SP Trader - Huge returns...anyone invested with them

Quote from Rearden Metal:

I can do more than simply shout "SCAM"!

I'll explain why, beyond those points which have already been raised.

1) They claim to have $170 mil in assets, yet they're not listed on Hedgefund.net. Massive Red Flag!

2) Have you seen this crap?!

The novice may not pick up on the many subtle clues, but no <b>real</b> trader actually thinks or writes like that. That entire page was clearly written by some wannabe clown, who <i>almost</i> knows how to sound legit, but can't quite pull it off.

3) EDIT: Whoa! Check this out: http://www.sptrader.com/accountingsummary/index.html

<b>As-Fucking-If</b> a bona fide fund, managing $170 mil, is gonna publicly call out every single trade, revealing their mega-million dollar proprietary methodology for all to see!

SCAMSCAMSCAMSCAMSCAMSCAMSCAMSCAMSCAM!
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Pretty funny.

The description of the "system" reads like some kid or newb's Trade Station MA Cross or Stoch "Wow! I'm gonna make a million with this!" system they just "discovered".

On carefully chosen data-mined futures, over carefully chosen data-mined time periods, it may work for a *little while* but I wouldn't be surprised if the investors get a letter soon: "We regret to inform you, that due to changing market conditions and recent 30%+ losses we are closing the fund and returning your investment..."

But of course they will keep the 2/20 they banked...


all imho, of course. i'm just an amateur system developer
 
Bogan7. You can thank google alerts for finding this board. I've had a google alert on this fund for over a year as I sit on the sidelines to see if there are any posts about the fund defrauding people. This was the first forum that has come up with an active discussion about sptrader. What kills me is that there are no posts from anyone saying that they were scammed and there are no posts about it being a bonefide fund. All I see is banter back and forth about this fund being a scam vs not a scam.

I've been watching this for 2 years now. I've probably spent too much time on one fund.

Are there any other investment opportunities out there?
 
I emailed them asking for prime broker and auditor info. They were evasive.

This has to be a scam. If I had a system with returns/risk like that, I would bet the ranch on it and never share it with anyone. It must be a CAGR in the 50% range with no losing years.
 
Their prospectus has them registered in the British Virgin Islands (Tortola) with an imaginary accounting firm in Guernsy, Isle of Man?. The fund manager is listed in Switzerland and also in London.
 
So you advocate the mighty arm of Uncle Sam hammering a Swiss based fund? How libertarian of you. :D

Seriously RM, these guys are doing what your guy is doing. That is using the VI as a tax haven. Many funds dig being exempt from nosy regulators in search of verified track records, NFA registrations and tax ID's.

I doubt they're a fraud but I wouldn't take that trade record to the bank......

Quote from Rearden Metal:

Hello, NFA? CFTC? Anyone home?

Excuse me, but the naive investors you're supposed to be protecting are probably getting reamed hard without the courtesy of a reach-around by these guys.

Would you care to put down your donuts for a second, and shut this shit down before anyone else gets fleeced?

...or not. After all, you <i>are</i> government agents, so it's not like anyone actually <i>expects</i> you to do anything of use. But hey- just in case you're in the mood to log off from your internet porn and do something beneficial for a change, you really <i>should</i> check out that site, ok? Thanx.
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Quote from Pa(b)st Prime:


I doubt they're a fraud but I wouldn't take that trade record to the bank......
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Look closer.

Impossibly good performance data aside, do you really think a bona fide $186 mil AUM hedge fund is gonna list every single trade they made, letting everyone figure out their magic formula? Come on Pabst, you know better.

This is pure thievery, and you can bet most of their victims are U.S. residents.
 
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