- Report: #809151
Complaint Review: Newbridge Alliance - Palm Beach Gardens Florida
-
Author Not Confirmed
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Newbridge Alliance
2161 Palm Beach Lakes Blvd Ste 202 Palm Beach Gardens, 33409 Florida, United States of America
Phone:
1-866-750-5588
Web:
www.newbridgealliance.com
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Newbridge Alliance Adam King Precious Metals Scam Palm Beach Gardens, Florida
Report Attachments
Newbridge Alliance is a break off of former Ponzi Scheme Global Bullion Exchange. Its owner John Adam King, was the Vice President/Director of Client management & is responsible for the theft of millions of dollars stolen from investors. Multiple cease and desist orders. Adam King, at all relevant times has held himself out as an agent of Global Bullion Exchange, and engaged in offering and selling interests in precious metals.
Commencing in or before 2009 offered investors the opportunity to own or control precious metals by investing in gold or silver bullion or in interests in precious metals, to be held for future delivery to investors or for sale on their behalf. In one plan, investors could invest in a number of ounces of precious metal at market price, and Respondents were to purchase and store that metal for the investor, for a fee. Respondents would acquire, transport, store, and maintain the bullion until future sale.
In another plan, investors could purchase interests in a number of ounces of gold or silver through futures contracts or forward contracts for future delivery of the metal, or some other leveraging mechanism. By that method, an investor could control precious metal by paying an amount (totaling about 20% of the total value amount of metal held) as a down payment, fees and commissions. The balance owed by the investor would be paid when the interest in the metal was liquidated.
A final option was for investors to purchase interests in a number of ounces of gold or silver by using their investment amount as a down payment and borrowing the balance from Respondents, with the borrowed amount to be repaid from a subsequent sale. Records show that 33 Marylanders invested over $525,000 with Respondents. There are
insufficient assets for the Assignee to liquidate to repay the investors.
The Securities Division has no record of securities registration for an offering by the name 'Newbridge Alliance' As a result of the Dodd-Frank Act enacted by US Congress, a new regulation prohibiting US residents from trading over the counter precious metals, including gold and silver, will go into effect on Friday, July 15, 2011 John Adam King II, does not have a high school diploma let alone a Brokerage License. He is a reputed fraud & now continues with his very own Ponzi Scheme.
If you have been ripped off by John Adam King II 1-800-CALLFBI (225-5324) or the CFTC @ 866-366-2382
Commencing in or before 2009 offered investors the opportunity to own or control precious metals by investing in gold or silver bullion or in interests in precious metals, to be held for future delivery to investors or for sale on their behalf. In one plan, investors could invest in a number of ounces of precious metal at market price, and Respondents were to purchase and store that metal for the investor, for a fee. Respondents would acquire, transport, store, and maintain the bullion until future sale.
In another plan, investors could purchase interests in a number of ounces of gold or silver through futures contracts or forward contracts for future delivery of the metal, or some other leveraging mechanism. By that method, an investor could control precious metal by paying an amount (totaling about 20% of the total value amount of metal held) as a down payment, fees and commissions. The balance owed by the investor would be paid when the interest in the metal was liquidated.
A final option was for investors to purchase interests in a number of ounces of gold or silver by using their investment amount as a down payment and borrowing the balance from Respondents, with the borrowed amount to be repaid from a subsequent sale. Records show that 33 Marylanders invested over $525,000 with Respondents. There are
insufficient assets for the Assignee to liquidate to repay the investors.
The Securities Division has no record of securities registration for an offering by the name 'Newbridge Alliance' As a result of the Dodd-Frank Act enacted by US Congress, a new regulation prohibiting US residents from trading over the counter precious metals, including gold and silver, will go into effect on Friday, July 15, 2011 John Adam King II, does not have a high school diploma let alone a Brokerage License. He is a reputed fraud & now continues with his very own Ponzi Scheme.
If you have been ripped off by John Adam King II 1-800-CALLFBI (225-5324) or the CFTC @ 866-366-2382
