| Joseph Glenn Commodities |
| Joseph Glenn Commodities JG Commodities Mislead and Took Advantage of two Elderly Clients Boca Raton, Florida |
| 15th of May, 2011 by User864152 |
| Joseph Glenn Commodities is yet another boiler room churn shop that operates with zero ethics and zero integrity. Two clients sent them around 230,000 a piece. In under a month the two clients ( ages 72 and 88 ) lost over 260,000 dollars!! Joesph Glenn spun the two clients in and out of trades, without any customer authorization, and pocketed over 200,000 dollars in commissions. They are currently being sued in the Circuit Court of the 15th Judicial Circuit of Palm Beach County Florida. Case Number 502011CA004626XXXXMB. Hopefully they end up in Federal Prison where they belong!! |
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| My wife and I are current clients of JGC. I must say I am very surprised to see something like this. We invested with them and have a done very well. We purchased silver at 29.33 and sold at 44.27. They have always discussed our every move and disclosed everything before the trades were executed. We have been investing for over 20 years and have dealt with brokers who did wrong by us. I have to say JGC is not one of them. We will continue to diversify our portfolio with them into the future. |
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I used to work for a company similar to Joseph Glenn Commodities.
Do they cold call you, possibly suggesting they have been in contact with you in the past?
Do they spend 20 minutes suggesting they can offer large returns and 30 seconds explaining that you are risking your full investment?
Are they located in South Florida?
In 24-48 hours does a second person call you back and attempt to secure a small (five to ten thousand dollar) investment?
If you make the investment, does some special expert trader take an interest in your account? (in the industry, this is known as a loader or enhancer. he/she talks to everyone with the sole purpose of convincing you to send more money before your initial investment is lost)
If you answered yes to any of these questions, I can pretty much guarantee that you are being scammed. If you raise enough hell, these companies will sometimes settle with you out of court to get your full investment back.
to 'Guru1957' aka broker at JGC: I was once where you are now. You can do better with your life. Go sell something that can benefit people, and try to be an instrument of good in this world rather than a leech sucking off people that have already created wealth. You will never be Gordon Gecko. Go do something honest.
inb4 more butthurt brokers at that firm pretend to be customers. if you spent half as much time dialing as you do reading the internet maybe you guys wouldn't be looking like such pikers in your macy's outfits. |
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| This really seems like two commenters with personal vendettas against each other. All of you seem to be wasting your time posting this as this site is to help people by sharing personal, real experiences with a company rather than a forum of slander. |
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To the above poster, you're right. I sounded pretty childish and immature there. Sorry. Let me clarify a few things.
Firstly, you're correct. I have no firsthand experience with this company. I have never interacted with them, and I have never laid eyes on their employees or their offices.
I just have 5+ years working in the industry, and some free time on my hands.
But my opinions aside, let's look at the FACTS granted us by a simple google search:
Type Joseph Glenn Commodities into google. What comes up?
First, their website. At the bottom, you find the logos of the NIBA and the American Numismatic Association. When you go to the NIBA's site members section (http://nibanet.org/membership/members) there is NO MENTION of Joseph Glenn Commodities. A search at money.org, the AMA's website, yielded no results for Joseph Glenn Commodities either.
The second google search result is this website.
The third google search result is a website called Mycroburst (http://www.mycroburst.com/contests/joseph-glenn-commodities) which is designed to help business owners and others in need of graphic design connect with designers for logos, letterhead, etc. From mycroburst's page for Joseph Glenn commodities we can learn that the owner, a Mr. Scott G. Newcom (or at least that's what the sample business cards say in the entries), made a request for letterhead and business cards. The winning submission was uploaded either February 8 or February 9 of THIS YEAR. So they got their letterhead together five months ago and they've already got complaints on webpages like the one we are on.
When you google Scott G. Newcom, you find he's got an LLC called SGN FX Trading, however, that company has basically no web footprint. His commodities license appears to be in order, so that's good.
You can also find Newcom's linkedin profile (http://www.linkedin.com/in/scottnewcom), which lists him as the COO of SGN FX Trading from July 2004 – October 2008, but says beneath it "Avidus Trading developed and operated a fully integrated Forex trading platform. Responsibilities included operations of the platform and back office systems, technical support, personnel management and client services."
This is all as of 5/27/11. I'm surprised Newcom put Avidus on his CV in light of what else I found, he may change it.
A Google search for Avidus Trading reveals this document : (http://www.stopfraud.gov/news/adrian-plea.pdf) titled "United States of America vs Mark Adrian."
From this document:
"Defendant will plead guilty because he is in fact guilty of the charge in the information. In pleading guilty, defendant admits the following facts and that those facts establish his guilt beyond a reasonable doubt:
Beginning in or about January 2006 and continuing until in or about December 2008, in the Northern District of Illinois, Eastern Division, and elsewhere, defendant knowingly participated in a scheme to defraud and to obtain money and property by means of materially false and fraudulent pretenses, representations, and promises."
"Beginning in July 2006 and continuing through October 2008, Avidus’ trading for the Avidus investors was not profitable and resulted in a loss of approximately $2, 300, 000 for these investors. Defendant Adrian concealed the losses from the Avidus investors in order for Avidus to retain their business. Defendant Adrian prepared and sent false monthly investor account statements to the largest investor in this group, concealing the trading losses and inflating the investment returns."
Note that the date October 2008 coincides with Newcom's CV on linkedin.
So while this is not evidence that Joseph Glenn Commodities is defrauding its customers, it is evidence that the apparent owner of the company once worked for a firm that definitely did. Not only did he work for a firm that has been proven in a Federal Court to have defrauded its clients, but he says right on his CV that at that firm he
• Provided oversight to proprietary traders, managed trading positions and managed risk for trader’s portfolios
which is exactly what the person who should have prevented the fraud from occurring would have been doing. It is all in that .pdf
Also, this isn't slander, or libel( which is what you probably meant). In order for it to be that, my assertions have to be false. I'm not making this stuff up, you can do the searches yourself. Unfortunately, the "bullseye" client at JGC isn't computer savvy enough to find all this information, so hopefully he/she will check this page first. After all, it's the second google search result.
The funny thing about South Florida forex/commodities/leveraged metals firms is, you can do this with just about anyone involved in the business. It's like the six degrees of separation theory, except it's more like two degrees of separation. From fraud. Anyone in the business will eventually be exposed to it in one form or another. My old boss used to tell me stories about people getting thrown off of buildings or stabbed for defrauding the wrong people. Nowadays I guess people just complain on websites and get financial reparations if they're lucky.
Good luck investors. |
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| That is pretty cut and dry. From one boiler room to another. That is all these thieves ever know. |
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There is a very easy way to settle this discussion. Call the firm and ask them if you send them $10, 000 to invest in precious metals today how much are they going to take in commissions day one? The answer is almost $4, 000.
That's right. These thieves take 40% of your money the very first day they have it. Ask yourself what kind of legitmate business does that...none does.
They can get shills to put up all teh phony postings and Press Releases tehy want but at the end of teh day taking 40% of your ionvestment as a fee is ridiculous. |
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| Oh they got us good too. Lost over 90% in just a few months. |
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| Joseph Glenn Commodities is a third rate boiler room----steer clear of these crooks! |
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| Knowing what i know of Scott and the people he hung with - actually the girl he lived with - it would not suprise me that somehow someway - someone is getting conned. Scott is able to say stuff with a straight face while not being truthful and disclosing all that he knows Perhaps he has learned his lesson once he dumped his girlfriend in 2011. I could go on but i don't want to end up being sued for slander or libel. |
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