Here is an excerpt from an email Charlie Vaccaro sent to one of his many victims. This guy, like so many others, me included, are trying desperately to get Vaccaro to come clean and return all the money he has taken from us. Anyway, while I wish what Vaccaro is saying here were true, it is simply another broken promise, another one of his many lies. We have to give him credit though, he does have a way with bullshit, doesn't he. I can provide anyone who wishes, a PDF copy of this supposed Private Placement. Here is the email:
Now for your debt from Element Trading Corp. I have no control or say in the matters of Element Trading Corp. Element Trading Corp is a Panamanian Corporation, as you know since you signed a trading agreement with them. All request must be directed to them. The contact information should be in your trader agreement.I am in the process of completing a private placement and jointly a merger to bring Element Trading Technologies LLC a New York Corporation public. Once this is completed and it may be as early as two weeks, I will be able to make a deal with the principles of the Panamanian Corp to acquire their traders and their corresponding balances. If that happens Element Trading Technologies LLC will pay back any trader who has a balance on their books.
As soon as I know more on the above offering I will make an announcement to all involved.
To be honest, anyone who put their money with Charles Vacarro did not do their proper research. It takes a few hours to sit down and research the firm you are doing business with and what comments the users have posted. in Vacarro's case, he has done this multiple times prior and traders keep sending him the cash.
"The wise inherit honor, but fools he holds up to shame." Solomons proverbs chapter 3 excerpt.
I was able to trade for free with Element Trading. Obviously, I knew it was a scam to steal client accounts so I never sent them money, but the good news, is their Forex Trader actually gave me one secret setup that actually works. If any of you learned something, then consider your account your education fee, and take it as a positive experience.
Some things you could learn:
1) There is no reason if you are citizen of say the USA, to ever sign up with a company that is not in your country and is not regulated by American law, and does not keep your money in a segregated account here. Of course, even with all that said you could still have your money stolen, but its much harder.
2) If you have a ton of money, always sweep it out of the trading account to a safe account by the end of the day.