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He is probably a member of the NFA ...contact them.
At 08:51 PM 7/17/98 PDT, 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!
>
>
>
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>
>
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