Richard Regan - Pro Trading Course

Maverick74 · Jun 23, 2011

Quote from bone:

I just PM'd the OP to ask if he was sincere and forthright - and to add some supporting details if that would be the case.

That was a good idea. Although I have no idea why he would make this up but people have been known to post some stupid shit just to get attention.

bone · Jun 23, 2011

It would appear that any educator that packages training along with prop trading would require a great deal of due diligence by the potential client. In fact, any educator requires a great deal of due diligence. My opinion is that the quasi training / brokerage business model is probably not in the best interest of the client.

My sense is that these quasi training/trading combo firms might tend to be very weak with the training aspect and the business model is essentially a ploy to pry a more substantial deposit from a client and make it essentially non-refundable under the guise of 'training'.

My 2 cents. The trading education field is slimy to the max.

Maverick74 · Jun 23, 2011

Quote from bone:

It would appear that any educator that packages training along with prop trading would require a great deal of due diligence by the potential client. In fact, any educator requires a great deal of due diligence. My opinion is that the quasi training / brokerage business model is probably not in the best interest of the client.

My sense is that these quasi training/trading combo firms might tend to be very weak with the training aspect and the business model is essentially a ploy to pry a more substantial deposit from a client and make it essentially non-refundable under the guise of 'training'.

My 2 cents. The trading education field is slimy to the max.

Bone, did this guy ever contact you? Why has he been AWOL on this thread? I'm beginning to think maybe this thread was a hoax.

bone · Jun 23, 2011

Quote from trader1993:

Thank you for all the comments. I think f**ed- over guy will be my new nickname or perhaps a trading firm I will start up. Sounds about right.

Anyway, I did call the NFA and they referred it to the CTFC. I was called back in about 5 minutes. Seems like they may have already been doing some research. They knew who I was and when I had deposited money with PTC. GO FEDS!!!

I doubt I will see anything from this but one can hope. Perhaps if nothing else happens, others will not make the same mistake I did or maybe it could set a precedent for the "education" loophole and prop firms.

I do have the contact information for the attorney at the CTFC for anyone who lost money with PTC. Send me a message and I will forward it to you.

dalbanese81 · Jun 25, 2011

Quote from bone:

He's not the only one. I did the same thing. I looked at the contract and nothing seemed amiss. The receipt said refunds were available after the first year of trading net of any losses. I have the emails confirming this info. Anyone know a good lawyer?

Sonny39 · Jun 26, 2011

Hey trader1993,

Just wanted to let you know that you are not alone. I signed up with Richard last may 2010 and just started trading with him last april 2011. I'm in the same boat as you. Trying to figure out how to get a refund. Please let me know if you would like to discuss this privately for whatever options may be available. Thanks.

Maverick74 · Jun 26, 2011

Quote from dalbanese81:

He's not the only one. I did the same thing. I looked at the contract and nothing seemed amiss. The receipt said refunds were available after the first year of trading net of any losses. I have the emails confirming this info. Anyone know a good lawyer?

OK, so the question is, did you trade for a full year? That seems to be a catch as most people will quit before 12 months. These guys word these contracts very carefully.

dalbanese81 · Jun 27, 2011

Quote from Maverick74:

OK, so the question is, did you trade for a full year? That seems to be a catch as most people will quit before 12 months. These guys word these contracts very carefully.

It will be one year in a few days. The problem is I'm not hearing back from anyone, either phone calls or emails. I'm considering arbitration with the NFA. Anyone know if this is a good idea?

Sonny39 · Jun 28, 2011

No, Actually when I signed up, it took close to a year before I could even get him to open a live account for me. So I have been trading only 2 1/2 months before he shut me down. Maybe if we can get enough of us together we can go after him with one law firm in a class action suit.

imillionmax · Jun 28, 2011

Quote from Maverick74:

Bone, did this guy ever contact you? Why has he been AWOL on this thread? I'm beginning to think maybe this thread was a hoax.

No hoax, I was a prop trader for PTC as well. Sure Richard was a really nice guy, he seemed to care about his reputation. But for some reason PTC sold to trademaven. I still get a daily statement from trademaven everyday, but he has frozen my account, and they're just telling me to get in touch with Regan.