A VERY LONG AND INVOLVED STORY MADE VERY SHORT HERE....began in April, 1998, I entered into currency trading after hearing radio and TV ads touting a company named International Currency Management, operating out of Florida. I tried to investigate the integrity of the company, and found it very difficult to obtain information. When I found nothing in the Better Business Bureau files, I unwisely allowed a very personable salesman supposedly named Neil Spiegelman to convince me of the tremendous opportunities in currency trading. I committed $25,000. In a simple initial trade, I made a small profit.
Mr. Spiegelman then proposed a trade which involved entering a trading position in yen, and at a specified point, reversing the trade. After a short time, Mr. Spiegelman told me via phone conversations that the trade was proceeding nicely, and regularly told me of the vast profits I was "putting in the bank". ONE DAY, I called and was told that Mr. Spiegelman was no longer with the company, and that the CEO, Howard Niedel, had taken over my suffering account!
I was told that my position had never been reversed, and that while the yen had been running away, I had been in a losing position! Shocked,I protested that Mr. Spiegelman repeatedly indicated otherwise, and that my statement had also shown a short yen position. I was told basicially that my money was lost and that I had misinterpreted the statement. Had I been positioned as I had been TOLD, my profit would have been about $33,000...so my loss was about $58,000, counting my investment of $25,000.
I visited with attorneys and eventually I reported this to the Attorney General of the state of Kansas, who began an investigation. A few weeks into the investigation, International Currency Management disappeared.....
As part of my own investigation, I tried to find Neil Spiegelman, but he seemingly disappeared too.
My purpose of posting my story is to help other potential investors avoid losing money in this very risky and largely unregulated business area. After it was too late, I read about several scams and consumer complaints from many different states all involving currency "traders", many centered in Florida. HOPEFULLY, my story will present some helpful information to anyone considering currency trading.
I told Howard Niedel of my plans to post my story on the internet, and offered to allow him to correct any mis-statements on my part. His response was to threaten a lawsuit if I "told my story"!!
I did send him the draft of this text, to which he has not replied.
If anyone else has had negative experiences with this company and is interested in participating in a class-action lawsuit, please sign the guestbook and leave an email address.
Does anyone know if "Capital Management International" is a new company of Howard Niedel's, to replace the apparently defunct International Currency Management?
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