anyone have any info on these guys. commissions seem great but the hole things sounds shady. havent read good things. any thoughts?
In my opinion stay away from any firm that charges a "training fee". Beleive me, there are honest firms out there that do not require a series 7 and do not charge a BS training fee.
Definitely one of the worst of the worst! Nothing but bad sentiment from everyone I know who either "trad--ED" with them or knows someone who trades [poorly] with them. If you do research on their program, it is very bad. Extremely low max daily stops which results in getting stopped out almost everyday and the training method is pretty pathetic! Most trader who join leave before their "trading for life" / "we will absorb all losses" is even near. Scam of the century! Velez reminds me of Allen Stanford - the way they have always presented themselves. Careful...
From March 2009, more warnings and prescient posts! I see other old posts on Elite Trader that go back to 2004 saying the same stuff. http://www.trader32.com/2010/09/oliver-velez-scam.html more info