Consumer reviews and reports on scam companies, bad products and services
Lloyds Asset Management
LLOYDS ASSET MANAGEMENT BOB STROPP I to was ripoff by Mr. Bob Stropp, and his company, Internet
23rd of Apr, 2011 by User306717
Mr. Bob Stropp contacted me in May 2008 wanting me to purchase silver. He insisted that the market was doing well, and that it was a win, win investment. I was skeptical about it. I told him to give me some time to think about it. He was very persistent. He called me several times. He finally convinced me to borrow my retirement to purchase silver. I was aware that there would be a penalty if I drew my funds out for tax purposes. He convinced me that the profit that I would make would take care of any penalty charges that I might accure. He also told me that he would spot me $5000.00 to start my investment, until I sent $20,000.00 in. Once he received the $20,000.00, I was sent a receipt showing that I was making a profit. After the second week the profits started to go down and I started to worry. I contacted Mr. Stropp and informed that I wanted to pull out my profit and he insisted that I needed to stay in. He informed me that the $5000.00 that he had spotted me would be a significant penalty charge. Mr. Stropp had never informed me of this. He convinced me to stay in because He stated if I pulled out I would lose a signifcant amount. On the next trade I informed him to put a stop lost on the trade, so my lose would be minimal. He assured me that he would. Unfortunately the market began to go down and I was losing money. I tried to call Mr. Stropp to sell and find out the status of my investment, but I was never able contact him. I tried to call him day after day, and I was never able to reach him, and he never returned my phone calls. I was finally able to speak to one of his co-workers and I was informed that Mr. Stropp was out of town on a business trip. Finally, Mr. Stroop contacted me and informed me that I lost all of my money. I questioned him about my stop lost. He informed me that due to company policy if the margin of the investment was too low, that I would also be penalized. After losing a $20,00.00 investment, I was sent back $1200.00. If Bob Stroop had only utilized the Stop Lost, then I would not have lost my investment. I feel that his practice was unethical and should be investigated. I would like my investment and the tax penalties to be replaced since I was not given the opportunity to have the stop lost put in place to protect my money.
Comments
3659 days ago by Richgindhart
I too was riped off by bob stropp, rob menzel I know how it was done and I think the IRS would also be interested we should all get together and compare notes. they have been using our money to make themselves rich while they tell us our money is lost .It is time they got theres and we get our money back
3312 days ago by Wingsohio
oh my gosh, Shawn Robert Stropp aka Bob Stropp also ripped me off when I was at my worst time in life, my husband past away and he convince me to invest much money even when I told him I wasn't comfortable. There were many fees taken out for Lloyds Asset Management, could not get into the website or a hold of him. He kept calling and calling and calling saying I needed to add money to secure my investment. I told him I was uncomfortable as my husband did all the investment and he kept saying trust me. He informed me all my money was lost. The stop loses I asked to be on account where not put on. He also told me what to say and how to fill papers out. Most was done on his cell phone. The stories above sound the same as my situation. His practice is unethical and needs investigated. I would also like my investment back and tax penalties to be replaced.

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