CFTC Shuts down School of Trade

http://www.courthousenews.com/2016/10/05/socal-trading-school-is-a-fraud-cftc-says.htm

May this serve as a lesson to all who are feeling tempted to "buy the dream."

 

wow... read this:

..... He was, however, sentenced to six months in jail in 2005 for felony attempted sale of narcotics, according to the lawsuit......

..... Dufresne describes himself in his promotions as an award-winning day trader with 14 years of experience in many types of commodities. Those boasts are false and misleading, the CFTC says.

.....The Live Trade Room is phony too, the CFTC says: All the defendants' statements about making live trades in real trading accounts are false.

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I hope he will deserve a severe penalty for preying many innocent victims for years.

 

Looks like it'll be fines only. Good thing he wasn't spoofing though, that would've been some hard time in the slammer!

 

i wonder what would happen if the cftc asked all 'trading mentors' to supply proof of their claims.

 

Proof that they've actually placed a trade in their life? Few mentors for sure.

 

They need to shut down TastyTrade for promoting Karen the BSTrader fraud. Also letting Tim Knights scam people with bunch of nonsense

 

I thought you were basically safe as a trading vendor....as long as you say on the bottom: 'Past performance is no guarantee. You may lose everything. etc etc'

 

Its a shame how many gullible people are out there and it seems these gullibles do not believe in research they just believe in shelling out cash...

 

Good on the CFTC and hopefully a sign of things to come. The internet is flooded with similar con games and the regulators seem to finally be cracking down.

A lot of this has come about due to the tradingschools.org blog which has really cast a light on this fraud by virtue of collecting all the evidence together in one place. Makes it hard to ignore or brush off.

 

Its been shocking just how dumb, lazy, and greedy people are to pay for training from strangers and not even insisting on seeing their audited tax records. I hope the other scammers are losing sleep over this - it's just gone so far over the top, it is nothing more than a long con. Ever noticed how many guys just out of prison are running these chat rooms? One of the very original trading rooms is run by a man in his 40's that recently confessed to his viewers in late night drug induced video that he lives in his mom's basement, has not traded for over 10 years, and smokes crack. Yet people are joining his highly rated room daily. A fool and their money ....