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Monex Deposit Company

  3,895 inquiries |
Gold, Silver, and Platinum Dealers

4910 Birch Street
Newport Beach, CA 92660-2113
| Get Directions

(949) 752-1400

http://www.monex.com

Personal Advisors available online and by phone.

Company Rating

A

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Customer Reviews

based on 2 reviews.

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Complaint Experience

N/A

Complaint Resolution Index (CRI)

Membership Information

This business is not a member of Business Consumer Alliance. This fact does not disparage the company in any way.

Recent Review

Posted on 11/24/2016

My Go-To company for PM purchases

I read a couple of the other reviews that were negative for Monex and I recommend you read those as well. They are about small stuff like somone wanted 2013 coins and they ended up getting 2014, puhleeze, big deal! If I am going to buy precious metals I buy from Monex because they're fast, efficient and generally have the best pricing that I can find. Also to me they are unique in that you can buy on leverage, although I wouldn't recommend doing it. If you want to compare prices go to http://www.comparesilver prices.com and contrast that with Monex and you'll see that the best prices are more than what it costs through a Monex Atlas account (delivered cost). With a less than 5 minute phone call you can order a hundred ounces or 5000 ounces (100 ounce minimum for silver). It's that quick and efficient. Highly recommend.

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Complaints and Resolutions

Complaint Experience

N/A

Complaint Resolution Index (CRI)

BCA's Summary and Analysis:

Complainants allege that they purchased precious metals based on advice and coaching from account representatives and as a result they incurred substantial financial losses. A few clients complained that account representatives did not follow their instructions in applying funds for investment or that they failed to keep them informed and as a result they suffered losses they would not have incurred had their instructions been followed. ~~The company 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.

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Complaint Closing Statistics

0 complaints against Monex Deposit Company closed in last 3 years.
Complaints Type of response
0 Making a full refund, as the consumer requested
0 Making a partial refund
0 Agreed to make an adjustment
0 Refusing to make an adjustment
0 Refuse to adjust, relying on terms of agreement
0 Unanswered

Other Information

Company Info

Monex Deposit Company is America's premier precious metals dealer. We are home to a large dedicated and long term staff committed to serving your precious metals investment needs.

Primary Contact: Christina Carabini (Customer Relations)
Business Started: 1/1/1970
Social:

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Licensing

We know of no licensing or registration requirement for companies engaged in this company's stated type of business.

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Government Actions

Agency: Commodity Futures Trading Commission/CFT
Description:

On September 6, 2017, the US Commodity Futures Trading Commission (CFTC) filed a civil injunctive enforcement action in the U.S. District Court for the Northern District of Illinois against Monex and it’s principals Louis Carabini and Michael Carabini. The CFTC Complaint alleges Monex defrauded thousands of retail customers nationwide out of hundreds of millions of dollars, while executing thousands of illegal, off-exchange leveraged commodity transactions.


The complaint alleges Monex deceptively pitches leveraged trading through the Atlas program as a safe, secure and profitable way to invest in precious metals when in reality nearly everyone who placed leveraged trades in an Atlas account between July of 2011 and March of 2017 lost money. According to the Complaint, over 12,000 trading accounts were used to place leveraged precious metals trades resulting in more than $290 million in customer losses between July 16, 2011 and March 31, 2017. The Complaint alleges that in order to push customers into the Atlas program and to generate trades, the Defendants employed high-pressure sales tactics, systematically downplayed the risks associated with the Atlas program, and falsely promised customers that Monex would act as the customers’ fiduciary and would always act in those customers’ best interests. As a result of Defendants’ conduct, many customers lost their life savings, while Monex and its owners pocketed millions of dollars, the Complaint alleges.


The Complaint further alleges that Defendants’ leveraged commodity transactions are unlawful because they were not, and are not, executed on or subject to the rules of a regulated exchange, as required by the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, effective July 16, 2011.


The Complaint also alleges that the Defendants were required to register as Futures Commission Merchants (FCMs) but failed to do so in violation of the Commodity Exchange Act. Individual Defendants Louis and Michael Carabini are charged directly with the offering of the unlawful leveraged commodity transactions and charged with the fraud and registration violations as controlling persons of Monex who knowingly induced the underlying violations or failed to act in good faith.


The CFTC is seeking preliminary injunctive relief to enjoin Monex from continuing to market the Atlas program to retail customers, and appointment of a monitor over Monex for the Atlas trading accounts. The requested preliminary injunction Order would prohibit the Defendants from trading, soliciting orders, committing fraud, or engaging in business activity related to contracts or transactions regulated by the CFTC until there is a final decision on the merits. In its continuing litigation, the CFTC seeks disgorgement of ill-gotten gains, restitution for the benefit of defrauded pool participants, civil monetary penalties, permanent registration and trading bans, and a permanent injunction from future violations of federal commodities laws, as charged.


Details of the complaint can be located here.


Date of Action: 9/6/2017

Comments and Analysis

This company does not take responsibility for client losses regardless of advice offered by account representatives. Keep in mind precious metal investments are considered risky; results are dependent upon relevant commodities markets which tend to fluctuate rapidly. Rather than making an immediate decision insist upon confirmation of the offer and all verbal promises in writing. Before making your decision discuss the offer and risks involved with your attorney or trusted business advisor. Find out what qualifications account reps brokers or advisers have to assist you in making investment decisions.

Other Considerations

We know of no other matter or practice relating to this company that may assist you in your consideration of this company.

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Additional Info

DBAs:

Monex Credit Company
Monex
Monex Precious Metals

Websites:
There are no additional web sites.

Contacts:

Customer Service
Gregory Walker (General Counsel)
Michael Caribini (CEO)
Harvey Kochen (Director of Compliance)
Brian Jenkins (CFO)