Consumer reviews and reports on scam companies, bad products and services
Newbridge Alliance Adam King Precious Metals Scam Palm Beach Gardens, Florida
13th of Dec, 2011 by User368506
Newbridge Alliance is a break off of former Ponzi Scheme Global Bullion Exchange. Its owner John Adam King, was the Vice President/Director of Client management & is responsible for the theft of millions of dollars stolen from investors. Multiple cease and desist orders. Adam King, at all relevant times has held himself out as an agent of Global Bullion Exchange, and engaged in offering and selling interests in precious metals. Commencing in or before 2009 offered investors the opportunity to own or control precious metals by investing in gold or silver bullion or in interests in precious metals, to be held for future delivery to investors or for sale on their behalf. In one plan, investors could invest in a number of ounces of precious metal at market price, and Respondents were to purchase and store that metal for the investor, for a fee. Respondents would acquire, transport, store, and maintain the bullion until future sale. In another plan, investors could purchase interests in a number of ounces of gold or silver through futures contracts or forward contracts for future delivery of the metal, or some other leveraging mechanism. By that method, an investor could control precious metal by paying an amount (totaling about 20% of the total value amount of metal “held”) as a “down payment,” fees and commissions. The balance owed by the investor would be paid when the interest in the metal was liquidated. A final option was for investors to purchase interests in a number of ounces of gold or silver by using their investment amount as a down payment and borrowing the balance from Respondents, with the borrowed amount to be repaid from a subsequent sale. Records show that 33 Marylanders invested over $525,000 with Respondents. There are
insufficient assets for the Assignee to liquidate to repay the investors. The Securities Division has no record of securities registration for an offering by the name 'Newbridge Alliance' As a result of the Dodd-Frank Act enacted by US Congress, a new regulation prohibiting US residents from trading over the counter precious metals, including gold and silver, will go into effect on Friday, July 15, 2011 John Adam King II, does not have a high school diploma let alone a Brokerage License. He is a reputed fraud & now continues with his very own Ponzi Scheme. If you have been ripped off by John Adam King II 1-800-CALLFBI (225-5324) or the CFTC @ 866-366-2382
Comments
4049 days ago by ROBIET68
I THINK I HAVE BEEN RIPPED OFF AS WELL BY NEWBRIDGE ALLIANCE AND BROKER SCOTT TURNER
4049 days ago by ROBIET68
HAS ANY ONE MADE MONEY WITH NEWBRIDGE ALLIANCE
4042 days ago by LyraSilverTongue4201
Jennifer Gerlach, (DBA Jennifer Gerlach Consulting/Gilliath Group/Jennifer Gerlach Marketing LLC/ New Wave Marketing) trawls tech, social media and entrepreneur meet-ups and networking groups to look for new clients to rip off. She's a good talker but what she won't tell you is how she's on probation for forging Mayor Daley's signature on business licenses. She's a known fraud who has been kicked out of Chicagoland Chamber of Commerce, Rotary International and clubs like Mid America Club and the University Club where she owes thousands of dollars and have taken money from members. She'll take your money and give you sloppy cut-and-paste BS and even fake emails from banks and non-existent foundations when you start calling her on her scam. Stay far away. Thanks to her lowlife online reputation management company, the testimonials to her many, many rip-offs gets pushed to back pages of Google searches. Do a docket search on Cook County for pending law suits. This woman is a menace and career lowlife.
4041 days ago by Dionne Comeaux
I have been contacted by Bainbridge Wright of Newbridge Alliance in W. Palm Beach FL regarding the purchase of precious metals. Is this the same company?
3808 days ago by RollTide63
I have actually invested with a number of precious metals firms over the last ten years and I am always hearing about people getting ripped off, but unless they are simply pocketing the money and not buying the metal, then it's not fraud nor is it them ripping you off. All fees are very clear in black and white and it sounds to me that the people whom feel they were ripped off, just simply didn't read their account documents. I have made a good amount of money with Newbridge Alliance and to read such terrible things on the internet being posted about a company that really has taken very good care of not just myself, but my grandfather as well, is absolutely horrible. Sounds more like a disgruntle ex-employee than anything. It's funny how nobody ever talks about how JP Morgan or Goldman Sachs has placed bad trades and lost investors all their money. Would you be claiming fraud if you had invested in the Facebook IPO that tanked after opening and dropped roughly 50%? I think you should educate yourself a bit more before you invest in any market and blast such terrible things on the internet about a company. Oh and by the way, I'm pretty sure you all had the final say on the purchase of the metal. I think you should take responsibility for you financial ignorance and stop pointing fingers. You waited for the market to start going up in price, then FINALLY decide to invest after you start to see record highs. Food for thought!
3808 days ago by RollTide63
And to the author of this posted "scam, " the Frank Dodd Act refers to the trading of FUTURES contracts, and considering you are buying physical metal your argument is moot. Kinda like the CFTC's argument. Also, securities refer to ETF's and stocks, buddy. Again, check your "facts" before defiling someone's character and reputation with slander - you're just asking for a defamation lawsuit! Happy Trading!
3807 days ago by Deborahwatson65
defamation lawsuit... ahh.. do you know how much will that cost you with the defendant having nothing to give you?
3807 days ago by RollTide63
Many attorneys take plaintiff's defamation cases on a contingent fee basis, meaning you will pay no attorney fees out of pocket and the payment will be taken out of your recovered amount.
3803 days ago by Scammers_suck
John Adam King II, CEO, Newbridge Alliance was arrested on 8-22-12 for Public Order Crimes & Employment of Unlicensed Salesman.

Booking Number: 2012035298 Palm Beach County Jail
pbso.org

If they cannot afford the proper licensing to make phone calls, how confident can you be this company has gold, silver, etc...?

just saying! ! ! ! ! ! ! ! !
3803 days ago by Scammers_suck
Section 742 of the Dodd-Frank Act
This part of the new law does not allow anyone, including companies, to enter into or even offer to enter into a transaction in any commodity with a person that is ineligible contract participant of commercial entity, on a leveraged or marginal basis. One intent of the act is to expand the little known “Zelener fix, ” introduced within 2008’s Farm Bill. The Farm Bill authorized and encouraged the CFTC to pursue anti-fraud actions involving rolling spot transactions and/or other leveraged forex transaction without the need to prove that they are futures contracts.

The wording of section 742 on the Wall Street Reform Act that stands out the most is under its first section {(a).(2).(D).(II)}.

“(D) RETAIL COMMODITY TRANSACTIONS.—
(i) APPLICABILITY.—Except as provided in clause (ii), this subparagraph shall apply to any
agreement, contract, or transaction in any commodity that is—…
(II) entered into, or offered (even if not entered into), on a leveraged or margined basis, or financed by the offeror, the counterparty, a person acting in concert with the offeror or counterparty on a similar basis.”

This section clearly states that any leveraged or financed metals contract will no longer be legal, unless it is traded through the commodities market by a licensed commodities broker.

This Newbridge Alliance doesn't have the telemarketers license to do business nor the licensed commodities brokers to do business with.

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