- Report: #1168104
Complaint Review: MONEX DEPOSIT COMPANY - Newport Beach California
-
Author Not Confirmed
Why?
MONEX DEPOSIT COMPANY
4910 Birch Street Newport Beach, 92660 California, USA
Phone:
1-855-510-6971
Web:
MONEX.COM
Categories:
Business Rating:
(0)
Tell us has your experience with this business or person been good?
MONEX DEPOSIT COMPANY MONEX FRAUD - DO NOT INVEST YOUR MONEY HERE Newport Beach California
Report Attachments
Monex Deposit Company has a history of investing unsophisticated investors money into a scheme of purchasing SILVER, GOLD bullion on a leveraged account called an Atlas Account. The contract you sign is part of the scam. The contract acknowledges that you are solely responsible for all the trades that are made. However, the representatives will give you advise that will drain your account within weeks.
The representatives are paid a hidden commission that you will not see on your invoices. It is based on the amount of money you trade. Every time you make a trade, they receive points, which are later converted into monetary bonuses. They will tell you their commission is very low, but they will not disclose the bonuses to you. They will make you go into several trades giving you false information just to get you to trade, therefore continually making commissions. Where this is a leveraged account, as much as 5x, that means 5 times the commission. You will be tricked into thinking they are working for you. They are NOT working for you. They are putting you into trades that will eventually eat up all your assets. A margin call is eventually going to happen because your account will be drained quickly as the silver market is highly volatile, and only a small decrease in prices can make your account quickly go into default because the account is leveraged 5x1.
Additionally, I believe that this was all a "paper silver" transaction, against the Dodd-Frank law, because it allows the metals company to never actually buy the silver but keep your money as if it had. Dodd-Frank law stipulates that you be provide with the serial number of your 1,000 ounce bar to prevent unscrupulous companies from doing the obvious. Well, you will not find any serial numbers to go along with the 1,000 oz. bars you think you are buying. If you have been a victim of Fraud, you can report it to the following FBI website under REPORT INTERNET CRIME:
You can report Internet fraud to the FBI at (REPORT INTERNET CRIME) (((Redacted)))
