Lawyer for OptionSellers and FCStone Victims Launches Facebook Group

Victims of OptionSellers.com’s risky trading methodology now have a place where they can gather as a group and formulate a plan of action to begin to attempt to recover from OptionSeller’s disastrous naked option play in the natural gas market. As of November 26, 2018 all Facebook users requesting access to the OptionSellers Victim Facebook Group must certify that they are or were an OptionSellers.com client and that they experienced a loss due to the November “rogue wave” (as company CEO James Cordier characterized this month’s events).

The Facebook group is “closed” as only approved members can see who’s in it and what they post. That said, users are cautioned not to post confidential information or other content which may impact any civil litigation victims pursue, as no digital space is truly 100% secure. The primary goal in establishing this group is to have a centralized location where victim attorneys can communicate with OptionSellers’ victims in a systematic and organized fashion. To maximize odds of legal success, victims will be well served in taking collective action. This Facebook group will serve as a clearinghouse for information that will serve that end.

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OptionSellers.com Financial Losses Mount, Attorneys May Include INTL FCStone in Lawsuits

Investors continue to reel from the news that OptionSellers.com founder James Cordier, CEO of the beleaguered Tampa based investment firm characterizing itself as a hedge fund, engaged in the high risk practice of trading in “naked” options. Cordier’s company lost hundreds of millions of dollars in a matter of days, as the volatile energy market turned on OptionSellers.com’s positions.

In a video to investors originally posted on YouTube earlier this week, Cordier characterized natural gas market conditions over the past week as a “rogue wave” that he could not navigate. As a result, INTL FCStone Inc., OptionSellers.com clearinghouse, liquidated the company’s accounts. OptionShares called the situation a “catastrophic loss event.” Worse, many of Cordier’s investors now owe more than they lost as the positions were “naked,” meaning there was almost unlimited downside risk when market conditions deteriorated. Trading in “naked” options is a high stakes strategy and it is possible that many of Cordier’s clients were not aware of the scope of the risk.

Our law firm is working with others across the country to investigate OptionSellers.com’s practices and investment strategy to determine whether clients were fully aware of the significant risk to their principal, as well as the very real possibility of owing more than was lost. Of major concern is whether OptionSellers.com, Cordier, or any of the other principals at the firm (Rosemary Veasey, Matthew Donovan, James Cordier, Michael Gross, and Alicia Zedella) are judgement proof (have any funds remaining from which victims may recover).

It may be possible to recover from INTL FCStone, OptionSellers’ clearing broker and the entity that executed Cordier’s trades. One contention is that INTL FCStone knew, or should have known, that Cordier and his former firm Liberty Trading Group were penalized almost $50,000 in 2013 for improper trading by the U.S. Commodity Futures Trading Commission (CFTC). There may have been other red flags that INTL FCStone chose to ignore. As such, our investigation is ongoing.

If you lost money through OptionShares.com, contact us today for a no cost consultation.

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