Complaint Review: Monex - Long Beach California

October 29, 2008

RE: Conned out of my savings by Monex

Dear Department of Corporations,

I realize that you are probably busy the economy, but I have a serious problem I hope you might be able to find the time to help me with.

With what the US's elected officials are doing with these hundred billion dollar bailouts with taxpayer monies I feared not only would my bank collapse but runaway inflation caused by these bailouts would diminish the value of my meager savings. I was seeking safety, instead I found a con man who stole my savings.

On 10-3-2008 I called Monex, 302 Pine Ave, Long Beach, CA 90802, 800 444 8317 about purchasing some gold to shelter my savings due to the falling dollar. I spoke with Joe Diez x2976.

He briefly explained their system of delivery, storage and Atlas account.

On 10-8-2008 I spoke with Joe again and he insisted that Gold was a bad purchase and that I needed to buy Silver because it was going to take off. Eventually he convinced me to change my plan of getting some gold delivered and agreed to $36,000 of silver in an Atlas account.

I made the transfer and when I called to tell him I'd done it he told me he'd made a mistake in his math and I needed to send another $1185 which I very reluctantly did bringing my total to $37,185

His math was not making sense to me and I asked him to clarify the numbers. I was driving so I told him I'd call him when I got to my destination. I did, he didn't answer, I left several messages that day and on subsequent days.

On 10-13-08 I finally reached Joe after several more attempts and he then informed me that my account was about to be placed on call' and that I'd need to send them another $8666. I said WHAT?' He then proceeded to tell me that if the value of the silver dropped by a mere 14% that I either had to add more money to it or it would vaporize my investment. I was shocked. At no time in our previous conversations did he disclose this and I specifically asked questions like what else do I need to know and what happens if the market goes down. I made it very clear to Joe that I was trying to shelter my savings in something solid and I did not want high risk investments. I absolutely did not agree to this.

I do not see how this is legal. Is not full disclosure a core part of the investment world? He absolutely did not disclose this and I absolutely would NOT have done this investment if he had. I specifically told him I was looking for something safe and he ensured me that what he was doing was safe and that I could even make a few bucks in the process.

Yes, I know the old saw about a fool and his money are soon parted so perhaps I deserve to have my savings taken by a con man, but really? How is this legal? He did NOT disclose that my purchase would be vaporized by a mere 14% change, he did NOT disclose that what he was doing was extremely risky. I specifically told him I was looking for safety.

I hope you can assist me in this as this is my savings that Joe and Monex has conned me out of and looks like they have vaporized nearly all of it

While I suspect that I've simply been conned and there's nothing that can be done I hope you can help undo what an unethical person has done to an honest hardworking taxpayer.

This is my personal savings and it is what I use in tough times to float my company when we have to pay for products we produce, but haven't sold yet. A company I do NOT run on credit. A company who now has to lay off it's employees because we no longer have that cushion. A company who employs hundreds of individuals across the nation in various jobshops. A company who is dedicated to manufacturing INSIDE the USA. A company which is now on full pullback mode, no orders are being placed and we've slashed every expense to the point where we can not operate.

This con man has destroyed our future and while I certainly played my part in this fiasco I was trying to shelter my savings against what Congress is doing and the failures of banks.

Please help me get my savings back so we can continue to support America and the American worker.

Sincerely,

Robin

Simpsonville, South Carolina

U.S.A.