“[...]virtually every customer who has invested with Monex on leverage has lost money.”
14. “Monex” is a precious metals firm that operates nationwide from Orange County. Its main entity currently operating is MDC. MDC acts as a principal and buys and sells platinum, gold, silver, palladium, and other precious metals to and from its customers. Monex allows and encourages its customers to make precious metal investments on leverage through so-called “Atlas Accounts.”
15. Throughout the class period, Monex has had thousands of customers throughout California and the United States. Historically and during the class period, virtually every customer who has invested with Monex on leverage has lost money.