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Global Bullion Exchange Complaints - Fraud

Review all Global Bullion Exchange complaints

Global Bullion Exchange
Posted: 2008-10-29 by The Governor  [send email]
Fraud
Complaint Rating: 80 % with 25 votes
Company information:
Global Bullion Exchange
Lake Worth, Florida
United States
Phone: 18666082244
gogbx.com

Fraud. Pure fraud. This company takes advantage of individuals, at astronomical fees, and will not allow clients to sell positions. Grand larceny? Anyone out there knows that we are living in very tough economic times and to take advantage of that situtation by helping people commit to a position and not allow a sell is wrong. Check interest. Be my guest and try to get a professional explaination of how the process works.

Beware.
Comments United States Products & Services
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More Global Bullion Exchange complaints
Global Bullion Exchange - scam

Comments

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 378 days ago by Adam King  [send email] 0 Votes
It is unfortunate that this client feels the way they do. Every effort is made by Global Bullion Exchange, LLC to insure each client's account is properly handled and any client issues are resolved immediately. Unfortunately though as with every investment, there is always the potential the client could make or lose money as nothing is ever guaranteed. Global Bullion Exchange, LLC only handles non-discretionary accounts, so if the market turns and the client is unreachable, we are unable to place a sell on their account. This prevents a client from being “churned" simply to generate a commission. Because of this, our brokers stay in constant contact weekly with all existing clients and it is the client's responsibility to work with their broker in managing the account. While we do earn a commission for our work, it is a set one-time fee which allows unlimited trading of their current metal position for the life of the account, including unlimited sells. This saves the client a large sum of money as each account will have numerous buy and sell transactions. To the poster, the Governor; We sincerely regret that you had any concerns with our company and would like to be given the chance to rectify the situation if possible as well as explain what our total commissions were as there seems to be a misunderstanding. Please contact us at your earliest convenience.

Regards,

Adam King
Director of Client Management
Global Bullion Exchange, LLC
kinga@gogbx.com
 304 days ago by   InvestorGuy 0 Votes
I'm very satisifed with the experience I've had with Global Bullion Exchange. I started with a small 1, 000 oz position. I'm now moving about 20, 000 ounces... and have seen major results. These guys really have their pulse on the finger of this market. I work with my analyst very closey and keep an open line of communication.. So far so good!! I disagree with any complaints posted above. I look forward to working with them larger in the future. Their recommendations are right on the money.
 303 days ago by   zing 0 Votes
I used to work for GBX, and let me tell you what is what. I quit because of how disgusted I was with all of it. From the "facts book" which is a script pretty much giving the "broker" a quick response to any objection a client may have, to the thousands of people you constantly cold call over and over and over. The whole set up ensures that the 2 owners of the company will constantly make money with no risk of losing. GBX is "The Boiler Room" in real life. They will hire any one that walks through the door, they encourage people to lie about their credentials to make themselves sounds more, credible. They honestly tell their employees to be pitt bulls, don't take no for an answer. You have not won unless the potential client buys or hangs up. Some of the people that work there are good people don't get me wrong, but they are cought up in the thought of making tons of money off other peoples hard earned money. Me, I have morals. I couldn't do it. Whenever I would get on the phone i felt like a crummy salesman harassing people. Calling their office, home or whatever and pressuring them to buy. Telling them anything off the top of my head, or reading through their pitch book to try and "sell" them. And after that, they try as hard as they can to get your money, and then they will not allow you to sell. You will hear "he's in a meeting" or "he has stepped out for the evening". For god's sakes, the branch manager at the location I worked at was a 20 year old screw-up, with a long history of drug abuse and jail time. He could sell sand to the beach, thats all that mattered. Funny thing is, alot of the workers there feel the same as me. I'll end this with that.
 282 days ago by   good advice 0 Votes
I worked at GBX as well. I also quit. There are some really dishonest guys there, Bob Curtis...Chris Held to name a few...if your dealing with them I'm sorry to say you will never see a penny of your money back...they scare you into a tape recorded "compliance" then say you are legal for the metal purchase...heres the catch THEY NEVER BUY ANY METAL!!! BEWARE of these guys...they might show you on paper that your account is up but try and get the money...they will never let you cash out and take your profits...The owner Jamie, David Meeks, Matt, and adam need to go to jail.
 280 days ago by   Chris Held 0 Votes
To Whom It May Concern:

I find it funny how an individual that couldn't maintain a career in the precious metals business decides to defame the character of anyone he thinks he can! It would be asinine to think that theres any honesty behind that statement, but think about it, if there was, wouldn't there be more complaints...I respond to these allegations with the upmost of confidence, confident that I have over 390 satisfied clients that would be more than happy to say otherwise. The clients we do business for also have confidence knowing that we can handle any and all their precious metals needs. They know that we can deliver physical precious metals faster than most companies out there, they know we can also handle as much leverage as they want. Its all about what the client wants, and at Global Bullion Exchange we strive on that. Before you believe any allegations as obsurd as the one written above, why don't you give us a call, and ask to speak to me directly:
Chris Held (877) 826-0445
I will be more than happy to let you talk to a reliable source, like one of my many established clients that have no problem being a reference.


Sincerely,
Chris Held
Sr. Analyst GBX
 247 days ago by   jjie 0 Votes
I lost $ 53000 to this den of theives. My broker refused to take or return my calls for more than 3 months. They eventually siphoned all of it off with their outrageous fees. When I did get an answer on the phone I was always told my broker was the only one who could help me. Then I was shuffled around until the connection was lost. The silver was never purchased. I had to make threats to even get them to send a statement. I was told I would geta password to check my account online but it was never made available. From the time they got the money in their hands it was theirs. No way I would ever see it again. They are not regulaated by any agency other than themselves.. Solid scam
 225 days ago by   Ogt45791 +1 Votes
What government agency licenses Global Bullion Exchange, and its team of Commodity Brokers and/or Telemarketers. Before we move forward, a timely response is requested. Thank you for your cooperation.
 208 days ago by   jjie 0 Votes
GBEX is apparently not licensed by any agency. I assumed they were regulated by an agency such as the National Futures Association but as far as I have been able to find out they are simply a group of scam artists using lies, high pressure sales tactics and incomplete, misleading financial statements to cheat people out of their money. It's possible, even probable, they have above board deals with some customers. That does not make it right for them to cheat others with less experience.. jjie
 185 days ago by   anonymous 0 Votes
To those who have profited, I have one question: have you tried to get your money out? Madoff's people made great profits on paper too, until the end. I am not saying these folks are like Madoff. But you might want to make a test withdrawal and see how it goes.
 136 days ago by   GRAPE89 -1 Votes
amazing how these losers of people complain when they lose. grow up aND BE A MAN! MARKETS WIN/MARKETS LOSE.!
 134 days ago by   coltsnmanning 0 Votes
Grape I noticed that you are from Boca Raton FL. That is interesting that you would have such a view about investors who have lost money with a firm that you live close. It is also "amazing" how articulate you are, I would never guess that you would work for company that has as man complaints as they do. Clearly in every market there are people who win and those that loose, from the sounds of it most folks on here that are complaining are upset more by the attitude and customer service than the actual losses. With no one responding it sounds like those that want their profits have recieved it which is a good thing. Such a crass response seems unnecessary when the markets are so difficult these days, I for one will do my own due dilligance on this firm...
 130 days ago by   tired of crybabies -1 Votes
The NFA only regulates commodity futures firms. Leveraged spot metals is not an exchange and as long as they are able to execute their obligation and has the proper biz license; they are operating legally.
 100 days ago by   Cavender +1 Votes
Global Bullion Exchange is the third name the firm has had. From Barclay Trading Group, to The Bullion Group, to GBX. You guessed it, they have tarnished each title by doing business unethically. The commission is their goal, and if you don't send any money, the broker makes nothing. Therefore, a client is only worth anything to them only if they are sending money. After that you will be "sold" more metal by borrowing from your account and being put in the market at the highs, and on the first pull back or downswing will give your account an "equity call", which inevitably ends up being a sellout at a steep loss.
The firm won't last very long before being closed down by the state government for fraud.
Two major offenses legally are: First, charging large interest fees on loan balances that technically do not exist. There is no lender to provide such large credit balances to such a company as GBX. So go ahead and pay 12% a year on a "phantom loan".
The company doesn't even have the physical metal that is being sold to the public. If every investor had a fully paid for account (no loan balance), and demanded physical delivery on the same day, it would be impossible for the firm to deliver, since it is merely a number on a piece of paper.
My advice is simple, if you want a tax loss go right ahead and open an account at Global Bullion Exchange! Good luck
 88 days ago by   Blue01 +1 Votes
Cavender:
Thanks for your criteria of Global Bullion. They called me approx a dozen times. Matt was quite persistent. I seriously considered investing until I found this page. Boy this page saved me alot of pain and suffering. I told GBX to not call me anymore.
 15 days ago by   sxhunt 0 Votes
Thank you for this board. I get many cold calls from "brokers" and investment advisors and the latest being Gold Bullion Exchange. During the call I pulled up this site and the phone tactics were verbatim as described by "zing" in a posting almost a year ago.

I did end up having to hang-up on the blow-hard on the other end of the line after he became argumentative and stated he "did not need my business due to all the other successful accounts he has". I responded that he obviously did since he was the one that called me!

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