|
PureBytes Links
Trading Reference Links
|
Another one who lives in Florida -- well well it is always more important
to
know how to exercise anybody's ''money-back guarantee befor trust sets in
Why not name him?
----------
> From: T T <ticktaker@xxxxxxxxxxx>
> To: omega-list@xxxxxxxxxx
> Subject: Beware! Ripped off and looking for ideas...
> Date: 16 July 1998 17:19
>
> 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!
>
|