OptionSellers.com Investment Loss RecoveryFriday, November 16, 2018
The attorneys at ChapmanAlbin have been contacted by over 100 OptionSellers.com investors and are preparing to file claims against OptionSellers.com and/or INTL FC Stone. If you lost money due to OptionSellers.com’s reckless options trading strategy, contact us today at 1-877-410-8172 or email attorney Jason Albin at firstname.lastname@example.org for a free consultation.
CATASTROPHIC LOSS EVENT
On November 15, 2018, OptionSellers.com notified its investors in an email entitled “Catastrophic Loss Event” that it not only lost all their money, but that they would also owe money to Intl FC Stone for margin calls. According to OptionSellers.com, they lost a substantial portion of their investors’ assets due to a naked call position in natural gas and a naked put in crude oil that, according to Optionsellers.com “was so fast and intense that it overwhelmed all risk measures in place.” It then informed investors that they have a debit balance in their accounts which they need to bring back to zero by paying INTL FC Stone the difference. So, in addition to trying to process the news all their money is gone, they also have INTL FC Stone demanding they pay the money they owe for its margin calls.
Many investors owe hundreds of thousands of dollars in margin calls and do not know what to do. The attorneys at ChapmanAlbin have reached out to FC Stone on behalf of their clients and demanded that they cease collection efforts and that they cease all further communications with their customers and communicate with ChapmanAlbin attorneys directly.
CLAIMS AGAINST INTL FC STONE
The attorneys at ChapmanAlbin believe there are potential claims against INTL FC Stone, the firm that executed and cleared the trades for OptionSellers.com. INTL FC Stone is a large publicly-traded company that was ranked 103 in the 2018 Fortune 500 list of largest United States Corporations by total revenue. According to the web, it had over $30 billion in revenues last year. We believe INTL FC Stone failed to conduct proper due diligence of OptionSellers.com’s traders including James Cordier and Michael Gross who had multiple complaints filed against them in the past and were charging exorbitant commissions to investors. We also believe FC Stone failed to know its customers, allowing options trading strategies that were inappropriate for their risk tolerance and stated objectives. Also, FC Stone allowed OptionSellers.com to trade investors’ IRA accounts on margin, a strategy generally not permitted in IRA accounts. Finally, FC Stone’s did not have sufficient procedures and controls to detect and prevent the high concentrations of naked natural gas call options and naked crude oil put options that caused investor losses and resulted in “margin blowouts” to their accounts.
CLAIMS AGAINST OPTIONSELLERS.COM AND ITS PRINCIPALS
ChapmanAlbin attorneys are also looking into potential claims against OptionSellers.com and its principals James Cordier and Michael Gross. Tampa-based OptionsSellers.com touts itself as premier and highly experienced commodities options trading firm. The firm’s president and head trader, James Cordier, explained in a recent interview: “Our goal is to take an aggressive vehicle and manage it conservatively.” Unfortunately, it did not trade options conservatively. It traded “naked” rather than “covered” options, leaving investors subject to unlimited exposure. This unlimited exposure is what caused to lose all their money and more two weeks ago. Thus, OptionSellers.com and its principals negligently engaged in a risky trading strategy that was unsuitable for their clients and breached their fiduciary duties to them by putting their interests ahead of their clients.
The Optionsellers.com team includes Rosemary Veasey, Matthew Donovan, James Cordier, Michael Gross, and Alicia Zedella. Optionsellers.com recently went “dark,” shutting down its website and Facebook and Linkedin pages, leaving us concerned about its ability to pay the millions of dollars of claims that are about to be filed against the small commodities options trading firm.
CALL TODAY FOR A FREE CONSULTATION TO EXPLAIN YOUR RIGHTS AGAINST INTL FC STONE AND OPTIONSELLERS.COM
Since 1998, the attorneys at ChapmanAlbin have helped hundreds of investors recover millions of dollars lost due to investment fraud and negligence. Call us today at 1-877-410-8172 or email attorney Jason Albin at email@example.com to discuss your options against OptionSellers.com and INTL FC Stone.