejected the offer of compensation, as I want the money lost by the broker returned in full.

Robin

Singapore
Singapore


2 Updates & Rebuttals

Wessam

Cairo,
Africa,
Egypt
Liberty First bad Advisory Services

#2Consumer Comment

Thu, June 24, 2004

I am one of the many client of this improfessional company that got hurt from the improfessional service of this company. The company still owe me money. I can not even get in touch with the clearing house in the Bahamas. anybody has a plans to do something, I will be joining him/her. can anybody send me any conatct numbers on my e-mail. Best regards


Robin

Singapore,
Asia,
Singapore
Maybe we, and anybody else that's been affected by this bunch of cowboys, can apply some group pressure

#3Author of original report

Thu, November 06, 2003

David, London. I saw your log. I'm sorry to hear of your loss, so to speak! Maybe we, and anybody else that's been affected by this bunch of cowboys, can apply some group pressure. I don't know the specifics of how they got you to part with your cash, but their techniques are certainly not professional in my opinion. I agree with your observation on how they build a friendship with you, and am interested to know what happened next? _____________________________________________ Here's an update:- Untill recently my complaint with this company was being handled by a close associate to the owner, Louis Ferone. I'll keep his name out of this and simply refer to him as YEN , as I actually think he was a straight up and sincere guy, and went to great lengths to assist me. I should point out that Yen told me that he did not actually work for LFFS, but as a long time friend and associate of Ferone, was simply helping him out under contract. It seemed to come as a huge surprise to YEN when i informed him of my findings at the National Futures Association. He said that he was unaware of this and given its implications would have to review his relationship with Ferone, as he had his own currency trading business in the US to protect. YEN confronted Ferone with the information i faxed him and from that time on his relationship with Ferone appeared to take a turn for the worse, with Ferone rejecting all the advice his 'long-time' friend was giving him - which was, incidentally, that my position was correct, that LFFS had made a big mistake and missmanaged my account and that Ferone should payback what I was asking for! I went away for a month and when I came back surprise surprise, YEN was no longer with the company. YEN Told me this might happen, just before I went away. The official LFFS line is that YEN had some heart problems and was told by the doctor to take a break. I can tell you one thing, if I was in YEN's shoes and was told that a long standing friend and business associate had been witholding information that through association could significantly damage my own business, I"D HAVE HEART PROBLEMS TOO!!! However, I have not verified with YEN if this statement is true or not, it just seems way too convenient and unlikely.

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