I think it is safe to conclude that this guy is injecting himself into this case and has actually nothing whatsoever to do with it. Weird attention whore. I knew something was off, couple points this guy made simply did not add up.
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Optionsellers.com goes bust and the apology video is painful to watch
- Thread starter Sweet Bobby
- Start date
It's perfectly clear that this guy, James Cordier, has a history of issues and problems. It does make anyone placing money with such person, gullible and poorly informed.
Maybe, but that’s easy to say in hindsight. Everyone makes mistakes, especially when dealing with investments. If you make 10 investments, at least couple may go sour. While due diligence will always discover some issues because no ones perfect. If you wanted to find perfect investment without risk then you’d never invest at all.
So, you stated you ingested with this guy because you wanted low risk and diversify, then you turn around and put your entire assets into this fund. Lol. Your story gets funnier by the minute. Of course you now turn around and claim I misread and that those 2 accounts do not constitute your total assets in all your securities accounts. Go on, good entertainment.
I'm not sure what you are getting at here. We searched online to see what was being said about the debacle at OptionSellers.com and came across the Chapman/Albin law firm's website advertising the class action lawsuit. We called for the "free consultation" and during that conversation, asked if we should pay the balance. As far as the discrepancy in what we owe - we had two accounts (IRA with debit balance of $35,000 and taxable account with debit $20,000) which totals $55,000.
I came to this post to get some information and to perhaps share information with other victims. Your implication that I am not being truthful is not helpful. I'd really appreciate it if you'd simply ask for clarification before assuming such things.
It's called testimonials amd you as the imaginary investor got "testimonialed" (aka fucked) .
My God. I have a ton of the advertising materials which give bios of some of the investors, along with their recommendations of the firm. It's actually quite sad to look at that material now as they all seem to be decent, hardworking people who have lost everything invested, plus some.
I am on this page to gather and share information. If you need clarification, simply ask.
Why some people here are so obnoxious and look for issues with everything being said? There are real investors who’ve lost real money with this firm, and there is no reason to assume none of them would find their way here.
PJB1994 is providing insightful info and answering questions with great detail, while we don’t have any other source of information. Ripping every statement apart is something that 12 year old kids do, and is easy to do with anything being said by anyone. Have some respect, while choosing to accept or ignore someone else’s statements. Or go find some good trades for tomorrow if you’re actually interested in trading instead of trolling.
PJB1994 is providing insightful info and answering questions with great detail, while we don’t have any other source of information. Ripping every statement apart is something that 12 year old kids do, and is easy to do with anything being said by anyone. Have some respect, while choosing to accept or ignore someone else’s statements. Or go find some good trades for tomorrow if you’re actually interested in trading instead of trolling.
Would you yourself seriously place funds with a manager that has a history of suits, complaints against him and leaves a long negative internet trail? That is not hindsight, that is doing due diligence. All that. Information was available before his latest money grab venture.
And yes, you can find hundreds of individuals with decades of track record who are not mentioned in law suits or complaints. Re risk, no risk no gain... Simple as that. As long as the taken risk commensurates with the stated risk sold to investors.
And yes, you can find hundreds of individuals with decades of track record who are not mentioned in law suits or complaints. Re risk, no risk no gain... Simple as that. As long as the taken risk commensurates with the stated risk sold to investors.
Maybe, but that’s easy to say in hindsight. Everyone makes mistakes, especially when dealing with investments. If you make 10 investments, at least couple may go sour. While due diligence will always discover some issues because no ones perfect. If you wanted to find perfect investment without risk then you’d never invest at all.
Your judgments are incredibly productive and helpful. Thanks.It's perfectly clear that this guy, James Cordier, has a history of issues and problems. It does make anyone placing money with such person, gullible and poorly informed.
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.
There is currently a lawsuit going on to sue Optionsellers.com and its broker FC Stone. If you are one of the investors that lost money, perhaps you might want to contact the lawyer to obtain some recovery of your losses. https://www.johnschapman.com/investment-fraud/optionsellers-investment-loss-recovery/
Not true. He traded money from current IRA accounts. They were set up through Midland IRA (self-directed IRA). He wiped out that balance plus we owe another $35,000. I'm not even sure how this will work out in terms of taxes since we will be paying the balance to FC Stone with after-tax dollars.
He sold this to us as a VERY SAFE investment because he went SO FAR out of the money and so far out in time. In fact, he convinced us it would lessen our risk because it offered further diversification as it was uncorrelated to the market. We were not looking to make "big money" rather seeking greater safety. His book also talks extensively about vertical spreads for risk mitigation. I was also under the impression that the IRA account could not trade naked positions, but it seems he handled both the non-IRA and IRA accounts in the same manner.
We only had our accounts with him since May/June - now they are all gone, plus a significant debit balance in each.
You said in another of your post that you owe $55,000 to FC Stone.
Losses were not limited to deposits. Many owe tens of thousands, some more, to FC Stone. I’m one of them. We owe about $55,000 and when we talked to FC Stone, ours was one of the smallest balances.
So where is this $35,000 coming from? Is this in addition to the $55,000 owed to FC Stone or your IRA account loss or your debt to FC Stone is $55,000? Not intend to invade your privacy or anything but just curious. You don't have to share if you don't want to.
Just to give you some idea, he was selling options with strike price that is far out of money but with options, just like everything else, whether something is "safe" is all relative. During "normal", non-volatile market conditions, yes his investment would be considered *relatively* safe but during extreme volatile market conditions like what happened, nothing is "safe" unless the money is put in a term deposit. Just like in the financial crisis of 2008, even stocks from blue-chip companies like Citibank that's considered the "safest" investment tumbled from $200+ to $37 during the financial crisis of 2008. That's how the market is, nothing can forsee the future and nothing is really "safe" or "very safe".
Hi PJB1994,
I am so sorry to hear about your losses caused by this rogue wave. Actually, rogue money manager is more accurate.
What were the historical returns of this rogue manager like when you made the decision to invest? Did he set an impressive, enticing high investment return target to his clients, yet promise safety and low risk?
I hope you can retrieve your money at least partially. He wears a luxurious watch in the video. May be he is worth suing.
I am so sorry to hear about your losses caused by this rogue wave. Actually, rogue money manager is more accurate.
What were the historical returns of this rogue manager like when you made the decision to invest? Did he set an impressive, enticing high investment return target to his clients, yet promise safety and low risk?
I hope you can retrieve your money at least partially. He wears a luxurious watch in the video. May be he is worth suing.
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.