MoneyTec Forums: Abysmal, lowlife snakeoil standards

Discussion in 'Chit Chat' started by TigerO, May 6, 2004.

  1. TigerO

    TigerO

    Link



    I think this is really, really amazing: I 've never had any respect for the Moneytec forums or wasted any time there apart from when someone notified me of interesting developments, as after a brief time there at the beginning I very quickly decided that it's a really dubious, snake oil promoting forum if ever there was one out there, an extremely sorry state of affairs supported by the management, but now it looks like even they've taken their low life standards to totally new depths:

    It looks like they deleted the thread where FXCM's misdemeanour was outlined.

    Does it get any shittier than that?

    Removing information just because it puts their sponsor in a very bad light ?

    Incredible, amazing, unbelievable.

    See discussion on elitetrader:

    http://elitetrader.com/vb/showthread.php?s=&threadid=28448
     
  2. the sooner IB begins its forex operation the better. It will be a shakeup for the other brokers.
     
  3. What shakeup do you expect? Spot forex is already quoted very competitively by many brokers. I do not expect to see IB doing any much better than that.

     
  4. I was thinking of trustworthiness.
     
  5. TigerO

    TigerO

    Oanda is very good and trustworthy, and also very transparent with their own board where nothing gets deleted and complaints are reacted to.
     
  6. Can´t see anything deleted on MTec forum. Thread 7972 is still there.

    Edit: Tiger, try to find the correct NFA record for RefcoFX (not Refco LLC) in the first place ...

     
  7. TigerO

    TigerO

    Real weird, cause when I tried a couple of hours ago, and I tried several times, all I got was a blank page with some gobbledegook on moneytec, while all other web pages I was opening worked without problems.

    OK, if it's back up looks like they restored it, but I stand by my statement about their general standards.

    They got a guy there calling himself James from a firm called TeamForex apparently trading via FXCM who isn't banned, and instead gets to really advertise his stuff. This guy is pretending that he's a great trader, which is one thing said to happen on chats, lol.

    Difference is this guy wants to manage money for others, and he's actively soliciting them with claims like he'll be making 1000 to 2000 pips a month!!!!!

    http://www.moneytec.com/forums/_showthread/_threadid-8043/_s-

    http://www.moneytec.com/forums/_showthread/_threadid-7760/_s-

    LOL


    You'll ask, does he have an audit like a CTA must have?

    Of course not, do these fellas ever, but contrast his own claims with the real life performance that one of his clients had to suffer through:



    "quote:Originally posted by Brassy

    If you think you can make a leaving on looses! I have heard enough on them.

    4 months back the so called brilliant teamforex lost over 14k of my 30k account managed by them. I hung in only after their partners in crime FXCM (my suspicion) assured me they would recoup my looses if I would hang in, only to loose 2K more the next month!!! ."

    http://www.moneytec.com/forums/showthread.php?s=&postid=18213#post18213



    What I would really like to know is what the legal situation is here, why do CTA's need audits, when guys like him can just prance around on boards soliciting money while making unsubstantiated claims?!

    What is the legal situation here?

    We're talking about a situation about which the CFTC has issued a dire warning, people making unrealistic claims who can't back them up.
    http://www.cftc.gov/opa/enf98/opaforexa15.htm

    And where loads of shit happens:

    "Release: 4892-04
    For Release: February 11, 2004

    U.S. COMMODITY FUTURES TRADING COMMISSION CHARGES FLORIDA FOREIGN CURRENCY OPTIONS FIRM WITH DEFRAUDING CUSTOMERS

    Gibraltar Monetary Corporation, Inc. and Employees Jayson Kline, Charles Fremer, Thomas Clancy, and Edward Johnson Allegedly Lied When Pitching Foreign Currency Options to Customers

    Forex Capital Markets, LLC Also Charged

    WASHINGTON, D.C.—The U.S. Commodity Futures Trading Commission (CFTC) announced today that it filed a complaint in a Florida federal district court against Gibraltar Monetary Corporation (Gibraltar), a Florida corporation, and Florida residents Jayson Kline of Boca Raton, Florida,

    On the same day the complaint was filed, federal district court judge Donald M. Middlebrooks issued a restraining order freezing the assets of Gibraltar, Fremer, Kline, Clancy, and Johnson. The restraining order also prohibits those defendants and FXCM from destroying documents.

    The complaint alleges that starting in May 2002, Gibraltar, Kline, Fremer, Clancy and Johnson solicited at least 267 members of the retail public to trade foreign currency (forex) options through FXCM. According to the complaint, Gibraltar used aggressive, high-pressure sales tactics, including: 1) making false promises of large profits, 2) misrepresenting their expertise and track record, and 3) downplaying the risks inherent in trading forex currency option contracts.

    The complaint further alleges that Johnson was responsible for the majority of trading decisions made on behalf of Gibraltar’s customers and that he made deceptive and misleading statements to customers and prospective customers regarding the profit ...

    Forex Capital Markets, LLC Charged With Liability for Gibraltar’s Conduct

    According to the complaint, more than $3 million of Gibraltar’s customer funds were deposited and traded at FXCM. The complaint alleges that, through an exclusive introducing brokerage business relationship in which Gibraltar acted as FXCM’s agent, FXCM paid Gibraltar over $800,000 in commissions in connection with the customers' accounts Gibraltar introduced."


    Or read this horror story here:

    http://egassist.dms.com.au/afrDec10(2).html


    Why are these guys without audits allowed to run around soliciting clients through unsubstantiated claims if CTA's must have audits proving their performance?

    What is the deal here?

    That cannot possibly be legal, why on earth would anyone go through all the regulatory hassle involved in becoming a CTA if they can instead just surf web chats, pretend they're a trading god, and, without ever needing to put up any proof like CTA'S need to, go, "Yo, I'll make you 1000 to 2000 pips a month, just hand over your cash, bro"?

    :confused:
     
  8. Interesting stuff, Tiger. thanks
    I lost a few $$ following TEAMforex tips, not too much. Fortunately I resisted their suggestion to manage my funds.
     
  9. TigerO

    TigerO

    Roberk, this is getting more and curious. As you can see from my all of 18 posts since God knows when over at moneytec I basically quit posting there after I got sick of the kind of BS people like James / TeamForex were spouting there without having to put up any proof, and if there are things I really hate that's snake oil, BS and con artists in this industry.
     
  10. Tiger,
    They said thay had a bad month, this was early last year. In the last few days he had some good trades and broke even for the month - so he said. But after I had lost money on most of their calls I gave up before the good day.
    I never could figure out why Moneytec let him promote his business though. Maybe he is popular with newbies.
    I stopped reading moneytec months ago.
     
    #10     May 6, 2004