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dave0415

An Interesting and Disturbing Read

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I don't remember seeing it and am usually on this Board every day.  I used to have an account with Monex.  I am now glad that I don't any more, and I didn't lose any money while I did have the account.

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8 hours ago, chapalence said:

This was reported a couple of weeks ago and discussed on both boards. 

It was in part but if you read this publication dated today it goes into much more detail

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It was discussed under the title of Mexico General section. I just posted thereon thanking the authors for reminding me that just because I live in what I call paradise that I had better start being cautious again with my investments as I always had been.

Oh and I add, I would never carry more than a couple thousand pesos at any one time in my wallet. Most folks say that I am being more cautious than necessary, and it probably is. But that  is just me.

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Everything I've read indicates that this was the work of one employee at the San Miguel de Allende office of Monex, not a system-wide problem.

 

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The problem is the company isn't making it good.  It is their responsibility.

Apparently there's a move to put the screws down on them in the U.S. if they don't do so.

 

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Nobody here admits anything and the order of the day is lie, lie, lie.  Too many people want to believe in high returns and low risk and that the people promoting these "investments" while having no professional licensing or training.  These people also never put anything in writing.  People don't want to feel racist or bad for not trusting someone from another culture so many are naive or feel guilty for asking legitimate questions.  I have a lady who was scammed when buying a condo on the beach.  Instead of hiring an attorney she brought a "friend" who then told her that for the trust she needed to list a Mexican under the beneficiary section.  As he was the only one there that she had to list him (thereby making this "friend" the heir and not her family if the 82 year old spring chicken dropped dead soon).  

As if the lesson wasn't learned now she is selling the unit and another bank employee (one of these brokerage houses that we have in Ajijic) wanted to earn the commission on the trust so conspired with a notary to draw up a contract not in her interest, told her no problem when verbal and other agreements would be ok even if not included.  Deposit was only $2,000 US for a $200,000USD property.  Also in the end they said the buyer needed more time to check out the property and to sign the deed and he would pay later even though the lady was asked to sign over the deed and all rights to the property.  This was at recommendation of a large Marge type of older lady new "attorney" who helps expats (probably only to lose life savings). Oh and even though she qualified for the capital gains exemption she had to pay $25,000US even though all other calculations were $15,000USD less if there was capital gains. (This is new expat scam where notaries quote high capital gains and then after closing lower them and pocket the money).   

To have a clear conscience I wrote a scathing email to the client

"I highly advise against it as I feel you are being taken advantage of, at the minimum there should do a reserva de dominio and stiff penalties for non payment as that would put a lien on the property until you are paid and to guarantee you are paid.  They dont need the original deeds, I dont have them, you do.  PLEASE BE VERY CAREFUL I THINK THEY ARE TAKING ADVANTAGE OF YOU AND YOU SHOULD NOT TRUST ANYBODY. THEY ARE DEVIATING FROM STANDARD PRACTICES AND THERE IS LITTLE REDRESS NOR JUSTICE HERE. REMEMBER IT IS VERY EASY TO LOSE YOUR MONEY OR HAVE THEM MAKE EXCUSES NOT TO PAY IN THE FUTURE AND THEN YOU HAVE SIGNED THE DEED AND GIVEN THEM POSSESSION.  PLEASE RETHINK.
 
DANGER WILL ROBINSON!"

While not victim blaming so many people have so much pressure on them to to bad deals and few come from a place where you must always watch your back or that you have little to no recourse.  Another local bank stalled my client's niece to get money from the account to pay hospital while alerting the worker put on the account who could take out money for emergencies who then looted 2,000,000 pesos from the account not even paying a peso of the bills.  We filed criminal charges and the bad guy was represented by someone working in city hall during the last administration, the ministerio publico would see me and run out to the garden and hide in the bushes to avoid the issue.  He was fat so couldnt hide that well.

Sadly, YOU HAVE NO FRIENDS when money is involved.  

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