FINRA banned broker now a Day Trading Guru?
David Green is offering a live day trading room and he wants you to get-rich-quick. He is offering various day trading courses and is a “featured” trading educator on Investopedia Academy.
Unfortunately, FINRA has a long and sad history with David Green. He was permanently barred from the securities industry in 2005. His work history includes a roster of companies that have also been barred by FINRA.
Currently, he is peddling TradeNet brokerage accounts and has been reduced to lowly CFD trading.
He is certainly a fun and entertaining character. But FINRA banishment and TradeNet affiliation are simply outrageous.
A fun and entertaining showman
Live trading room is not boring and he provides good entertainment
Affiliation with a TradeNet, a known scam, is extremely negative
Received a lifetime banishment from FINRA
Employed by various FINRA banished companies
Thanks for reading today’s review of David Green. Who is he? And what is he selling?
According to his website, which can be found at GreenRoom-Live.com, Mr. David Green is selling the following products and services:
- $300 per month for a live trading room
- $995 for a 5-Day Trading Lab
- $199 for “Become a Day Trader Course”
The live trading room is hosted daily by David Green. Inside of the trading room, Mr. Green offers stock trading signals where investors are encouraged to emulate the trades of David Green and follow some sort of magical trading indicator.
The $995 5-Day Trading Lab includes six separate day trading strategies, help with psychology, mentoring, and open question and answer sessions.
The $199 “Become a Day Trader Course” is offered exclusively through Investopedia. The course includes various modules of video lessons and interactive content.
Who is David Green?
According to David Green’s self-professed biography, he claims to be a Florida based (30 years) investment manager, floor trader, and was a market maker for IBM, Best Buy, Bank of America, and Goldman Sachs.
A pretty nice resume, if true.
Additionally, David Green also claims that “my rapid success allowed me to retire before the age of 40.” And, he “left the securities industry in 2009 and has been training traders ever since.”
But why did David Green leave the securities industry in 2009? More on that later…
Is David Green really a professional day trader? Or just a conman?
During the month of December 2019, a reader from California contacted TradingSchools.Org and requested that we write a review. The reader is a 62-year-old aspiring day trader and wanted to know if David Green is the ‘real deal’ or just another scammer offering a ‘get rich quick’ scheme.
The following is our compiled investigation.
The first thing we discovered is that David Green has a Florida Corporation filed under the entity name of D A Green Holdings Fl, INC. We confirmed that the corporation is located at 6604 Patio Lane, Boca Raton, FL 33433.
You can find the public records by following this link.
The next phase of our search included combing through public records databases and regulatory databases searching for David A. Green located in Boca Raton, Florida. What we discovered is not good.
According to FINRA, or the Financial Industry Regulatory Authority, there is only a single David A. Green registered in Florida, and more importantly–this is the only David A. Green ever registered and working in Boca Raton, Florida.
The FINRA background report on David A. Green is not encouraging. In fact, David Green was permanently banned from associating with any FINRA member–in any capacity.
Receiving a permanent lifetime banning from FINRA is something we don’t see very often at TradingSchools.Org. In fact, there is no better indicator of potential fraud than when a person has been banned by FINRA.
According to the FINRA supplied background check, David Green has a very shady background. For instance, in 2002, David worked at a company named Vertical Capital Partners. It turns out this company was shuddered and expelled by FINRA for fraud in 2008. Apparently, the company was scamming senior citizens with a “pump and dump” stock scam.
After Vertical Capital Partners, David Green then worked at a company named Capital Growth Financial, which of course, was also expelled by FINRA for fraud.
Additionally, David Green was fined by FINRA in 2003 for “churning and burning” customer accounts and was forced to pay restitution.
Still not exhausted, David Green was yet again charged in 2004 with “churning and burning” and signed an offer in settlement and agreed to be barred or associating with any NASD registered firm, in any capacity.
However, yet again he was charged in 2005 with “churning and burning” and forced to pay a fine of $20,000.
TradingSchools.Org contacted FINRA headquarters in Washington DC and spoke with an investigator. The FINRA investigator warned us that David Green signed an agreement, and has been permanently banned.
Further, they stated, “David Green should not be offering investment advice, in any capacity, and more importantly–no contact or associations with any FINRA registered investment company.”
I told you it wasn’t good.
After being banned by FINRA…
Consider that you have just been banned by FINRA from associating with any registered FINRA entity, what would you do?
Most people would leave the industry and start a new chapter in their life.
However, it appears that David Green simply reinvented himself into a “Day Trading Educator” and is now offering advice on how to “get rich quick by day trading.”
Considering that Mr. Green has the ‘FINRA mark of death.’ I find it hard to believe how anyone could possibly trust him. Especially, with ‘get-rich-quick’ day trading glory.
Inside the Greenroom-Live trading room
During the month of December 2019 and January 2020, TradingSchools.Org attended two separate trial periods of the live trading room. In both instances, we used an alias.
Admittedly, the atmosphere of the live trading room was actually quite fun. David Green is a great talker and basically provides constant and non-stop banter with a jovial attitude.
It was fun to attend.
However, imagine if you were offering a live trading room, and people were attending the trading room, expecting to make money at day trading. As a moderator, you would have to sit there for hours and provide conversation and entertainment. David Green does a great job of getting everyone to laugh and have a good time.
All the while, he is pushing his educational products and services, which should be expected.
Is David Green trading with a real trading account?
No. In fact, we quickly realized that he was trading with a TradeNet account.
What is a TradeNet account? A TradeNet account is a CFD or Contracts for Difference account offered by Meir Barack, an Israeli citizen that is not registered to offer securities in the United States.
If you want to understand how the TradeNet scam actually works, then please read TradingSchools.Org authoritative reviews on how the scam actually works…and yes, TradeNet is a scam.
Additionally, trading CFD’s or Contracts for Difference in the United States is a felony. Any US citizen caught trading these “swaps securities” could be looking at a felony and up to 10-years imprisonment.
Some might read the prior paragraph and simply scoff. However, I would highly recommend that you read our article titled: F1 Trade Review
The article details the exact legal framework, explains the regulatory structure, and outlines the specific reasons why CFD trading has been outlawed in the United States.
Perhaps this is the reason why David Green is now trading CFD’s — because with his personal history of being banned from the securities industry, he would have a very difficult time opening a brokerage account with any FINRA registered broker.
TradeNet is an illegal bucket shop
In a nutshell, Tradenet is just a bucket shop. The entire “brokerage” is simply a stock trading video game. And an illegal video game at that.
Securities are not really traded. In fact, most people don’t even realize they are playing a video game.
The customers of TradeNet are the ultimate suckers. But why are they suckers? Let me explain…
Have you ever played a video game? If so, then you know that each successful level introduces the player to yet more difficult levels. The game is meant to start off easy, and then it gets progressively more difficult to win.
Since TradeNet is simply a stock trading video game, many users have all reported the same problem….once they start making any money, then the platform mysteriously becomes more difficult to fill trades and make money.
Spreads mysteriously widen, limit orders do not fill, stop-loss orders trigger when the price never actually touches the intentioned price. Yep, its a shit show.
But its just a bucket shop. And this is to be expected. This is why bucket shops are illegal in the United States. And the people that run bucket shops typically end up in prison.
TradeNet is affiliate marketing on steroids
So how do illegal offshore CFD brokerages continually lure in ‘fresh suckers?’
It’s simple. They rely upon shady trading educators that recommend that people with small accounts, looking to skirt the PDT rule, should open an account with a “trusted offshore brokerage.”
In fact, while in the GreenRoom-Live.Com trading room, this is exactly what we heard. That we could open a small day trading account at TradeNet and that we could trust this company.
In fact, David Green said, “I know the guy that owns TradeNet.”
Well, TradingSchools.Org also knows the guy that runs Tradenet. In fact, he offered TradingSchools.Org the opportunity to become an affiliate marketer for TradeNet.
And how much did he want to pay us? He offered us a 20% commission for every dollar deposited with TradeNet. All we had to do was recommend our vast readership that TradeNet was a safe destination for their investment account.
Think about this a moment. How many stock brokerages pay a 20% commission to salespeople to steer deposits? It’s just crazy. And it’s illegal as 25 kilos of cocaine hidden under your bed.
Wrapping things up
Do yourself a favor, avoid anyone offering TradeNet “investment accounts.”
And especially avoid any “trading educator” that tries to convince you that sending your money to Seychelles is a good idea.
And most importantly, avoid any trading educator that has been barred for life from the securities industry.
Its the daily double of fraud.
Thanks for reading.