|
PureBytes Links
Trading Reference Links
|
Complain in writing to the "referring" broker. Send copies of your
complaint to the CFTC, the CBOT and the regulators of the State in which you
live. Even if your "Mentor" has no legal standing in the futures community
your broker does. The reason you also complain to the state regulators is
they can regulate commerce in their state. It is the states that as of late
have become the real active fraud busters in the financial community
lately. Too many folks attempt to operate in a "non regulated" environment
where the CFTC/SEC and exchanges can't touch them. Recent court rulings
have in fact given the CFTC/SEC and the exchanges more and wider authority
than they had in the past. The states can pretty much address anything so
they provide a possible overlap or they may be the only "regulating"
authority. Sounds like you may be a victim of fraud. In the securities
industry the referring broker could be accountable..in futures it is a
little more gray.
You also bear some responsibility and this, regrettably, is almost always
the case. Nothing personal but "YOU CAN'T CHEAT AN HONEST MAN".
T T wrote:
> 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!
>
> ______________________________________________________
> Get Your Private, Free Email at http://www.hotmail.com
|