BBB ACCREDITED BUSINESS SINCE 09/29/2011

Monex Deposit Company

(949) 752-1400 4910 Birch Street, Newport Beach, CA 92660-2113

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Description

This company's business is the sale of precious metals.

BBB Accreditation

A BBB Accredited business since 09/29/2011.

BBB has determined that this business meets BBB accreditation standards, which include a commitment to make a good faith effort to resolve any consumer complaints. BBB Accredited Businesses pay a fee for accreditation review/monitoring and for support of BBB services to the public.

BBB accreditation does not mean that the business's products or services have been evaluated or endorsed by BBB, or that BBB has made a determination as to the business's product quality or competency in performing services.

Reason for Rating

BBB rating is based on 16 factors. Get the details about the factors considered.

Factors that raised this business's rating include:

Length of time business has been operatingComplaint volume filed with BBB for business of this sizeResponse to complaint(s) filed against businessResolution of complaint(s) filed against businessBBB has sufficient background information on this business

Customer Complaints Summary

66 complaints closed with BBB in last 3 years | 6 closed in last 12 months
Complaint Type Total Closed Complaints
Advertising / Sales Issues 35
Billing / Collection Issues 3
Problems with Product / Service 21
Delivery Issues 7
Guarantee / Warranty Issues 0
Total Closed Complaints 66

Additional Complaint Information

Complainants allege that they purchased precious metals based on advice and coaching from account representatives and as a result, they incurred substantial financial losses. A few clients complained that account representatives did not follow their instructions in applying funds for investment or that they failed to keep them informed, and as a result, they suffered losses they would not have incurred had their instructions been followed. The company responds to some complaints by disputing the allegations and stating that the investments are self-directed and they are not responsible for losses, denying requests for refunds or monetary compensation. In one case a partial refund was issued, but was conditional upon signing a release waiver composed by the company.

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  • Government Actions

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  • Advertising Review

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Additional Information

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24970
BBB file opened: 1/1/1970 Business started: 1/1/1967
Contact Information
Christina Carabini - Customer Relations
    Gregory Walker (General Counsel)Michael Caribini (CEO)Harvey Kochen (Director of Compliance)Brian Jenkins (CFO)Louis Carabini (Founder)
Number of Employees

138

Business Category

Gold, Silver, and Platinum Dealers

Alternate Business Names
Monex Deposit CompanyMonex Precious MetalsMonexMonex Credit Company
Alternate Web Sites
Industry Tips
This company does not take responsibility for client losses, regardless of advice offered by account representatives. Keep in mind, precious metal investments are considered risky; results are dependent upon relevant commodities markets which tend to fluctuate rapidly. Rather than making an immediate decision, insist upon confirmation of the offer, and all verbal promises in writing. Before making your decision, discuss the offer, and risks involved, with your attorney or trusted business advisor. Find out what qualifications account reps, brokers, or advisers have to assist you in making investment decisions.