I don't think anyone "deserves" getting shafted. I would like to know how many people have had the same experience with Wellington. I suspect that they may not be actually buying contracts at all. They might have to pay some people off under certain circumstances (with their own money), but it would appear that more often than not, your account somehow manages to mysteriously expire before it comes to that. If you have been a victim of Wellington, send an email to: wellingtonscum@hotmail.com If there are enough of us, then we can go to SUGEVAL, the Costa Rican version of the SEC and possibly get something done about these clowns.
Dave, thanks for your email, ill put together a detailed email tomorrow night.....let me know if you get many reply's.
Wellington trading group: My take on this co is that they are more a sales oriented co than they are an investment co beyond the sales pitch witch will include red flag statements like i would not not be doing my job properly if i did not expose you to extremely exciting and significant shifts wich will occur in the value of the japanese yen in relation to the american dollar and statements like: "Your and intellingent guy" and "Remember why you started investing in the first place" and listen " I'm not a gambler" Sorry to say the opposite proved to be true. Ie 90% sales pitch 10% case building information they felt relevent to currancy values. The man who uttered these words did not make a single dollar in my behalf even though he claimed to be an expert in the field representing what he described as a boutique company and that the high commission fees were justified because they included the purchase of contracts and also the monitoring and legging out of my contracts in synch with market movements, not to mention an accute understanding of the market place based on years of experience. I found that after my investment was spent on commission i found it impossible to contact this person,never once did he reply to my messages once it was clear my investment was lost. Eventually after a number of weeks of persistance, i managed to contact a person who describe himself as a team manager, it was he who informed me of my total loss, I asked him how i could have lost all my investment and not just some, his response was that " it is a volatile market". So i suggested that this would be a good enough reason to invest a portion of my account, to which he replied we thought the yen was going to improve against the american dollar. It is my opinion that his behaviour reflected an opportunistic disposition with commissions as his main focus.which led him not to take a risk and only pick up a smaller commission on a lesser amount invested as i would not re-invest with a total loss on the board, loosing further opportunity for commission. hence the full some of my account was invested netting full realisation of commissions available from the full value of my account. in the event the contracts did not reach the strike price. As time unfolded and the contracts ran their course the japanese yen proved to decline against the american dollar. I did not realise this would mean a total loss. My education to this point was based on us gasoline options. Appart from way they get you to the trading table, they (may)otherwise opperate legally.
These are the companies based in CR that are not authorized by their Superintendence http://www.sugeval.fi.cr/esp/serinv/serNo_inscritos-eng.html
These guys sound like genuine shysters, I would stay the hell away from them. Also, why didny any of you that traded with them checking the prices of the contracts you trade on yahoo or bloomberg or something each day to see how you are going?