Eminitv
- Thread starter rolextrader
- Start date
Worse yet, since his software was having such lousy results, he made up a new "ecourse" system and is trading that now. But, instead of offering it to the people he scammed out of $4k for free, he wants them to pay $1300 for it.
Greg Lee Gramalegui or Greg Presenter or Greg Lee
Different names but all the same trading system.
S&P Safe
Trend Reflection
Trend Momentum
trader4x
forextv.tv
eminitv.tv
eminitradingschool.com
Vail online trading firm, reach a deal.(S and P Safe Co. fined for false advertising)(Brief Article)
Source: Denver Business Journal
Publication Date: 27-JUL-01
The Commodity Futures Trading Commission in Washington, D.C., recently made the Vail-based owner of an online commodity trading system stop fraudulently advertising that system. He was ordered to pay a relatively light, $10,000 fine for past false ads.
The commission, which regulates this country's commodity futures and options markets, earlier this month found that Gregory L. Gramalegui, owner of S&P Safe Co. and the Trend Reflection commodity trading software system, made claims in financial magazine advertisements about his system that weren't true.
Gramalegui said, for example, that his mother used the Trend Reflection system and implied that she got good results. "Does your system vendor's mom trade his software? Mine does every day' the ads read.
What Gramalegui didn't disclose and should have, according to the commission, is that his mother never actually used his system and that the positive results she supposedly got were hypothetical. In reality, he traded an account in her name for several months -- and lost roughly $6,000.
The commission, or CFTC for short, also found that Gramalegui didn't reveal in the ads that his system's history of trading results, which also is published on his Web site, was based on hypothetical trading.
"We prosecuted this under a section of our statute that's a fairly light slap:' said Susan Bovee, associate director of the CFTC's enforcement division. "Nevertheless, we're trying to send a message that even if you don't have the worst intent, if your ads are false, you'll be tagged for them."
Gramalegui has run ads in magazines since 1997, and advertised his software and consulting services on his Web site at least since mid-2000. The commission found out about the ads in one of its routine surveys of financial advertising.
The CFTC and Gramalegui came to a settlement on July 12, thereby avoiding a lawsuit. Without admitting guilt, the Coloradan agreed to stop using ads that don't disclose the results in them are hypothetical, and to pay a $10,000 penalty. He also agreed not to misrepresent the performance and profits of his trading system and consulting service, as well as the risks in trading with that system.
Gramalegui declined comment about the CFTC's action because his agreement with the commission prohibits it. He would say only that, "This is all behind me now."
Gary M. Sinclair, Gramalegui's Chicago based lawyer, said that his client did not know about disclosure requirements regarding the ads he ran, but said he does identify' performance figures as hypothetical in the documents he sends to customers before they buy his software. He said Gramalegui thought the document disclosure was adequate.
"We could have defended the matter, but it didn't make sense financially", said Sinclair. "We have no problem complying with the rules."
Gramalegui has been selling his Trend Reflection system, which is aimed at day traders, since 1997.
Different names but all the same trading system.
S&P Safe
Trend Reflection
Trend Momentum
trader4x
forextv.tv
eminitv.tv
eminitradingschool.com
Vail online trading firm, reach a deal.(S and P Safe Co. fined for false advertising)(Brief Article)
Source: Denver Business Journal
Publication Date: 27-JUL-01
The Commodity Futures Trading Commission in Washington, D.C., recently made the Vail-based owner of an online commodity trading system stop fraudulently advertising that system. He was ordered to pay a relatively light, $10,000 fine for past false ads.
The commission, which regulates this country's commodity futures and options markets, earlier this month found that Gregory L. Gramalegui, owner of S&P Safe Co. and the Trend Reflection commodity trading software system, made claims in financial magazine advertisements about his system that weren't true.
Gramalegui said, for example, that his mother used the Trend Reflection system and implied that she got good results. "Does your system vendor's mom trade his software? Mine does every day' the ads read.
What Gramalegui didn't disclose and should have, according to the commission, is that his mother never actually used his system and that the positive results she supposedly got were hypothetical. In reality, he traded an account in her name for several months -- and lost roughly $6,000.
The commission, or CFTC for short, also found that Gramalegui didn't reveal in the ads that his system's history of trading results, which also is published on his Web site, was based on hypothetical trading.
"We prosecuted this under a section of our statute that's a fairly light slap:' said Susan Bovee, associate director of the CFTC's enforcement division. "Nevertheless, we're trying to send a message that even if you don't have the worst intent, if your ads are false, you'll be tagged for them."
Gramalegui has run ads in magazines since 1997, and advertised his software and consulting services on his Web site at least since mid-2000. The commission found out about the ads in one of its routine surveys of financial advertising.
The CFTC and Gramalegui came to a settlement on July 12, thereby avoiding a lawsuit. Without admitting guilt, the Coloradan agreed to stop using ads that don't disclose the results in them are hypothetical, and to pay a $10,000 penalty. He also agreed not to misrepresent the performance and profits of his trading system and consulting service, as well as the risks in trading with that system.
Gramalegui declined comment about the CFTC's action because his agreement with the commission prohibits it. He would say only that, "This is all behind me now."
Gary M. Sinclair, Gramalegui's Chicago based lawyer, said that his client did not know about disclosure requirements regarding the ads he ran, but said he does identify' performance figures as hypothetical in the documents he sends to customers before they buy his software. He said Gramalegui thought the document disclosure was adequate.
"We could have defended the matter, but it didn't make sense financially", said Sinclair. "We have no problem complying with the rules."
Gramalegui has been selling his Trend Reflection system, which is aimed at day traders, since 1997.
I have been using their products for a few years with great success. They have incredible trend reading and never seem to get caught up in overtrading. I also use the accounting software and it has made my account grow from 1 lots to 5 lots which is astounding to me because I would have never been able to do this without their software. I did pay for the software with my profits and have very few losing days by following their manuals and what is taught in the trading room.I have bought many products out there including traders international where the so called developer Ashfean has never even traded and probably does not have a trading account. It seems he took Tim Cho's course and made a business out of it. This was a waste of 5k for trading that you get for free on the internet. I also signed up for Pagetrder which was a mistake.
Trading is not for everyone and yes many programs out there do not work, but what I have found is most traders do not work like I use to not work as a trader. I thank eminitv.tv for the work they put into their product and making it available to me.
I would buy it again and any other products they have. I am currently a member of eminitradingschool.com and throughly happy!
I noticed this post since I do own their products. It seems everyone has a fine from the goverment for one reason or another with some more serious than others. Being fined by the gov for a missing disclaimer seems harmless especially 10 years ago when computers just came out and with no rules for internet advertising being available yet. I also talked with Greggs parents and they did trade the software which is more than I can say for the other products I bought from vendors. They also informed me they did make money and bought 28k in patio furniture with their profits which is impressive. I would pay a fine of 10 k anytime to not fight the goverment. All the oil companies, banks etc etc have paid fines for things the gov does not aggree with.
I am a trader and appreciate any vendor that at least trades the software they sell and this guy does trade.
Traders don't be angry because trading is hard, just be greatful their are real traders out there like Greg. His product was the only program I have purchased and still using to this day.
Wish all you traders the best!
Greg anytime you need a referal with your products I am here for I think you are very good at what you do.
Thanks
I am a trader and appreciate any vendor that at least trades the software they sell and this guy does trade.
Traders don't be angry because trading is hard, just be greatful their are real traders out there like Greg. His product was the only program I have purchased and still using to this day.
Wish all you traders the best!
Greg anytime you need a referal with your products I am here for I think you are very good at what you do.
Thanks