Illegal Activities by firms

Discussion in 'Trading' started by Wanna_Betrader, May 29, 2008.

  1. I have noticed some one started a thread regarding closing down of Swift trade office in Sofia due to illegal activities.

    While searching Craigs list to look for a job , i came across Several firms defrauding the public, by running false advertisment!

    They claim >>>>Entry Level Trader (Downtown)

    Reply to: *******
    Date: 2008-05-16, 8:18AM EDT

    We are looking for fast-thinking and emotionally disciplined individuals for our expanding trading desk.

    What you get: expert training in those strategies, individual help from people who average over $2000 a day using those strategies......

    People hate being misled, when advertisements are full of untruth. Advertisers must have evidence to back up their claims

    After talking to them, they asked me to Deposit 5k to open the account with them and there will be $ 1500.00 termination fee.

    I was under impression that this is a Paid job, but it looks like a scam to me so , I have reported them to Federal Trade commission, so they can take a look at this and take the proper action.

    Any comment would be appreciated.

    What truth-in-advertising rules apply to advertisers?
    Under the Federal Trade Commission Act:

    Advertising must be truthful and non-deceptive;
    Advertisers must have evidence to back up their claims; and
    Advertisements cannot be unfair.
  2. The first red-flag should have been that the ad was on Craigslist. :)
  3. bespoke


    I don't see anywhere they claim it's a paid job. 5000 down, seems pretty normal to me.
  4. vince111


    LLC firms that ask for deposit from the public are not regulated and have no license to have such a business. SEC is investigating them

    it's a buyer beware at this time.

    no recourse if firm close shop. they aren't regulated like brokers and banks.