Well, that's the thing, they technically are not "accepting" your funds. In fact, if they did, you could jack these guys! They are smart, they run the operation as two separate businesses. You really need to understand that these are two separate companies. You are not depositing your money with a prop firm, you are paying for a course. By actually not using your funds for trading, it actually protects them legally. This is why traders would just be better off to tell these types of firms, that you'll give them 10k to deposit for trading and not for the education. Of course they won't accept that.
I guess we won't be seeing Richard Reagan on CNBC anytime soon. I think this whole scam started in Forex and then moved over to the futures markets.
This is all news to me, would someone be so kind as to start a thread naming these quasi prop/educators ? Some public enlightenment is in order. Fucked over dude, would you mind scanning and posting your contract here ? Anybody else ? I will personally commit to writing a letter to CFTC / SEC / FINRA / NFA with a bit more information on the topic. Please, expose this to some sunlight for a while.
to the OP, I don't know what recourse there might be, but I encourage you to go after him. Too often people get scammed and then fail to do anything about it. They would rather lose the money and put the whole thing behind them. Problem there is that it makes it more likely that this guy will try it again or someone else will. Do whatever you can to go after him.
I'm not defending Regan, but I doubt they did anything wrong. I encourage the OP to take Bone up on his offer and post the contract here for us to see. It's worth a shot. But I'm a little unclear what you think Regan is getting away with here. I think the business model is terrible but the buyer has to take ownership here of the decision they made here.
I just don't think that they have been formally challenged about it collectively. How a firm can call themselves a proprietary trading firm and an educator on a website, state that the client will be trading live at some point in the process, and not be subject to broker/dealer regulations or some sort of regulatory overview simply escapes me. If not a regulator, then at the very least FINRA / NASDAQ / NFA. Just mentioning live trading on an exchange as an integral part of the training program and holding yourself out to be a prop firm means that you are representing yourself as an intermediary in a regulated marketplace. Even if it's not in the contract, it's published on a website in the public domain. Its a public solicitation to at some point in the process use said vendor to engage in a regulated activity requiring said vendor to comply with laws and financial surity requirements.
Whether Richard scammed people or not. It doesn't matter. They are all in this for MONEY. The bottom line is: More than 90% of small traders lose. They just lose!!!
It matters completely, and quite frankly that is a very low-class and completely irrelevant comment on your part.
I've a lot of Regan spam. Very slick pitch.. some of this websites are down and some are still up ---- How important is it to you to become a successful trader? Whether its trading as a career or just to live the lifestyle you want, our professionals get you there. Learn to trade Futures and Forex from home with professional trader Richard Regan. Richard has been trading for a living here at the CME for 11 years, and has been training traders since 2002. We make his training available to at home traders with live calls and proven strategies and even offer opportunities to trade firm capital at no risk to you! Education richardreganWhat is a Live Trading Call? Watch, listen, and learn as Richard takes live trades from opening to closing bell while giving commentary on what type of market you're trading in, up to date news, and risk management. You're guided throughout your trading day on which trades to take and which ones not to, so you're sure to stay in the game and make even more money when those great opportunities come along! Aside from the Live Trading Calls there's an Introduction manual for the newbies, an Advanced manual for those who have been at it for awhile, and Webinars on topics of your choice. You'll learn the psychology AND the stratgies behind our most successful traders. Trade PTC's Capital at No Risk to You CBOTA proprietary firm is a firm that trades its own money for profit. The company trains new traders and lends them large sums of capital to trade with in exchange for a portion of the trader's profits. There is no capital risk to the trader, but these firms typically charge a monthly fee for the trainer's time or software usage. We are making an even better opportunity available to traders that qualify. Here at PTC, we're so confident in our abilities as mentors that we give course graduates accounts ranging in value from $20,000 to $200,000. Once you complete our more advanced Futures or Forex courses, the cost of which is up to you to cover, we will give you an account that you can trade for a lifetime. As you improve, we give you even more funds to trade with. You get our guidance in the form of lifetime trading calls, weekly webinars, and we'll work side by side with you to make sure you graduate the course and overcome any obstacles in your trading career. Pro Trading encourages our proprietary traders to come train live at the CME! We make money when you make money!
Ever notice how FX just attracts the sleaziest of operators ? This whole educator taking money for prop trading at some point in time why don't you join my 'virtual' trading room thing stinks to high heaven. If there is someplace I could register or license myself it would be great.