False Claims by Trading Sites

Discussion in 'Chit Chat' started by Brandonf, Apr 10, 2009.

  1. Brandonf

    Brandonf ET Sponsor

    I know there are a lot of people on ET who hate anyone who would dare consider trying to make a profit by helping traders with their hard won knowledge..so I've considered this post carefully knowing that some people will misuse it.

    That being said there are cases of actual fraud out there with vendors and the affiliates they enlist making outragous claims about the potential of the system they are selling, claiming to be profitable traders even though later reviews prove they have ever been etc.

    Most people's first inclination is to call the SEC or the CFTC. This is normally not your best course of action because both agencies seem to feel like they have "bigger fish to fry"..or something.

    However, the FTC is very active..and most legitimate online vendors constantly stay on gaurd to keep themselves to the right side of the FTC..because it is an agency that will fine you out of exisistance.

    So the point here is simply this: If you feel that you have been a victim of fraud by a trading site (or any other for that matter), you should probably consider the FTC before the SEC/NFA/CFTC/your senator etc etc. They typically look into a claim, where as with the SEC many are never even looked at.