http://www.cftc.gov/opa/enf04/opa4977-04.htm Saw a link to this on another thread and thought it deserved its own thread. I took a trial with these clowns and they tried to pressure sell their software (T-3 Fibs ProTrader) to me for $7000! http://www.nss-t3.com/ The salesman was on the phone telling me I could expect to make back my money in a few weeks, how after a couple of months I could be trading 10 contracts. This guy was just a commission based salesman- strange how he didn't have the confidence in the software to start trading it himself. I watched John Novak trade in real time -via hotcomn - and he would would put marks on the platform saying where he thought a good trade was (and then remove them if the trade didn't work out). He was really pushing how profitable it was- it turns out he was outright lying and a losing trader, not surprised as I could see no viable method at all, just guessing and hoping.
It was about two years ago, so probably about the time they were getting busted. Not that I knew anything about it.
I am glad you posted that. I unwittingly suggested someone look at it for fib clusters. Honest mistake.
I wonder if anyone was ever compensated? I see on the link that you posted a Related Document which looks to be the original complaint. IF you open that complaint document, at the end you will see what the parties were asking for in terms of compensation. Thanks for posting thisi, it amazes me how a company like that can still be in business under the same name! Just shows you how "well protected" we are.
Another aspect of this that makes the whole thing even more ridiculous is that I'm fairly sure he previously worked for another company that had a similiar complaint. I remember speaking to him a few years back and he was going to offer me a discount since I had used that other product, and he felt bad for those who lost with it. I believe that product was one of the first big hits the CFTC made back a few years ago when they started going after these companies.
I remember about a year or so ago I got a call from a company called GoGecko claiming that their software was used by hedge fund managers. He also stated that the software got smarter the more it was used, (like the software had a brain), anyway, I have never seen or heard anything about these people since. I clearly remember him telling me it was $7k but I could pay 50% down and then if the software didn't perform like he said, I didn't have to pay the other 50%, but, if the software did perform, I had to pay the other 50% at the end of the year. I told him I didn't have the money to purchase it and he called back suggesting that I open up a credit card to pay for it, LOL, I guess these guys stay in business cause there is a sucker born everyday!
I got this in my email so I took a screen shot of it. Article by John Novak himself for www.Futuresource.com, what a joke.