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Kessler Topaz Meltzer & Check, LLP Investigates Potential Claims on Behalf of Certain Monex Deposit Company Customers

Kessler Topaz Meltzer & Check, LLP (“Kessler Topaz”) is investigating a potential class action lawsuit against Monex Deposit Company and its affiliates Monex Credit Company and Newport Service Corporation (referred to collectively as “Monex”), on behalf of customers who may have been defrauded by Monex’ high pressure sales tactics related to Monex’ “Atlas” account program which allowed customers to place leveraged precious metal purchases in gold, silver, platinum, and palladium.

About Monex

Monex offers off-exchange, leveraged precious metals trading to retail investors through its “Atlas” program. 

Kessler Topaz’s Investigation

On September 6, 2017, The Commodity Futures Trading Commission (“CFTC”) filed a complaint in United States District Court for the Northern District of Illinois against Monex alleging that Monex “defrauded thousands of retail customers throughout the United States out of hundreds of millions of dollars while executing tens of thousands of illegal, off-exchange retail commodity transactions.”

According to the CTFC complaint, “Monex deceptively pitches its Atlas program as a safe, secure and profitable way for retail customers to invest in precious metals.” The complaint further alleges that “12,000 leveraged Atlas accounts collectively realized more than $290 million in losses between July 16, 2011 and March 31, 2017—an average of more than $4 million a month. Approximately 90% of leveraged Atlas accounts lost money during this period. Despite touting the benefits of the Atlas program, Monex never disclosed to prospective customers the massive and pervasive losses suffered by its customers.”

Further, Monex and certain directors and officers have been accused of operating an unlawful leveraged commodity platform not registered with the CFTC.

If you are a former or current customer of Monex, and would like to learn more about our investigation, please fill out our online form, or contact us today at 888-299-7706 or by email at info@ktmc.com.

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