Optionsellers.com goes bust and the apology video is painful to watch

GRULSTMRNN said:
Incorrect in that he apparently sold his fund to unassuming investors as a low risk vehicle. If it was assured or even just advertised as described then he will go to prison for sure. He basically managed the fund in a different way than he described to investors.

I highly recommend investors who got burned to not pay a single dime and to first get together and to file a class action law suit. At the very least the investors will get a stay on any demanded payments and things can get sorted out.
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We spoke to an attorney that said we should pay the amount due to FC Stone because not paying it could result in large fees and interest charges. The lawyer we spoke to is: https://www.johnschapman.com/investment-fraud/optionsellers-investment-loss-recovery/
 
you invested with a guy who settled a complaint with an individual as well as with an exchange?

PJB1994 said:
We were assured that the risks were controlled - that was the entire sales pitch. Vertical spreads, ration credit spreads, very far OTM options at very distant dates, as well as other risk control measures. Said we were actually reducing our risk because this strategy allowed us to further diversify (diversify within the commodities markets which were uncorrelated and offer diversification from the stock market). People who trusted him were not looking for huge payoffs - the exact opposite.

We did extensive research on the guy and really couldn't find anything negative. There was a complaint filed several years ago, but they handled it very well and pretty much made the guy whole. We also read about the issue they had with Peregrine exchange that impacted him years ago but he assured us that we would never have that problem with FC Stone, etc.

How do you suggest I go about finding other victims of this debacle? I'd like to form a group so we can discuss how to proceed.
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Some things you said seem contradictory. On one hand you cite the lawyer you seemingly contacted but then you seem to be unaware that that lawyer already is looking to file for class action and that he is looking for other like investors in this bankrupt fund. That is, however, clearly explained in the link you yourself provided. Which one is true as both can't be true at the same time?

PJB1994 said:
We spoke to an attorney that said we should pay the amount due to FC Stone because not paying it could result in large fees and interest charges. The lawyer we spoke to is: https://www.johnschapman.com/investment-fraud/optionsellers-investment-loss-recovery/
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GRULSTMRNN said:
you invested with a guy who settled a complaint with an individual as well as with an exchange?
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You are spreading as fact false information and when exposed you are making further conclusory statements still not knowing the facts. I suggest you do some due diligence before making these harmful utterances.

When ridiculing clients who have suffered to such an extent, you should be aware that they are not "stupid" and include investment bankers, traders, business owners, surgeons, lawyers, engineers, etc. - so before you judge, do some due diligence of your own. This is not the forum for your condescension.
 
What? You yourself provided this information in your earlier post. And yes, if I invest my IRA with a guy who has had two complaints against him (whether he settled them or not is irrelevant in this picture) then I need to consider myself gullible or greedy. You had and have the choice to invest money with thousands of portfolio managers with unblemished records yet you chose a black sheep. Not saying you deserve what is coming to you but don't you think you were quite shortsighted in your choice?

And how do you know which occupations other investors have? You stated you could not yet reach out to other investors and do not know them. It is you who spreads false information with lots of conjectures. Are you even an affected client or just making up grand stories? Just wondering as your contradictions keep adding up...

PJB1994 said:
You are spreading as fact false information and when exposed you are making further conclusory statements still not knowing the facts. I suggest you do some due diligence before making these harmful utterances.

When ridiculing clients who have suffered to such an extent, you should be aware that they are not "stupid" and include investment bankers, traders, business owners, surgeons, lawyers, engineers, etc. - so before you judge, do some due diligence of your own. This is not the forum for your condescension.
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GRULSTMRNN said:
Some things you said seem contradictory. On one hand you cite the lawyer you seemingly contacted but then you seem to be unaware that that lawyer already is looking to file for class action and that he is looking for other like investors in this bankrupt fund. That is, however, clearly explained in the link you yourself provided. Which one is true as both can't be true at the same time?
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I contacted the lawyer because he was soliciting for business in this matter though that website, and I wanted to get some information. He is still trying to contact the affected clients. No contradiction and doesn't seem to be confusing in any way.
 
Well then no need to ask how you can reach out to other clients. Ask your lawyer.

PJB1994 said:
I contacted the lawyer because he was soliciting for business in this matter though that website, and I wanted to get some information. He is still trying to contact the affected clients. No contradiction and doesn't seem to be confusing in any way.
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GRULSTMRNN said:
What? You yourself provided this information in your earlier post. And yes, if I invest my IRA with a guy who has had two complaints against him (whether he settled them or not is irrelevant in this picture) then I need to consider myself gullible or greedy. You had and have the choice to invest money with thousands of portfolio managers with unblemished records yet you chose a black sheep. Not saying you deserve what is coming to you but don't you think you were quite shortsighted in your choice?
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Losses that occurred with the exchange going out of business do not seem directly related to Cordier's conduct at that time and affected all individuals dealing with that exchange. As to the other complaint, the adjudicating body found that Cordier conducted himself properly in some respects, but made an error as part of closing down that client's account. You can easily find this on the internet and read for yourself. I am not greedy and was looking for relatively modest returns from what was supposed to be a very conservatively managed strategy. Ratio credit spreads, other types of vertical spreads and other risk mitigation strategies are well understood by practitioners in this space and Cordier himself advocated these techniques in his book, videos, and personal representations. A person is not gullible if such techniques are available, perform their desired function in limiting risk, are understood and practiced by industry practitioners, and are assured by their money manager that he is an expert in such practice and techniques and that client funds will be managed conservatively in accordance with conservative principles. This person deceived us and induced us to enter into a relationship with him that deviated from his stated approach. From my point of view, his actions are in breach of contract and his fiduciary responsibilities, tortious, and criminal in some regards, and I expect that a court will likely find this to be the case. In any event, I do not want to further engage in this rhetoric with you since you seem determined to slander me and the other victims.
 
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