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Beware of Daytrade Technologies Inc (DTI)
If your thinking of getting involved with DTI - think again!
I have formal complaints with the Washington State Attorney's Office and
Washington State Department of Financial Institutions. I have had both NASD
and SEC investigate DTI, but because DTI is not under their jurisdictions,
neither federal agencies could do anything. If you have had problems with
DTI, please let me know.
Daytrade Technologies Inc., 800 5th Ave, Suite 4100, Seattle,
WA 98104
206-682-7527, 800-869-9837, www.daytradetech/links.htm
My experience with DTI began after I heard numerous ads on the local radio
and newspaper, regarding the ability to trade on DTI's trading floor. I
researched all three local daytrading operations and decided on DTI.
After spending over $2,000.00 to attend DTI's daytrading classes in February
of 1998, I began trading on DTI's trading floor. To trade on DTI's premises
you have to sign a LIMITED POWER of ATTORNEY agreement, and have $25,000.00
in your trading account.
After trading on DTI's floor for 2.5 months, I decided to quit daytrading.
>From what I have read and now experienced - most people lose money
daytrading. I checked my records and there was a $7,000.00 difference from
my balance and what DTI balance was on my account. DTI could not account for
the $7,000.00 difference and blamed Terra Nova Trading LLC. Terra Nova
handled the trades for DTI at the time.
Through my NASD complaint with both Terra Nova and DTI, I narrowed the
problem to DTI. NASD was able to obtain for me the official trades on my
account. My trades and Terra Nova were within $100.00 of each other. I also
discovered that DTI had increased the trade fee 150% over the stated rate,
which accounts for $1,000.00 of the missing money.
I know I am not the only one that has been cheated by DTI. And now that DTI
has gone national - I am sure there will be an increase in complaints of
misappropriations by DTI.
At present I have complaints with Washington state agencies, if these do not
resolve the problem, I will hire an attorney and go after DTI. Both state
agencies and my attorney recommend a class action suit.
I can be reached at daytraderripoff@xxxxxxx
Mike Conlan, Redmond, WA
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