Complaint Review: Sovereign Market Systems - Internet Florida

I don't know what you are trying to accomplish here Jim but normally people would go to arbitration if they had a conflict like you seem to have. All you are doing here is cheap slander and defamation campaign on the internet. I don't know what your little table means but SMS would be more then ready to go to arbitration wwith you which would be a proper venue to resolve any disputes. This forum and your smear campaign on it is not the right venue. 

Just the facts for anyone considering doing business with Sovereign Market Systems, because as always, buyer beware, and maybe you can do better with SMS than my 92-year old father-in-law with early stage dementia. On his behalf I’m still trying to recover at a minimum $3,190 in fees charged wrongly.

When you open your SMS account, please refer to the client ‘Account Agreement”, on pages 4 and 5 under “Administrative Fee Disclosure”: 

“15% of total metals value fee on all purchase orders made with Client’s funds deposit, changing markets and using excess equity.”

“A percentage charged by SMS based on the total value of the underlying metal in clients transaction. This onetime non-refundable fee entitles the client to unlimited trade executions (buy and sell) per year for the life of the Clients’ Account of the position originally purchased...”

 From actual trade confirmation emails (note the clearing house is in Belize City, Belize):

Date of trade/purchase 2/11/13: 

Investment amount/”gross deposit”: $11,500

Net invested/”total metal value”: $9,769

Administrative fee: $1,731

Net metal price: $32.56

Date of trade/purchase 3/5/13: 

Investment amount/”gross deposit”: $16,500

Net invested/”total metal value”: $15,105

Administrative fee: $1,395

Net metal price: $30.21

 Date of trade/sale 4/1/13:

Total metal value: $21,267 

Net proceeds from sale: $18,077

Administrative fee: $3,190

Net metal price: $26.58

 Administrative fees paid three times: $1,731+$1,395+$3,190=$6,316

 I have requested a refund from SMS of the administrative fee from the final sale ($3,190); this has not been even acknowledged, but has been further obfuscated by SMS. The guilty party may claim to forgive, but their role is better to rectify the injustice, to make it right.

SMS Client paid 10% admin fee on his purchase to an independent contractor of the firm. He was a client brought to the firm and managed by the independent rep, not me. It was agreed to split the fee half at purchase half at sale. Which is what was done. Again, clients check was mailed for full proceeds of the sale and full balance on his account as expeditiously as possible. The resons it was delayed a few weeks were beyond my control as I pleaded with Jim to understand and accept as a decent human being. There are no sinister " aliases" my given name is Weisbrot I legally shortened it to Weiss when I got my U.S. citizenship in 1986. Subsequently I took back my full last name Weisbrot thru a legal name change in 2008. Eric is a translation of Igor which is my Legal name, as is James my legal middle name. No major sinister aliases here as Jim propagates. As to CA cease and desist order from February 2009. The State of CA has a state law, apparently prohibiting financed purchases of precious metals by residents of the state. The State of CA issued the order without any fine or any further action agains NBI , Juliya Simchuk or myself. Once we were informed about the state's law we never had any issues with the state of CA or any other government body or any private client. We've had been in the precious metals dealership business since 2004 we never had a single client arbitration law suit or any government body ENFORCEMENT action. Jim you have been a total terrorist without mercy, compassion or forgiveness. The reason for that most likely is that it's you who forced your father in law to sell his fully paid for position at a considerable loss without any need to do so. It's you who lost money for your father in law by your actions. It's easy to lie and slander on the internet it's easy to destroy people's lives, reputations and livelihood. I forgive you. I hope God does too.

Eric J. Weisbrot

Sovetreign Market Systems, CEO

Mr. Weisbrot writes and makes accusations of "slander and lies." I posted an update indicating that the funds from the final sale trade were finally received after over a month's wait, after many, many attempts to contact this company, this man, and only after I filed a ripoff report.

But he does not refute anything I've reported. It is all fact. This company, this man, owes my father-in-law, a 92-year old with early stage demensia, a refund of $3,190 for charging a one-time 15% administrative fee TWICE. Fact. I simply do not want anybody to have to go through what I've had to do to get my father-in-law's money back. After a month of assuming it was gone, never to be seen again. You would think regardless what was going on, he could operate his business, and respond to messages left at his publicized business phone number???

Again, it is all fact, confirmable with just a little internet research - just understand the various alias, etc. Ask yourself - why does a "god fearing" man need so many aliases and different company names. In Florida Sovereign Market Systems is registered with the state as a foreign LLC, and Igor J. Weisbrot is the registered agent (that's Eric). The California Cease and Desist order was against NBI (National Bullion) which was Juliya Weisbrot and Jim Weiss. That's Igor. Check out the previous ripoffreport filed against NBI and Jim Weiss - and the same defense, namely "slander and lies." Yes, the internet makes it easy to make stuff up, to lie; but it also makes it easy to cheat and swindle, repeatedly. Buyer beware!

Sovereign Market Systems has paid the client in full on his account in a timely manner which the poster neglets to update here. While it's accurate that the check was delayed due to personal circumstances beyond my control as soon as it became possible the check was mailed and cashed by the client of SMS. As to personal issues he brought up here in his smear campaign, yes, we are divorcing and both our arrests resulted in charges being droped due to lack of evidence and both cases dismissed respectively. Juliya and I had a wonderful 19 year old relationship that unfortunately ended. I still love my ex wife and I am afraid I always will. She gave me a wonderful son Alec whom I love and cherish and will do so until I die. My personal life's misfortunes and set backs has been aired here by this poster's defamation and I leave it to God to forgive this man as I already have. 

Eric J. Weisbrot, CEO

Sovereign Market Systems, LLC, 

This is an update to my ripoff report. For a month I was unable to reach Igor at Sovereign Market Systems; upon filing the original ripoff report he contacted me within 3 days and paid the amount due from the final trade transaction within 5 days.

Igor claimed that due to a very contentious divorce in progress he was kicked out of his house, and lost access to his phone and computer, and therefore lost access to all phone calls, emails, and messages from the NYC answering service (phone number listed on corporate website). He now has a new mobile phone number, and Juliya lives in the Hallandale condo. He claims he now has "nothing" and "living on a couch." 

I don't know what to think of this couple anymore. Their past history does go back to another entity, National Bullion (NBI), that got into trouble in a couple states (e.g., California). I do know that on a $28,000 "investment" Sovereign Market Ssytems charged over $6,000 in "administrative fees," double what their account agreement states ("15% one-time"). i have requested a refund on this overcharge.