To Whom it may concern, | It’s my understanding this particular situation has been circulating around the internet. | | In light of the circumstances I can appreciate the concern. On the other hand, I think it’s only fair that you to hear both sides of the story. | | Several months ago a client asked me to raise money for her for to purchase a & 036;12M hotel. She lacked the 30%down payment for a loan so we attempted to work with her to raise some of the capital through an options trading account. | | Generally we avoid such strategies due to high degree of risk associated with this type of trading. Our typical asset management strategies involve no risk but will require a minimum asset participation of & 036;150k-& 036;5M which the client did not qualify. | | With & 036;50k in liquidity we discussed less secure programs, and since the client had been a 20 year participant in the options market, I was comfortable that she was quite familiar with the upside and the downside. | | We drew up contract which paid our firm 50%of the profits made on her behalf. | | It should be noted that all trades we’re done with the access she granted to our trader. | | She opened a & 036;50K Options Express account under her name. For her safety we were never on title nor did we ever have withdrawal privileges from her account. | | Trading authorization was only assigned to the trader. Only the trader and the client had access to the account number and the password. Withdrawals can only be performed by the client. | | Once she and the trader had mutually agreed that profits were made, the client was asked to send our share of the profits to my Paymaster account at Safefunds.com. | | Our first week we were able to achieve a return of 34& 37;. | | As agreed, the client was asked to withdraw 1/2 of the profit and send it to my paymaster account. Once our firm was paid, I paid my trader. | | As we worked into week three, there were unusual patterns which placed us into a situation where the option positions the trader had taken were at the verge of expiring prior to turning a profit. This would make the committed contracts worthless. | | The client and the trader discussed the situation and she agreed to stay in the position with the understanding that although the trader was optimistic the contracts would be profitable prior to maturity, there was also a chance she would see further losses. Unfortunately, the options expired prior to turning a profit causing a total loss of & 036;49k. | | I’ve had a discussion with the client and the trader regarding this situation and he had committed to the client to recoup her loses. He has taken the responsibility for encouraging her to stay in the market and has since provided her with a promissory note to return her principle. | | The last conversation I had with him was that he was gradually raising capital to make the client good. He suggested that it can be done in installments as he creates liquidity. | | It was my understanding that the client did not want installments but a & 036;50K check. I was advised that this is somewhat unreasonable because no one has control over the market. It’s going to do what it’s going to do. | | Although this wasn’t the answer the client wanted to hear, it was an honest answer and the best answer anyone could provide. | | Needless to say we were disappointed to learn that our disgruntled client has chosen to distort the situation and has now reported me as a scammer on the internet whereas losing money while trading options is a very common occurrence. | | To my defense, I think it’s only fair to examine the facts. | | -Was there money lost? Yes. This is not uncommon. But it should be understood that at no time was a promise made that her principle was guaranteed against loss. | | | Did she send us & 036;50K to invest? No, funds were only sent to her own personal trading account with OptionsExpress.com | | Did we have the ability to withdraw funds from her account? No | | Did we take money out of her account? No | | Was my trader granted trading authorization to trade her account? Yes | | Was she and my trader in communication regarding the status of the trades? Yes | | Did I have access to her account? No | | Was I involved in the trading? No | | Did we perform a service and were we paid once positive returns were achieved? Yes | | Therefore, in light of the facts, we would strongly disagree to the client’s assertion she ripped off? | | Despite the loss, one should be aware that my trader has been in communication with this client to make a “good faith effort” to raise sufficient capital which would make up her & 036;49k loss. | | I’d like to draw a close to this email with a few words and they are this. The beauty of the internet allows us the liberty to exercise our rights to free speech. The downside of the internet is that it allows us an unrestricted forum to voice one’s opinion and exercise our rights to free speech. | | Although the experience has been less than positive for the client, by no means was she scammed. | | This situation has unfairly tainted my character and we are currently seeking legal counsel to encourage the client to remove her unjustified scam report or write an update as we continue to reach a civilized solution. | Respectfully Yours, | | Michael D. Carter, Sr. | President-CEO | Diversified Marketing | and Management, LLC | 925-481-8791 | Skype Dmarkmgt
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