Global Bullion ExchangeFraud

T
This review was posted by
a verified customer
Verified customer

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.

More Global Bullion Exchange Complaints & Reviews

Responses

  • Rh
    Rhea Daniel Sep 05, 2013
    This comment was posted by
    a verified customer
    Verified customer

    No. Can't remember my brokers name, but he sure was convincing. After seemingly liking the guy, I agreed to invest in Silver for a fixed amount and set number of ounces. Later, I was told they had done me a favor and doubled my order on margin. I never authorized anything like that and when I said just send me the value of the ounces I purchased, they said the account balance was zero due to market corrections and caused by the the doubled order using a margin investment. What a scam. Glad the court sent one owner to prison; however, the sales people need to go with him. The sales people had to be well aware of what the scam was. No way to hide that. I believe the same group of crooked sales personnel have set up more shops. With the most recent promising to recover victims money using their previous customer data base. With the opinion once an idiot always an idiot. Be aware of the new scam that purports to be able to legally get your investment loss back with a nominal upfront fee which is potentially recoverable once the loss is settled. The courts should have confiscated all customer documentation for safe keeping or destroyed it. Now I'm labelled as an idiot, and my file information is being sold to the highest bidders. GREAT!!! This is like the ### you had sex with and can't get ride of her or out of your memory. LOL

    0 Votes
  • Ja
    jaskywalker Feb 28, 2010

    For those who have lost money because “Global Bullion Exchange” is declaring bankruptcy it appears that while the company is shut down the individuals responsible for the company are doing just fine while operating under another company name. http://www.metalstradinggroupllc.com/index.php This fact is highlighted in the application for the new company: http://metalstradinggroupllc.com/pdf/METALS-TRADING-Application.pdf Page 7 second to last paragraph:

    METALS TRADING GROUP, LLC takes great effort to contract with independent contractors who act as account executives. METALS TRADING GROUP, LLC assumes no responsibility for their recommendations or regulatory and/or legal history and from time to time may inadvertently retain a contractor who has had a regulatory problem. Metals Trading Group, LLC’s Chief Officer has settled a proceeding with the National Futures Association in May, 2000. There additionally have been State Cease and Desist or Injunctive Orders entered under state laws. On January 19, 2010 an assignment for the benefit of creditors was filed in Dade County, Florida under Florida law bearing Case No. 10-3077 CA 40 by Global Bullion Exchange, LLC, and Case No. 10-03076 CA 40 by Diversified Investment Group, Inc., companys which were wholly owed by the current principle of Metals Trading Group, LLC, Mr. Jamie Campany because they could not meet their financial obligations to customers.

    It is a little surprising that a company which charges a 15% fee on the full price of the investment (when using leverage this amount can be around 40% of the money sent to the company) was unable to stay open. It leaves one to wonder where all the money is? It also leaves one to wonder where the money to start a new company came from? If money or assets of Global Bullion Exchange was transferred to Metals Trading Group LLC shouldn’t it instead be used to payback the investors of Global Bullion Exchange?

    Perhaps those who invested with Global should have done more research into the men running the company such as Matthew Bennedetto (also a partner of Jamie Campany in other business ventures http://www.sunbiz.org/pdf/30330993.pdf Campetto Consulting) who The
    Order finds that Benedetto pled guilty to one count of an indictment
    charging him with conspiracy to commit securities fraud, mail fraud and
    wire fraud. The indictment alleged that while employed as a registered
    representative at a registered broker-dealer, Benedetto accepted secret
    payoffs to induce his clients to purchase the securities of Lifekeepers
    International, Inc. Benedetto was sentenced to three years of probation and ordered to pay $60, 836 in restitution.

    For full text see: http://www.sec.gov/news/digest/dig082503.txt paragraph 6.

    Obviously these guys are personally doing well financially as they should if they are working hard and doing well for their clients. Unfortunately it appears they may be the only ones benefiting financially as http://www.gogbx.com/pdfs/gogbx_011910B.pdf lists hundreds of Global Bullion Exchange clients left high and dry. I have not read any complaints about http://www.metalstradinggroupllc.com/index.php “Metals Trading Group” or “Metals Trading Group, LLC” and I wish those employees and clients the best of luck but I do have a bad feeling that when nothing changes but the name the same thing will happen to the clients of Metals Trading Group that happened with Global Bullion Exchange.

    Have any other GBX clients gotten their money back? Has Metals Trading Group issued any statement about it’s relationship with Global and/or what happened?

    0 Votes
  • Jj
    jjie Feb 28, 2010

    It looks as though these thieves have been shut down, at least temporarily. I got a letter from some Florida attorneys in regards to filing a claim against them. The letter said there were already more than 1400 claims filed so it is doubtful I'll ever get more than a very small percentage, if anything, out of it. It appears no criminal charges are going to be filed. These guys deserve to be locked up. I also agree that the state of Florida is lax, to put it mildly, in in regulating this type of activity. Given the responses I've had to my complaints to state and federal authirities it seems the state not only condones, but encourages these type of busnesses to operate there. Makes you wonder what goes on behind the scenes. jjie

    0 Votes
  • Do
    Doodlebug 69 Feb 11, 2010

    What a bunch of rotten thieves ! They took me for a few hundred, did not sell when they should have and would not sell when I asked them to. I will never ever do business with someone out of my own town again. I have been ripped off over $50, 000 in the last 2 years. I think Florida needs to clean up their act and put more regulations on these companys. I will also never do any business with any company from Florida.. Dave P

    0 Votes
  • Si
    silver trade Jan 27, 2010

    the statement about clients being called from north palm is false i work in that office there are a few family friends who were called to warn of the problems with gbx and we offered them silver at $12 an ounce to make up for losses that will accure from the bankruptcy of global bullion. they have stuck to alot of people and we are trying to make it right for clients opened in our branch we have totally disconnected from gbx and foundanew clearing firm. We are currently providing information for a lawyer who is putting together a class action lawsuit against gbx. Yes North Palm does have access to silver mining contracts for future production and delivery of "Physical" but we are not calling telling people to sell out and buy them. Gbx clients can't sell there is a reciever in place and no money is going in or going out until an audit of gbx and diversified completee at that point what money is left will be sent to clients gbx does not exist anymore but look out Metals Trading group is the new company!

    0 Votes
  • Ne
    networth Jan 27, 2010

    GBX declared bankruptcy on Jan. 18, 2010. You may call [protected] for more information and to get information. It is so recent, however, that they are still gathering information and have little to offer. Check it out at www.gogbx.com.

    0 Votes
  • Go
    gogbx.com are crooks Jan 14, 2010

    there day will come

    0 Votes
  • Go
    gogbx.com are crooks Jan 14, 2010

    GBX is trying to rip me off as we speak . They owe me money from silver sale and will not return it to me .They just keep telling lie after lie.

    0 Votes
  • Ne
    networth Jan 11, 2010

    OOPS! I didn't think the first posting was saved. I hadn't created an account yet and thought it was deleted. Sorry for the duplication, but there is a bit of further information in the 2nd posting.

    0 Votes
  • Ne
    networth Jan 11, 2010

    Go Colts!

    I invested $8, 000 with GBX and have turned a 30%+ profit (after fees) on 2 trades: silver and palladium. My father did 1 silver trade and brought home the same profit. Neither of us have had trouble acquiring our funds. I've received back all but $500 of my initial investment. Dad got all his returned. I believe anyone could make a profit in metals in this bull market (so far).

    And, no, I don't work for them nor do I receive any compensation from them for these comments. I offer this information as a statement of fact without prejudice either way.We are investors from Indiana and feel sorry for anyone who has to play the Colts in the Super Bowl.

    FYI: GBX is now "Metals Trading Group, LLC". You can see "MTG" at www.metalstradinggroup.com, now.

    I noticed that most of the major complaints came from people who got caught in a precipitous drop in the metals market about a year ago. This plunging market caught sellers and buyers in an extremely volatile time. See the charts at MTG's website. I empathize with those folks as I got hurt in the 9/11 drop as well as "Black Thursday" (or whatever day it was) in 1987. I, too, blamed it on my investment brokers. GBX may have questionable "bedside manners" and deplorable customer relations tactics as some have experienced, but they done well by Dad and I.

    0 Votes
  • Ne
    networth Jan 11, 2010

    Go Colts!

    I invested about 8 grand and have received 7500 back with little to no trouble. Yes, the fees are high, they don't have possession of metals, and they are pushy, but so far, so good for me, thank God. They have advised me well, but it may be that anyone could do good in metals in this bullish market. I noticed that most of the negative comments were from a market that was not so favorable for metals if I recall correctly. I do have a sell order in for palladium (for a good profit) and a buy in for platinum. It is "play" money now, but I'd hate to lose it. I'm not sure what to do.

    My father was with GBX for a relatively short time in silver. He made a 30%+ profit and got his money back with no trouble.

    FYI: GBX is now, Metals Trading Group, LLC. See them at www.metalstradinggroupllc.com. I had to sell my position and sign a new contract...albeit for lower commissions and fees.

    Anyone have another company they'd recommend? What about Lloyds Asset Managment? They just called me out of the blue.

    0 Votes
  • It
    itsme09 Dec 22, 2009

    Well i used to work there and from what i have heard they will be opening under a new name. By the way i wasnt employed by them when they got shut down. I feel really bad for all the clients that sent in all their money to just buy dreams. I will keep you updated on what i hear

    0 Votes
  • Co
    coltsnmanning Dec 17, 2009

    Anyone know what really happened down there? Didn't ever send in any money but I have enjoyed seeing these obvious former employees air dirty laundry on here but this really is a surprise. Didn't find anything on googlenews and if someone ran off to europe with a bunch of peoples money i think it would have made some headlines especially being in the Madoff neighborhood. Scammerssuck you ever get paid? Cavender you seem connected will they be opening underr a new name? Did the people who sent in money get it back?

    -1 Votes
  • Go
    gone with the wind Dec 16, 2009

    the owner of global stole all the money and is fleing to europe to avoid prosecution. I hope the find him and lock him under the federal prison next to all the people in on the scam.

    0 Votes
  • Ep
    Epiphyte Dec 16, 2009

    Right now over at GBX, Jamie Campany and Matt Benedetto are in the process of looting client funds and shifting the money out of reach of creditors and employees. I can tell you of at least two salesmen they have given bad checks to. Right now, all GBX clients are being called from North Palm Beach, the corporate headquarters is gone. And now they are being asked to sell their bullion? (if it actually exists) and investing into some mining stock. Oh, and their 'unlimited trading for a one time fee' now has a 2% sell premium, so Mr.s Campany and Benedetto can clear another million or so from liquidating their client book. I am sure that if you were to go through GBX's old corporate staff, you can find a lot of employees who just got burned right before Christmas, along with the clients.

    0 Votes
  • Sc
    scammerssuck Dec 15, 2009

    They were shut down today. I think they hired security to protect themselves from a lot of angry brokers. I haven't gotten paid yet and I don't think I will. I hate scammers.

    0 Votes
  • Bi
    Bill Schilling Dec 08, 2009
    This comment was posted by
    a verified customer
    Verified customer

    Bill Hionis, and GBX totally riped me off, they say it was a leverage account, this is usary the Security Trade Commission should get involved. Do not invest with these smooth talking S.O. B.s. Bill Schilling, Hilton Head Island, S.C. [email protected]

    0 Votes
  • So
    SOME_DUDE Nov 28, 2009

    that guy Cavender thats writing all that bad stuff about GBX used to work for the company your all complaing about.Furthermore Cavender was an integral part in the building of this company and was friends withand worked with Mr. Campany at those other 2 firms that he accuses of doing business unethically it wouldn't surprise me one bit if he had hand in screwing over some of these people that are complaining. Tim Cavander is also a very serious drug addict using crack cocaine and oxy cottins i used to live with him this is how i know this.He now works for another metals firm in West Palm Beach named Lloyds asset managment...BE CAREFUL hes very knowledgeable about the metals market and is good on the phone...YOU WILL GET SCREWED DEALING WITH TIM CAVANDER.

    1 Votes
  • Sx
    sxhunt Nov 05, 2009

    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!

    0 Votes
  • Bl
    Blue01 Aug 24, 2009

    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.

    1 Votes
  • Ca
    Cavender Aug 12, 2009

    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

    1 Votes
  • Ti
    tired of crybabies Jul 13, 2009

    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.

    -1 Votes
  • Co
    coltsnmanning Jul 09, 2009

    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...

    0 Votes
  • Gr
    GRAPE89 Jul 07, 2009

    amazing how these losers of people complain when they lose. grow up aND BE A MAN! MARKETS WIN/MARKETS LOSE.!

    -1 Votes
  • An
    anonymous May 19, 2009

    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.

    0 Votes
  • Jj
    jjie Apr 26, 2009

    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

    0 Votes
  • Og
    Ogt45791 Apr 09, 2009

    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.

    1 Votes
  • Jj
    jjie Mar 18, 2009

    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

    0 Votes
  • Ch
    Chris Held Feb 13, 2009
    This comment was posted by
    a verified customer
    Verified customer

    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 [protected]
    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

    0 Votes
  • Go
    good advice Feb 11, 2009

    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.

    0 Votes
  • Zi
    zing Jan 21, 2009

    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.

    -1 Votes
  • Ad
    Adam King Nov 07, 2008
    This comment was posted by
    a verified customer
    Verified customer

    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
    [email protected]

    0 Votes

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