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The summary-WSEX closed my account today and confiscated my winnings because I beat them at their own game.
The whole story(very long)-- I have been a customer of WSEX for over 1 year, have lost over $4,000, and referred 5 people to their site(all of whom have lost). I always thought them to be fair, honest, and fun. Recently however, their customer service has plummeted, along with their integrity. This last Sunday, they offered Interactive Golf, which for those of you that are unfamiliar with this type of wagering, you buy and sell shares teams or individuals and their price fluctuates after every shot,pitch, play, etc. Anyhow, the event was the European Tour's Volvo Masters tourney. It came down to a playoff between Colin Montgomerie and Bernhard Langer. Montgomerie hit a drive to the middle of the fairway on the playoff hole, and Langer's shot ended up way left and in a group of trees. I figured Colin had a sizeable advantage, thus I purchased 1 share of him at $75, thereby getting $100 back if he won or $0 back if he lost (3-1 fav at this point). Since I wasn't paying close attention and was preparing for the NFL games, I didn't realize that Montgomerie had a stroke penalty pending against him(which didn't end up factoring) in addition to the threat of the 2 players halving the hole and thus being unable to continue the tourney due to darkness(which is what ultimately happened). WSEX rules state that both players will pay $50 a share if they tie, which they did, thus I lost $25. I called WSEX the next day to talk with Steve and I explained that even though $25 is not a ton of cash, nor am I disputing their rules, but I thought given light of the fact that halving the hole meant tie, I thought the markets were inaccurate when they set Montgomerie at $75 a share. He flew off the handle at this notion, and said, and I quote, " If you think the market was so inaccurate, then what you need to do is buy the guy going for $25 a share and get $50 back. If you are so smart that you can beat our markets, and you can do it without hacking into our computers, then go for it. If you are that smart, you should make a ton because according to you, we obviously don't know what the hell we are doing when we set these markets. You are the dumb ass that bought Montgomerie for $75 a share, you should have sold him. That's your fault". Then I tried to get a word in edgewise and he cut me off, said that "I wasted enough of his time" with my "stupid ass concern" and hung up. OK, fine, I thought, just wait until I see a vulnerable line or market and I will pound it as hard as I can. Well, guess what? THAT OPPORTUNITY CAME THIS MORNING. I was browsing their futures markets and clicked on Auto Racing. I noticed that Tony Stewart and Mark Martin were the only 2 drivers that still had a market value to win the NASCAR championship. All other drivers were worthless, meaning you could buy and sell as many shares of any other driver for nothing. Since I figured ANY stupid thing could happen and that NASCAR could deduct points from Stewart or Martin at any time (never over til it's over), which logically made a little sense because NASCAR recently docked Martin 25 points out of the blue and because Stewart has had so many on and off track incidents, who knows? They could deduct a huge amount of points if something happened in the last race. So, be that as it may, I figured I had nothing to lose by obtaining the max 200 shares of Jimmy Johnson for nothing, technically buying them for 0. Well, I got a partial fill of 100 shares, and then a funny thing happened. I DROVE THE MARKET UP. Now you could buy or sell shares of Johnson for $1 instead of $0. Hmmmmmm Remembering what Steve told me about taking advantage of their markets, I sold my 100 shares for $1, and made a $100. A bit unethical I thought, but hey, Steve basically said caveat emtor, so what the hell? I thought about stopping there and take my $100, but I thought, no, this technically is not against any WSEX rules, plus their highest man in charge, Steve, flat out said that if I am so smart to go for it and make a fortune, so screw it, pound WSEX all the way....I did this same thing for about 10 other drivers, and quickly had my account up to over $1000. Shortly after 10 am EST, their live operators arrived, ceased trading on the Auto Racing markets, and closed my account. I called them to find out why my account was closed, even though I was certain they would claim I was cheating, which of course they did. Steve refused to talk to me, but I eventually talked to Woody, who I understand is also a head supervisor. He started screaming that I cheated them, told me to go fuck myself, and then hung up. I called back to get an explanation, but he laughed and hung up without saying a word. I called back again 10 minutes later and heard me out this time, basically admitted that I did not really violate any rules, but that I was obviously cheating them. I explained I did not cheat, but rather took advantage of their weak markets like Steve informed me I should. He then told me I was a fucking retard if I didn't think I was cheating them and then bragged that he was keeping my account balance of $102 and that the great thing about being offshore is that they can close people's accounts and the American Government can't do a damn thing about it because they already have my money and the balance is "just a number on the computer screen that makes you think you have a secure account." I was PISSED at this point and told him we will see how much of a retard I am when I pay him a visit in Antigua if I have to to get this resolved. He laughed and said "Come on down but you will never get your money" I said "We'll see" He said "Fuck off asshole" and slammed the phone down.
Also in my original conversation with Steve, I asked him about giving different lines to sharps. He said no, absolutely not. I referenced the fact that they give -120 to people who they feel are sharps when football lines are 3, 3.5, or 7. He said "Well, you certainly aren't a sharp or a news reporter, so what is it to you. You need to mind your business" He also told me that if I bought more than 1 share of Montgomerie, he would MAYBE listen to my argument, but since he has people that buy 100's and 100's of shares, I am a nobody and told me I should just "go away". I recently read a story about Steve also that said he used to make book on the floor of the Pacific stock exchange, and he fled to Antigua to open WSEX because the feds were moving in. The story claims that he and Hayden Ware(a stock exchange gopher) are now wanted by U.S. feds and that the 3rd operator, Jay Cohen did come back to the U.S. and is in prison. The story also claims that Steve stiffed all the people on the Pacific exchange that he owed, something like $200,000 !!!!!!! So basically if you open an account at WSEX, you are sending money to a guy in prison and 2 fugitives that are hiding in Antigua that owe people in San Francisco over $200,000. I don't think I would have opened my account had I known this, but live and learn I guess.
I don't know what happened to WSEX over that last year or so, but they have certainly digressed. It's sort of weird, because Bowmans did the same thing a few years ago. Great book, then straight down. It makes me wonder how much further down WSEX has to go before rock bottom. Hmmmmmmmmmmm
If anyone feels like contacting me in regards to this matter, my email is RLarson4122@aol.com
Sorry if my message was too long, but if I can stop just 1 person from opening an account with these guys, it will be well worth it to me. Thanks for your time
Sincerely,
Ryan Larson
The whole story(very long)-- I have been a customer of WSEX for over 1 year, have lost over $4,000, and referred 5 people to their site(all of whom have lost). I always thought them to be fair, honest, and fun. Recently however, their customer service has plummeted, along with their integrity. This last Sunday, they offered Interactive Golf, which for those of you that are unfamiliar with this type of wagering, you buy and sell shares teams or individuals and their price fluctuates after every shot,pitch, play, etc. Anyhow, the event was the European Tour's Volvo Masters tourney. It came down to a playoff between Colin Montgomerie and Bernhard Langer. Montgomerie hit a drive to the middle of the fairway on the playoff hole, and Langer's shot ended up way left and in a group of trees. I figured Colin had a sizeable advantage, thus I purchased 1 share of him at $75, thereby getting $100 back if he won or $0 back if he lost (3-1 fav at this point). Since I wasn't paying close attention and was preparing for the NFL games, I didn't realize that Montgomerie had a stroke penalty pending against him(which didn't end up factoring) in addition to the threat of the 2 players halving the hole and thus being unable to continue the tourney due to darkness(which is what ultimately happened). WSEX rules state that both players will pay $50 a share if they tie, which they did, thus I lost $25. I called WSEX the next day to talk with Steve and I explained that even though $25 is not a ton of cash, nor am I disputing their rules, but I thought given light of the fact that halving the hole meant tie, I thought the markets were inaccurate when they set Montgomerie at $75 a share. He flew off the handle at this notion, and said, and I quote, " If you think the market was so inaccurate, then what you need to do is buy the guy going for $25 a share and get $50 back. If you are so smart that you can beat our markets, and you can do it without hacking into our computers, then go for it. If you are that smart, you should make a ton because according to you, we obviously don't know what the hell we are doing when we set these markets. You are the dumb ass that bought Montgomerie for $75 a share, you should have sold him. That's your fault". Then I tried to get a word in edgewise and he cut me off, said that "I wasted enough of his time" with my "stupid ass concern" and hung up. OK, fine, I thought, just wait until I see a vulnerable line or market and I will pound it as hard as I can. Well, guess what? THAT OPPORTUNITY CAME THIS MORNING. I was browsing their futures markets and clicked on Auto Racing. I noticed that Tony Stewart and Mark Martin were the only 2 drivers that still had a market value to win the NASCAR championship. All other drivers were worthless, meaning you could buy and sell as many shares of any other driver for nothing. Since I figured ANY stupid thing could happen and that NASCAR could deduct points from Stewart or Martin at any time (never over til it's over), which logically made a little sense because NASCAR recently docked Martin 25 points out of the blue and because Stewart has had so many on and off track incidents, who knows? They could deduct a huge amount of points if something happened in the last race. So, be that as it may, I figured I had nothing to lose by obtaining the max 200 shares of Jimmy Johnson for nothing, technically buying them for 0. Well, I got a partial fill of 100 shares, and then a funny thing happened. I DROVE THE MARKET UP. Now you could buy or sell shares of Johnson for $1 instead of $0. Hmmmmmm Remembering what Steve told me about taking advantage of their markets, I sold my 100 shares for $1, and made a $100. A bit unethical I thought, but hey, Steve basically said caveat emtor, so what the hell? I thought about stopping there and take my $100, but I thought, no, this technically is not against any WSEX rules, plus their highest man in charge, Steve, flat out said that if I am so smart to go for it and make a fortune, so screw it, pound WSEX all the way....I did this same thing for about 10 other drivers, and quickly had my account up to over $1000. Shortly after 10 am EST, their live operators arrived, ceased trading on the Auto Racing markets, and closed my account. I called them to find out why my account was closed, even though I was certain they would claim I was cheating, which of course they did. Steve refused to talk to me, but I eventually talked to Woody, who I understand is also a head supervisor. He started screaming that I cheated them, told me to go fuck myself, and then hung up. I called back to get an explanation, but he laughed and hung up without saying a word. I called back again 10 minutes later and heard me out this time, basically admitted that I did not really violate any rules, but that I was obviously cheating them. I explained I did not cheat, but rather took advantage of their weak markets like Steve informed me I should. He then told me I was a fucking retard if I didn't think I was cheating them and then bragged that he was keeping my account balance of $102 and that the great thing about being offshore is that they can close people's accounts and the American Government can't do a damn thing about it because they already have my money and the balance is "just a number on the computer screen that makes you think you have a secure account." I was PISSED at this point and told him we will see how much of a retard I am when I pay him a visit in Antigua if I have to to get this resolved. He laughed and said "Come on down but you will never get your money" I said "We'll see" He said "Fuck off asshole" and slammed the phone down.
Also in my original conversation with Steve, I asked him about giving different lines to sharps. He said no, absolutely not. I referenced the fact that they give -120 to people who they feel are sharps when football lines are 3, 3.5, or 7. He said "Well, you certainly aren't a sharp or a news reporter, so what is it to you. You need to mind your business" He also told me that if I bought more than 1 share of Montgomerie, he would MAYBE listen to my argument, but since he has people that buy 100's and 100's of shares, I am a nobody and told me I should just "go away". I recently read a story about Steve also that said he used to make book on the floor of the Pacific stock exchange, and he fled to Antigua to open WSEX because the feds were moving in. The story claims that he and Hayden Ware(a stock exchange gopher) are now wanted by U.S. feds and that the 3rd operator, Jay Cohen did come back to the U.S. and is in prison. The story also claims that Steve stiffed all the people on the Pacific exchange that he owed, something like $200,000 !!!!!!! So basically if you open an account at WSEX, you are sending money to a guy in prison and 2 fugitives that are hiding in Antigua that owe people in San Francisco over $200,000. I don't think I would have opened my account had I known this, but live and learn I guess.
I don't know what happened to WSEX over that last year or so, but they have certainly digressed. It's sort of weird, because Bowmans did the same thing a few years ago. Great book, then straight down. It makes me wonder how much further down WSEX has to go before rock bottom. Hmmmmmmmmmmm
If anyone feels like contacting me in regards to this matter, my email is RLarson4122@aol.com
Sorry if my message was too long, but if I can stop just 1 person from opening an account with these guys, it will be well worth it to me. Thanks for your time
Sincerely,
Ryan Larson
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