Global Bullion Exchange reviews and complaints

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.

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

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?

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

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

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!

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.

there day will come

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.

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.