When a client gives a commodity broker clear instructions for trading, along with the LOD (letter of direction) it does not mean the broker will do it. Having the letter along with instructions for the broker to always manage account risk does not mean they will do it. A client can tell the broker not to use much leverage and they dont have the responsibility to do it. Too much leverage will cause a margin call in commodities. If the client tells a broker to notify them about things like margin calls a broker may tell you they will but wont, and they can get away with it. This is what happened to me.
The introducing commodity firm was efloortrade out of Orlando Florida. My personel brokers were Chris Moore and John Moore. John the owner of efloortrade and his son. About March/April 2011 I started auto trading commodities with them. I had very little contact with them. But I didnt worry about it much because i was always checking my statements.In September or October John Moore visited the west coast and called me with an invitation for dinner. That was the first call from my broker in at least 3 months. Three months later on February 22 or 23 2012 my broker Chris Moore called in the afternoon to just say hello, long time no talk to he said as if he was calling just to shoot the breeze. Then he said Im worried about your positions right now and think the system is doing poorly. I told him to close all my positions and go to cash. After I hung up with Chris Moore at efloortrade, I looked at my last two weeks of statements and noticed. (from February 23 2012 back to the first of February 2012) http://www.Efloortrade.com had charged me $6,740.00 in commissions for ten trading days. The normal daily efloortrade commission cost for trading my portfolio should be no more than $90/$120 dollars or about $900/$1200 for those ten trading days. I called him back within seconds and wanted to know what John Moore and Chris Moore were doing. The first words out of Chris Moores mouth were, I tried to call you. I said, I want to know what are all these trades with no correlation to the tradethink signals or to the letter of direction? He said, You have been on margin since January 2012, I tried to call you. Its now the end of February and hes is just now getting around to calling me. He never mentioned margin call at all when he called a few minutes earlier. But he did mention it after I called him back when I noticed the churning of my account. I was suspicious he did not mention all this when he called to shoot the breeze.When I told Chris Moore at efloortrade to go to cash I called back and asked how much i had after the trades were completed, he said it was 110,000. I assumed he was giving me the value in dollars. But the little crook was giving it to me in euros and not telling me. Jeez, I wanted to clock him. When it was done my account value was approximately $70,000USD from $150,000USD a few months earlier.
These guys were members of the CFTC www.cftc.gov but they arent anymore. They didnt have the right stuff and their membership in that enforcement/regulating agency was terminated. I wanted to understand how this could happen so i called the compliance dept. and received a phone call from a person who identified herself as compliance officer Ann White. Their is no compliance officer Ann White, the persons real name is Ann Moore. She is the wife of Efloortrade head broker and proprietor John Moore and mother of my crooked broker. She said when a margin call occurs my broker does not have the responsibility to call me. I wanted to know why they would close my position, turn around and open it again and do it again, time after time. John Moore told me he was saving me money by doing it. My account value went from $150,000USD to $70,000USD in a few months. He made almost seven thousand dollars in commissions in ten days. I dont know how he figures he saved me any money. Ann Moore said she would have a problem too if this was done to her. She offered me 139 commissions out of the 199 trades efloortrade churned in ten days. I dont know how long Efloortrade has been getting away with this, but its nothing more than another commission churning scam for dishonest brokers with no ethics. http://scamexposer.uplog.org
eFloorTrade, LLC Reviews
When a client gives a commodity broker clear instructions for trading, along with the LOD (letter of direction) it does not mean the broker will do it. Having the letter along with instructions for the broker to always manage account risk does not mean they will do it. A client can tell the broker not to use much leverage and they dont have the responsibility to do it. Too much leverage will cause a margin call in commodities. If the client tells a broker to notify them about things like margin calls a broker may tell you they will but wont, and they can get away with it. This is what happened to me.
The introducing commodity firm was efloortrade out of Orlando Florida. My personel brokers were Chris Moore and John Moore. John the owner of efloortrade and his son. About March/April 2011 I started auto trading commodities with them. I had very little contact with them. But I didnt worry about it much because i was always checking my statements.In September or October John Moore visited the west coast and called me with an invitation for dinner. That was the first call from my broker in at least 3 months. Three months later on February 22 or 23 2012 my broker Chris Moore called in the afternoon to just say hello, long time no talk to he said as if he was calling just to shoot the breeze. Then he said Im worried about your positions right now and think the system is doing poorly. I told him to close all my positions and go to cash. After I hung up with Chris Moore at efloortrade, I looked at my last two weeks of statements and noticed. (from February 23 2012 back to the first of February 2012) http://www.Efloortrade.com had charged me $6,740.00 in commissions for ten trading days. The normal daily efloortrade commission cost for trading my portfolio should be no more than $90/$120 dollars or about $900/$1200 for those ten trading days. I called him back within seconds and wanted to know what John Moore and Chris Moore were doing. The first words out of Chris Moores mouth were, I tried to call you. I said, I want to know what are all these trades with no correlation to the tradethink signals or to the letter of direction? He said, You have been on margin since January 2012, I tried to call you. Its now the end of February and hes is just now getting around to calling me. He never mentioned margin call at all when he called a few minutes earlier. But he did mention it after I called him back when I noticed the churning of my account. I was suspicious he did not mention all this when he called to shoot the breeze.When I told Chris Moore at efloortrade to go to cash I called back and asked how much i had after the trades were completed, he said it was 110,000. I assumed he was giving me the value in dollars. But the little crook was giving it to me in euros and not telling me. Jeez, I wanted to clock him. When it was done my account value was approximately $70,000USD from $150,000USD a few months earlier.
These guys were members of the CFTC www.cftc.gov but they arent anymore. They didnt have the right stuff and their membership in that enforcement/regulating agency was terminated. I wanted to understand how this could happen so i called the compliance dept. and received a phone call from a person who identified herself as compliance officer Ann White. Their is no compliance officer Ann White, the persons real name is Ann Moore. She is the wife of Efloortrade head broker and proprietor John Moore and mother of my crooked broker. She said when a margin call occurs my broker does not have the responsibility to call me. I wanted to know why they would close my position, turn around and open it again and do it again, time after time. John Moore told me he was saving me money by doing it. My account value went from $150,000USD to $70,000USD in a few months. He made almost seven thousand dollars in commissions in ten days. I dont know how he figures he saved me any money. Ann Moore said she would have a problem too if this was done to her. She offered me 139 commissions out of the 199 trades efloortrade churned in ten days. I dont know how long Efloortrade has been getting away with this, but its nothing more than another commission churning scam for dishonest brokers with no ethics. http://scamexposer.uplog.org