CFTC Shuts down School of Trade

JJ is truly a con man as stated in an earlier thread. His other trader John Henry (JH) left under mysterious circumstances 2 weeks ago, he did not even have a chance to say bye in the forum. JJ offered some bull story that JH had to leave to spend more time with his family. That same day someone posted the CFTC investigation in the forum, JJ circumvented answering a direct question about the investigation. As a true conman would do, he took down the forum the following day so that no member could communicate with another and discuss the case, the forum is still down as I type - apparently his service provider went out of business.
I feel very angry with myself that I fell for such a silly stupid con.
 
SOT Student said:
JJ is truly a con man as stated in an earlier thread. His other trader John Henry (JH) left under mysterious circumstances 2 weeks ago, he did not even have a chance to say bye in the forum. JJ offered some bull story that JH had to leave to spend more time with his family. That same day someone posted the CFTC investigation in the forum, JJ circumvented answering a direct question about the investigation. As a true conman would do, he took down the forum the following day so that no member could communicate with another and discuss the case, the forum is still down as I type - apparently his service provider went out of business.
I feel very angry with myself that I fell for such a silly stupid con.
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Don't feel to bad. We have all been there at one time or another in all sorts of different ways.
Unfortunately the trading industry is full of companies like this who profit on selling a dream. I started to look at it as the cost of learning to trade. I've spent A LOT sifting through different providers/methods and finding out where dead ends are. The flip side of that is I have learned at least 1 very important lesson from each one that has let me narrow down what it is I actually NEED to learn so as to trade profitably.

Its all learning. Some lessons need to hit hard before we pick up on what we are supposed to learn from them.
 
Yes, sorry to hear this @SOT Student

As i mentioned before, EliteTrader is a great source for new traders and hopefully they read this information before sending some scammer their $

It looks like CFTC is going after these companies strong, but I am not seeing if the actual traders that got fraud out of their money are able to get their money back from the CFTC or if they need to file independent claims against the scammers. Anyone know?
 
BearRunner said:
Don't feel to bad. We have all been there at one time or another in all sorts of different ways.
Unfortunately the trading industry is full of companies like this who profit on selling a dream. I started to look at it as the cost of learning to trade. I've spent A LOT sifting through different providers/methods and finding out where dead ends are. The flip side of that is I have learned at least 1 very important lesson from each one that has let me narrow down what it is I actually NEED to learn so as to trade profitably.

Its all learning. Some lessons need to hit hard before we pick up on what we are supposed to learn from them.
More...

It has indeed been a learning experience and a waste of a year of my limited time on this planet :)
I have become a much better trader for it and no longer go looking for illusive 10 ticks in a process and system that is random at best.
 
surf'n trade said:
Yes, sorry to hear this @SOT Student

As i mentioned before, EliteTrader is a great source for new traders and hopefully they read this information before sending some scammer their $

It looks like CFTC is going after these companies strong, but I am not seeing if the actual traders that got fraud out of their money are able to get their money back from the CFTC or if they need to file independent claims against the scammers. Anyone know?
More...

I'd be surprised if any money is refunded, but I do hope no one else falls victim of this scam. The scam is still being perpetrated and people are falling for it. I know guys who borrowed the money to pay for the course and borrowed $1k to day trade futures with the promise and expectation of making a profit. What is being perpetrated is criminal at best, and they need to be stopped.
 
I wrote the YouTube press department about this thread:

"There is an ongoing thread on the website EliteTrader about this YouTube channel, and why does YouTube continue to host a channel that fraudulently sells commodity trading systems that the government has identified as a swindle ?

(formal CFTC complaint link included)"

This is my third attempt at asking YouTube to yank this channel. I remain skeptical.
 
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