Hi there everyone,
Thought i would post this is beginners because they are the most likely to get caught by people like this!
Today i had a phone call from a person at (unnamed) financial services. We will call him Steven. This fellow used to work for a friend of mine who owns an advisory service. Due to several reasons, one of which involving his long criminal record, he was dismissed.
Steven was trying to get me to go over to his new company. He used lines such as, "Conservative strategies, which look for consistent returns on a monthly basis".
So i ask, Steve give me an example, what can you offer me? To which he replied, "For example i was will sell a put on BSL".
So let me get this straight you are naked selling?
So i asked Steve, what if you had sold puts on karoon gas? The stock gaps $2.00, now im ****ed arent i Steve?
NOW GET THIS, THIS IS STEVES RESPONSE.
I love this as you can probably tell.
"I would not have bought Karoon."
HAHAHAHAHAHA. Yeah of course you wouldn't now steve.
"yeah well my analysis would have told me not to do it, and even if i did make a mistake i would just pull out"
Yes but steve, you can't pull out between the close and the open. You just cost me my hole account balance plus more!
So i asked Steve what size accounts do you look after, he said a minimum of $50,000. Ok well i only have a $15,000 account doesnt look like you can help me.
But wait Steve had another genius idea for me.
"Luke thats ok for somebody like you we could organise a margain loan, that is what i would do personally."
Ok Steve so what happens if the market crashes like it id 2 years ago?
"Well luke you would still have lost money anyway"
Steve i will not be requiring your services.
Its astounding that people like this are allowed to advise. Its a joke. They don't lose any of their money just everyone elses! They are honestly in my eyes, criminals.
So be warned do not be suckered in to there promises of riches.
Has anyone else had similar experiences?