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Posted by on September 6, 2008, 4:49 am
Hello,
I have been reading all about the battle of internet coverage between
WBFI and this Micheal bloke and although I am not agreeing with
anything that has been said I will say of my experience with Judi
Jackson.
I can't remember the exact date but it all started from a phone call
back early this year, between February and April. Judi called me out
of the blue talking to me about investing in bullion.
She was asking for a minimum investment of =A37500. I had been saving up
this money for years and had intended to start up my own business with
it so was quite wary of investing it. However after talking with Judi
at some length, she convinced me that my money would be safe for the
30 days she proposed it would make some sort of return.
Now I know I was very naive and should realise that it sounded too
good to be true but she wasn't talking about 100% returns. As I had no
knowledge of this market and repeatedly asked her if I would be safe I
decided to invest.
What a big mistake.
A weeks later the price of gold (which is the 1st stock I bought) had
gone up and there was some profit in the account. I had a call from
Judi who suggested I buy Palladium with the profit. As she had
seemingly done fine so far I agreed. Over the course of the next two
weeks both stocks plummetted leaving me in margin call. I was quite
shocked at this as from the start Judi had told me she would trade
safe with me and we would get out if it was falling hard.
I even called Judi before I got into margin asking about the fall and
she told me it was all the big investors selling (Why we werent
selling is anyones guess). Once I hit margin Judi asked me for another
=A31500. However the stocks just kept falling.
I then got an email telling me my initial investment of =A37500, now had
been sold and I was left with nothing except fot the =A31500 sitting in
my account. I was close to tears. That night I didn't get any sleep as
I realised how stupid I had been trusting someone with my life
savings.
Then after talking to Judi she convinced me to buy silver with the
=A31500 left on the account. She told me something along the lines of
'They are looking in developing techniques to replace platinum with
silver and if that works the cost will go from $16 to $1000+'
I was a bit desperate now so let her buy silver with it. Lo an behold
the market went down again. I am not blaming Judi for the market falls
but she didn't provide me with any protection. For example I bought
silver at $18.10 and at one point it rose to $19. Now if we were safe
investing wouldn't it have been an idea to put a stop loss on at
$18.10? so if the price went back, under my purchase price, my bullion
would have been automatically sold and I could have got back into the
market at a lower rate?
Anyway suffice to say I lost that =A31500 too. Now I had lost =A39000 in
less than a year.
I rang Judi to talk about all this. The fact that she never made me
realise that I could lose all my money, even though she insists she
did. Yes I should have done more research but I trusted her as she was
about my mums age and said she would look after me.
What really sticks in my throat is the fact she charged me 15%
commission on my initial trade as a lifetime fee. I rang a UK broker
(which is what I should of done after the initial phone call) I was
told I would be charged 1% per trade. So seeing as Judi only traded
for me 3 times I should deserve some refund of commission surely?
Well having been recently made redundant from work I don't have any
money coming in and I asked e-mailed Judi asking for a small refund of
commission.
To this day I am still waiting.
This is just a warning for anyone contacted by Judi Jackson. Please
ring around some other brokers first and do your research. Leveraged
investments can do very well but are also very volatile. Don't listen
to any promises of the markets going up as Judi doesn't control them.
It just so happens if I had given her some more money for the last
margin call I would have lost that too checking the price today!!
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