I was a soon-to-retire teaching professional in July 2012 when I decided to put in my savings into an auto commodity trading account with efloortrade and got ripped off and how! John Moore owns the commodity trading firm and he acted like we were high school buddies by calling me every week and chatting about all things sundry but never really getting down to business.
Even the account statements I would receive from efloortrade turned out to be false representations of how my portfolio was doing. So you see I had invested close to $60,000 to make some quick cream off the chunk I was retiring with. A broker is supposed to send you a confirmation after every transaction done on your trading account but I got no such call or email from John Moore. I didn’t really think much about it till I was talking to another colleague of mine who had heard that John Moore had a very unethical and fraudulent history and his last trading firm had got into trouble for several wrongdoings.
I rushed home that afternoon and ran through my account statements and my heart sank when I realized that efloortrade was just churning my account by trading excessively to extract hefty commissions ($5600) from my hard-earned monies. I called the compliance officer at efloortrade who agreed that my account had been wrongly traded without my knowledge and offered to cancel 80 percent of the commission charged to my account. Now you tell me whether this efloortrade business is a scam, fraud or just unethical in their business practices.