Complaint Review: Lloyds Asset Management - West Palm Beach Florida

My wife and I have waited years to even bother to respond to such a personal vicious attack. Not on a website that anyone can write anything about anyone. They want thousands of dollars to doing anything about it in our favor. Feels a little like extortion. Hiding behind the freedom of speech. With out any of it being verified for truth or accuracy. Please do your own research if you are really even intrested! My wife was never been kicked out of school or the Army. She actually graduated #1 in her class from the Army's nursing program and was honorably discharged. This sicko should be thanking her for her service! She is the sweetest and the most honest person I have ever met on this planet. This is one sick puppy to write the stuff about her being a herion addict and the other gross demented stuff about the police officer this mentally ill person wrote. This was not a report about a business. This was personal attack! Unfortunatelly I belive this is a former childhood friend and former employee that wrote this disgusting ugly report.

As far as my self I have never been convicted of any crime! I am not a felon do your own research please. Im not saying I am a saint, but I have never molested anyone or had sex with a minor or first degree burglary or any of the other insane stuff listed. This report was written in 2012. I sold this company listed in 2010 with no legal issues or complaints at that time. New ownership created any issues for that company. Odd two years later in 2012 a complaint pops up. This person took a tiny bit of truth then added all this ugliness in attempt to destroy our relationship and my reputation. It is pretty transparent. Why else would anyone say such horrible things about a mans wife? It says the author is marnislutburbage sound's real legit right?  Recently the rip off report has changed its policies so we can finally do something about this anonymous fake disgusting report that our children have probably seen online. Sure some of the links attached to the report are real. I sold a company and I was named as the former owner in civil lawsuits with Russell Forkey. Yes I was one of Hunter wise's largest dealers with a completely different company that is named in that link above. And yes they did get caught up in a big legal battle with the CFTC over Dodd Frank and there oversight that went into play in 2012. All about unallocated as oppsed to allocaed trading accounts to the end customer for collaterlized financed metals postions at a depository rather than hunter wises software doing it. I got caught in the middle because they were my wholesale supplier. As well as a few hundred other dealers utilizing hunter wise's services as a supplier. To make a comparison for someone with out a financial services background. It was like Costco or any other major wholesaler getting jammed up with the federal government over a regulatory issue. Then the goverment coming after every retail business that did business with them. Guilt by association! Big headlines, then the goverment trail attorneys move on to private practice charge $650 an hour and represent the people they said where crooks! We will be pursuing a investigation into the anonymous poster and IP adresss this post came from. We will handle in court legally! This defamatory report will also be handled with the rip off reports new arbitration process. Thank you for taking the time to read our position with this report. 

The actual press release is here - http://www.cftc.gov/PressRoom/PressReleases/pr6447-12

December 5, 2012

CFTC Charges Hunter Wise Commodities, Lloyds Commodities, C.D.
Hopkins Financial, United States Capital Trust, Newbridge Alliance,
Blackstone Metals Group, and their Principals in Multi-Million Dollar
Fraudulent Precious Metals Scheme

CFTC alleges that defendants conducted illegal, off-exchange commodity transactions, and deceived customers in connection with financed transactions in precious metals

Washington, DC - The U.S. Commodity Futures Trading Commission (CFTC) today announced that on December 5, 2012, it filed a civil injunctive enforcement action in the U.S. District Court for the Southern District of Florida against Hunter Wise Commodities, LLC; Hunter Wise Services, LLC; Hunter Wise Credit, LLC; Hunter Wise Trading, LLC; Lloyds Commodities, LLC; Lloyds Commodities Credit Company, LLC; Lloyds Services, LLC; C.D. Hopkins Financial, LLC; Hard Asset Lending Group, LLC; Blackstone Metals Group, LLC; Newbridge Alliance, Inc.; United States Capital Trust, LLC; Harold Edward Martin, Jr.; Fred Jager; James Burbage; Frank Gaudino; Baris Keser; Chadewick Hopkins; John King; and David A. Moore.
The complaint charges these entities and individuals with fraudulently marketing illegal, off-exchange retail commodity contracts. The complaint alleges that Hunter Wise Commodities, the orchestrator of the fraud, has taken in at least $46 million in customer funds since July 2011.

According to the CFTC complaint, the defendants claim to sell physical metals, including gold, silver, platinum, palladium, and
copper, to retail customers in retail commodity transactions. Under the defendants retail commodity transactions investment contract, customers allegedly make a down payment on certain quantities of physical metals, usually 25 percent of the total purchase price.  Defendants allegedly claim to arrange loans for the balance of the purchase price, and advise customers that their physical metals will be stored in a secure depository.

The complaint further alleges that these statements were false, and that the defendants do not purchase any physical metals, arrange loans for their customers to purchase physical metals, or arrange for storage of physical metals for any customers participating in their retail commodity transactions. Instead, all the transactions are just paper transactions, according to the complaint. Defendants allegedly do not own or sell metals to customers; customers are charged storage and insurance fees on metals that do not exist; and are charged interest on loans, which are never made by the defendants.

The Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) of 2010 expanded the CFTCs jurisdiction over transactions like these, and requires that such transactions be executed on or subject to the rules of a board of trade, exchange or commodity market, according to the complaint. This new requirement took effect on July 16, 2011. The complaint alleges that all of the defendants financed commodity transactions after July 16, 2011, were illegal. The complaint also alleges that the defendants defrauded customers in all of these financed commodity transactions.

David Meister, the CFTCs Director of Enforcement stated: Here is a prime example of how the Dodd-Frank Act provided the Commission with additional strong authority to go after wrong-doers, such as, as alleged in the complaint, individuals who prey on people looking to make retail investments in commodities like gold and silver. We will use this new authority to the fullest extent possible.

In January 2012 the CFTC issued a Consumer Fraud Advisory (see Advisory under Related Links) regarding precious metals fraud, saying that it had seen an increase in the number of companies offering customers the opportunity to buy or invest in precious metals. The CFTCs Consumer Fraud Advisory specifically warned that frequently companies do not purchase any physical metals for the customer, instead simply keeping the customers funds. The Consumer Fraud Advisory further cautioned consumers that leveraged commodity transactions are unlawful unless executed on a regulated exchange.

In its continuing litigation against the defendants, the CFTC is seeking preliminary and permanent civil injunctions in addition to other remedial relief, including restitution to customers.

The CFTC thanks the Florida Office of Financial Regulation, the Florida Department of Agriculture and Consumer Services, and the United Kingdom Financial Services Authority for their assistance.

The CFTC Division of Enforcement staff responsible for this action are Carlin Metzger, Joseph Konizeski, Heather Johnson, Stephanie Reinhart, Jennifer Smiley, Judith McCorkle, Jeff LeRiche, Peter Riggs, Jennifer Chapin, Steven Turley, Brigitte Weyls, Joseph Patrick, Susan Gradman, Theodore Glotfelty, William Janulis, Scott Williamson, Rosemary Hollinger, and Richard Wagner.


Media Contacts
Dennis Holden
202-418-5088

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