Monex Review Complaints And Fraud
Reading time: 5 – 8 minutes
MONEX GOLD AND SILVER DEALER
I have received a tremendous amount of requests for a Monex review, analysis of any Monex complaints, whether there is a Monex scam or allegations of Monex fraud behavior, etc., have found there is a lack of any thorough Monex reviews and because the Monex gold and silver dealer is very prominently advertised (but not on Run To Gold as we have standards) therefore on 30 Jan 2010 I decided to review Monex.
The Monex Deposit Company’s address is 4910 Birch Street Newport Beach, CA 92660 and their phone number is (949) 752-1400. The Monex silver and gold dealer was established in 1967 and is a large bullion dealer of gold, silver, platinum and palladium.
Because I have an interest in gold investors being able to buy gold, silver or platinum without being unjustly or unfairly taken advantage of therefore I have decided to aggregate some information about their business practices. Just because you can find the Monex Deposit Company does not mean you should do business with them.
MONEX REVIEWS AND THE BETTER BUSINESS BUREAU
The Monex review by the Better Business Bureau:
Complainants allege that decisions made based on advice and coaching from account representatives caused them substantial financial losses. A few clients complained that account representatives did not follow directions or instructions on how to apply their investments or failed to keep them informed, and as a result, suffered losses they would not have if directions had been followed. The company [Monex gold and silver dealer] responds to some complaints by disputing the allegations and stating that the investments are self-directed and they are not responsible for losses, denying requests for refunds or monetary compensation. In one case a partial refund was issued, but was conditional upon signing a release waiver composed by the company.
MONEX COMPLAINTS
Some of these Monex complaints and Monex reviews appear to be from people who are failing to take personal responsibility for their own decisions. But as of 30 January 2010 the Monex BBB record indicates that there are 61 Monex complaints; 13 have gone unanswered and with 10 Monex has refused to make any adjustment.
Even when I have had a negative experience with a business I have not filed a complaint with the Better Business Bureau. This makes me wonder how many other dissatisfied customers there are and what their Monex reviews would be.
NO PERSONAL EXPERIENCE SO NO PERSONAL MONEX COMPLAINT OR MONEX REVIEW
Before I engage in a large transaction with another party, such as buying gold, silver or platinum, I attempt to perform thorough due diligence. For example, I have thoroughly reviewed the GLD ETFs, which I highly recommend against, and GoldMoney, which I have found to be a reputable company to deal with.
A MONEX FRAUD, MONEX SCAM AND OTHER SHADY CHARACTERS
For example, in June 2007 Morgan Stanley & Co. settled a class action lawsuit for $4.4 million where the complaint alleged ‘that Morgan Stanley told clients it was selling them precious metals that they would own in full and that the company would store. But Morgan Stanley either made no investment specifically on behalf of those clients, or it made entirely different investments of lesser value and security.’ While the efficacy of the claim may still be at issue the Better Business Bureau-like complaint from unsatisfied customers who initiated litigation does not inspire confidence for those seeking to reduce risk.
After a cursory investigation I have been unable to find any currently pending litigation about Monex fraud or a Monex scam with any clients. Monex did file for a temporary restraining order against www.MonexFraud.com.
CONCLUSION AND MONEX REVIEW
After a reasonable investigation of Monex and relying on sources for which I have a reasonable belief to be accurate therefore because of the extremely large number of Monex complaints with the Better Business Bureau and because of the negative Monex reviews I have refrained from doing any business with them. Therefore, I cannot give an opinion based on my personal experience of dealing with the Monex Deposit Company.
Nevertheless, for these reasons my Monex review has led me to the conclusion that they are most likely rotten apples in the gold bullion dealer world and I would not recommend sending any money to Monex. It does not appear likely that there is a Monex scam or Monex fraud being perpetuated but where there is smoke there is often fire so I would be extremely careful. Before dealing with any bullion dealers I recommend reading my best practices on how to buy gold, silver and platinum.
If you have had any dealings and would like to leave your Monex reviews then please do so in the comments.
SAFE & REPUTABLE GOLD DEALER
[NOTE: As of 19 May 2010 due to reader suggestions and investigation I recommend GoldSilver because they have extremely competitive prices and an A+ BBB rating. The Monex BBB rating has fluctuated since this review was written in January 2010.]
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David Wolfson
I buy my gold,silver etc from usagold.com now.They don’t have BBB bad ratings. If you do buying and selling only, monex won’t be a problem,, I bought from monex because it was the closest one, I live in california, but they sent my metals from massachusets, it took very long time to reach me.But during this time monex showed their true color.
have purchase over $400M in rare coins that were represented to be great buys and if I did not authorize at that time – the coin would be sold to another person. at this time – I have for a year been trying to sale any one of the coins for value – they do not give me any hope of making a sale but tell me to wait and the profit will come. I have 35 M to 60M coins and I believe they represent a good loss in the current value. do not trust any coin dealer at this time and hope in ten years – my grandkids will figure how to make a sale.
Monex stole $54,000 of are hard earned money it took us 8 years to save we went to the FBI,the Calif,and Connecticut Attorney General, the SEC has yet to get back to us we have written them many times we even sent a personal letter to the owners home it was returned these people have destroyed my wife’s and my future while they live like kings and owe millions in back taxes my address is ************* please if anyone can help us let us know thank you
Monex ripped me off for $94,000
They will lie ,push ,wake you up and not let you go till you do as they say.Real tricksters. Big time Lawers on payroll.You can’t afford to sue or arbertration. Real slimy BS artist/ con artist
I wish someone would have warned me.
That f rating stands for what they are and what you will be if you deal with them
they stole $54,000 of my wifes and mine hard earned money mislead us lied never took are phone calls this is so so wrong we have contacted the FBI the Attorney Generals in CAlif and Connecticut and contacted the SEC still till no avail nothing is being done yet Monex owes over 400 million in back taxes and is still allowed to operate how can this be we our now sending a letter to the Supreme cour of the United States and the Attorney General in Washington DC
They stole your money? PLEASE! They are a for profit brokerage house, they are NOT a financial advisory business! Your alleged tales if true are your own fault. If you do not take command of your financial IQ, I assure you you will loose much more money in the future. The BUCK stops with you as it is your money! Learn to manage it or live the rest of your lives in the poor house. Either way stop crying and blaming someone else for your financial illiteracy!
Shawn S, “Your alleged tales if true are your own fault.” WHAT? So everyone who Corzine through MF Global stole from were at fault? Blaming the victim is not sound logic as they are not the wrongdoer.
Trace, Your comparing apples to oranges. Monex has not declared bankruptcy and “lost” it’s customers capital like MF Global. The problem is these people who are crying foul did not fully understand the investment vehicle they were investing in. Sure the easy way is to let some “investment expert” tell you how you should invest your capital. However it is very unwise to let anyone tell you how to invest your hard earned capital without preforming your own due diligence. With proper due diligence these people who claim Monex allegedly stole their capital would have discovered the risk involved and might have made a different investment decision. I have had years of successful transactions with Monex without loosing a single cent, simply because I am fully aware of the risks/rewards of the investment products I invest in through Monex. It’s always easier to blame someone else for your lack of financial literacy. Unfortunately financial illiteracy will cost you dearly as many of these folks can attest to. I have been there and lost capital by relying on a “financial expert”. The difference is I learned the first time to become my own financial expert, after all NO ONE will ever care for you hard earned capital more than you.
THEY ARE ALL SHARKS,I LOST $3200.00 VERY HARD-EARNED DOLLARS TO THEM.EVIL PEOPLE ,(GOLDLINE INCLUDED)
my dad passed and left monex coins, I would like to find out what they are worth
I do not know anything about coins, can someone help me
Dick, you think they are bad? Have you seen what the government has done to you lately? Now that is real highway robbery!
Tom, Take them to any jewelry shop to have them appraised. If I wanted to liquidate the coins I would either find a local coin dealer interested in purchasing them or auction them on e-bay.
Shawn, I’m just curious. How much does Monex pay you to monitor these posts and then follow up with your chastising and denigrating anyone who has something bad to say about Monex? I just wish Obama were as transparent as you!
Regarding MONEX…The owner of the building in Newport Beach is Igor Olenicoff, Forbes #655 Billionaire in the US via Real Estate holdings in CA. GOOGLE: OCRC Capital Corp. He was convicted of tax evasion in 2007 and paid $52 m in fines for stashing $350m abroad. Maybe he is owner of MONEX?!
I have only researched this by virtue of that address showing up in Net searches looking for my ex who owes me$40k in back child support. He may have worked there illegally (his RE Brokers license and securities license were suspended in the 90′s but believe he works for cash in industry–with shady people) His name: Jerome or Jerry Kerns. If anyone should know of him please email me: judy_kerns@ymail.com
To Mr. Shawn – you just don’t get it do you bro’. Let’s say a heavily pd scientist has saved a lot of money and wants to buy bullion. Many a professional won’t be as street educated as you are Shawn. They are easily manipulated by fast talking Monex types. Thus, the public needs protection from these first cousins of the ” vampire squid ” types. Shawn, there are many individuals who are thoroughly good Americans but could NEVER get to be as “street tough ” as you. However, a real democracy understands the limits of some of their citizens, and has rules to protect the public. 50 years from now, when they are writing history, the overwhelming factor that brought America down is the lack of morals overall. Duping the public out of their money is stealing, no doubt. That said, it is really a loss of the way one treats their fellow man, i.e. , loss of morals. Shawn , a little empathy on your part is needed.
Hugh, I believe it is you who does not seem to grasp the logic that each individual is responsible for managing or in many cases mismanaging their money. There is no comparison between “morals” and education or lack thereof one cannot make up for the other. No matter whom you are and your level of financial education you and you alone make the decision to either take responsibility for your actions or pay someone else to make those decisions for you. Either choice you make, you made that choice and are 100% responsible for the outcome.
John R, Despite all the finger pointing of who caused the financial mess the USA finds its self in, one of the main reasons is due to the lack of financial education of the masses. One must put forth the effort to build a strong financial IQ. Unfortunately most people prefer to put forth little or no effort to become their own financial expert. These people rely on others to make financial decisions on their behalf, and then wonder why they lost their money. Huh….imagine that.
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