Did OptionSellers.Com Trade your IRA on Margin

OptionSellers.Com, operated by James Cordier and Michael Gross, promoted themselves as expert options traders able to manage money for retail investors promising they can produce consistent returns with limited risk.  From offices in Tampa, Florida, Cordier and Gross touted their book “The Complete Guide to Options Selling” claiming to know “how selling options can lead to stellar returns in bull and bear markets.”

Now, OptionSellers.Com website has gone dark, and INTL FCStone, the commodities firm which maintained the customer accounts and managed the risk for loans and margin, claims that many investors owes them millions of dollars.  Investors are wondering how INTL FCStone and OptionSellers.Com lost all the money.

While money was lost on naked options, investors allege that either OptionSellers.Com or INTL FCStone failed:

• to disclose the material risks;
• misrepresented the trading strategy;
• charged huge markups and commissions;
• failed to disclose James Cordier’s regulatory history;
• failed to properly manage the risks of margin;
• failed to properly manage the risk of loss of naked options;
• failed to prevent IRA accounts from trading speculative products.

Our team of attorneys have been retained to investigate claims against INTL FCStone, OptionSellers.Com, Cordier, Gross and others for investors’ damages including principal loss, margin debits and other compensable damages.

INTL FCStone’s customer contract permits arbitration of customer disputes, frequently before either FINRA or the National Futures Association (NFA) arbitration program.

Please contact us to learn more about our team’s experience handling NFA or FINRA arbitration claims.  We have extensive experience handling NFA and FINRA arbitration claims as well as pursuing damages against clearing firms.

If you have invested in OptionSellers.Com, contact Silver Law Group at (800) 975-4345 for a free consultation. Our firm has recovered millions of dollars for investors who have suffered losses due to broker and brokerage firm misconduct. We represent clients on a contingency fee basis and advance all costs.