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Beware! Ripped off and looking for ideas...
My broker referred me to a "Mentor" related to bond futures trading.
This individual made numerous claims to entice me to study under him,
including: him being able to pull 30+ ticks of profit per day, per
contract, in the 30 year T-BONDS (daytrading); he claimed to trade
50-100 contracts 6-9 +/- times per day; his success rate in teaching
students to duplicate his results was 9 out of 10 students becoming
successful; and even offered a "WRITTEN" money back guarantee of $10,000
while the initial investment was only $6,000.
He claimed to only take students as a "favor" to the individual
student’s broker, to help the student become successful. He also
claimed to teach because it was boring trading all the time without
interaction with others, so he was supposedly creating successful
traders to network with. In addition, he stated in his written contract
that he could exercise the guarantee himself, dropping a student that
was not learning it quick enough or wasting his time by returning
$10,000 to him.
His fee to participate was: $6,000 plus 7% of the profits on a
quarterly basis for 2 years. This was supposed to be a 2 year +
mentoring program.
He showed me "statements" including one with an exceptionally large
dollar balance and a typical day’s trading statement showing his
results. (I now believe these have been fabricated, they were copies,
not originals.)
My broker also told me he knew that this individual was a large trader.
In short, he had drawn me and others into the dream of learning from one
of the best, on a hand-holding basis, to reach a level of trading
success that few could ever accomplish.
This was not the typical Holy Grail pitch. This was a 2 year ongoing
mentoring situation from a supposed successful trader, that promised
high levels of success within a very short time frame (1-3 months) with
a written contract containing a money back guarantee.
If any of you have come across this pitch or something that sounds
similar... "BEWARE" !!!
I know the saying that, "If it sounds to good to be true, it probably
isn’t true!" I am not a gullible person and am a very cautious buyer
that typically would never have been drawn into something like this.
It happened, but it will not ever happen to me again! Hopefully this
post will help others to become aware of this and other so called
learning opportunities.
This guy put on a presentation that was the best that I have ever come
across.
The results:
In short, after 3 months of his mentoring, spending 8-12++ hours per day
studying and practicing his teachings, I have come to the conclusion the
what he was teaching "did not work." For example, he would say, if you
learn and master this specific part of his teachings you would be 70%
their towards success. Then after spending endless hours concentrating
on that specific method or topic, discovering that it did not work, he
would change the focus to something else and say that this is the most
important thing to concentrate on. Over and over again this would
happen. Other students have also dropped out.
I have requested my money back, as per his "Money Back Written
Guarantee." He doesn’t respond and won’t answer his phone calls. He
kicked me out of his Internet training class, and won’t respond to me at
all.
I realized going into this that if I ever needed to exercise his
guarantee, that it could be hard to enforce since he is in another
state, but I proceeded ahead feeling that there was a slim chance that
he was not for real and that the potential reward was very enticing. (He
was VERY convincing!)
The purpose of this posting is not to bash him. I have not included his
name here and he doesn’t openly advertise on the Internet from what I
have seen. (if you have had contact with him, you will recognize his
pitch.) It appears that he finds prospects through brokers or through
other ways. He lives in Florida.
1) I want to make others aware that this individual is out there and
beware. If it sounds to good to be true...it probably isn’t true!
2) Are there any other individuals that have been taken by this
individual??? I currently know of 3 victims so far. Please contact me
directly via email to: ticktaker@xxxxxxxxxxx
3) I am looking for ideas of how to pursue this individual. I have
considered a group lawsuit, individual lawsuit where I live or where he
lives (very costly), reporting him to regulatory agencies, etc.
Specific ideas or contacts related to how I can pursue it would be
greatly appreciated! Please email directly to me at:
ticktaker@xxxxxxxxxxx
4) Have you had a similar occurrence happen to you, please share with
all of us how you handled it and the outcome.
Good luck trading to all!
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