Changes Trading

Changes Trading
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Summary

Yet another “live day trading room” and trading system vendor is charged with fraud by the CFTC.

Kimball Parker and Timothy Baggett of Changes Trading enticed 289 individuals into spending over $850k in fraudulently promoted trading systems and live trading room memberships. The victims experienced massive trading losses totally an estimated at 2.5 to 5 million US dollars.

CFTC investigators uncovered a graveyard of faked and fraudulent promotional materials.

Neither Kimball Parker or Timothy Baggett had ever traded successfully. Prior to being promoted as “professional day traders” by NinjaTrader, both individuals were well-known hustlers in the MLM/Pyramid scheme community and sold a range of highly dubious health products that supposedly cured all manner of sickness and maladies.

Pros: Nothing to recommend.
Cons: Wild claims of profitability. Fraudulently produced trading records. An "auto trading Robot" that inflicted massive losses on investor accounts.

Thanks for reading today’s update of Changes Trading

Another day, and yet another “live day trading room” and trading system vendor is shut down by the CFTC.

The website has recently been pulled from the internet, but an archive copy of the website can be found here.

What was ChangesTrading.com selling? The business is owned and operated by two individuals: Kimball Parker of Lehi, Utah and Timothy Badgett of Lakeland, Florida. The business recently operated a “live day trading room” that specialized in trading the Emini SP500 futures contract, and also offered a “Robot” trading system that could be auto-traded using NinjaTrader via broker direct connection. The cost of the “live day trading room” and trading system ranged from $1,995 to $2,995, with an additional $150 per month in licensing fees and live trading room access.

A rash of complaints

From February 2015, to as recently as September 2016, TradingSchools.Org received a total of 11 customer complaints alleging fraud.

Prospective purchasers of the system and the live day trading room uniformly described how they were enticed by supposed “100% verifiable trading results” from a “verifiable futures trading account.” The following are several copies of spreadsheets that were used as marketing materials to sell the product.

How the fraud was marketed

In interviews with several of the victims, it appears that the genesis of the fraud began with a listing on the NinjaTrader Brokerage/Ecosystem website. The victims also described a webinar that was promoted by NinjaTrader on June 17, 2014. The following is the marketing and promotional headline that was used by NinjaTrader Brokerage/Ecosystem:

From:NinjaTrader, LLC

Trade Like a Pro with Kimball Parker of Make Your Future – 6/17/14
Join us as we welcome Kimball Parker of Make Your Future to our Trade Like a Pro webinar series June 17th at 4:15 PM Eastern time.
Register here: http://ninjatrader.omnovia.com/register/30501402342

In speaking directly with victims of the fraud, the underlying argument was that since NinjaTrader Brokerage/Ecosystem had actively promoted ChangesTrading.com through a business listing and a NinjaTrader Brokerage/Ecosystem webinar…this implied that NinjaTrader was implicitly endorsing the company. Or at the very least, had vetted the company or had an established relationship with the company.

TradingSchools.Org reached out to NinjaTrader Brokerage/Ecosystem and requested comment regarding the allegations of fraud by the CFTC. NinjaTrader replied that based on their method of continued vendors audits that occur post-listing, the vendor had been removed from the NinjaTrader website on or about April 2015.

In a private conversation with NinjaTrader, my sense is that they are actively in the process of reevaluating the NinjaTrader Ecosystem. Though I cannot comment on exactly what that means, I am 100% confident that they understand that changes need to be immediately made. Though this is of little consolation to the victims of the fraud, it is at least a small victory to know that NinjaTrader is taking a more active stance on safeguarding customer relationships.

How many people got ripped off?

The CFTC investigation revealed 289 victims were induced to spend a total of $853,294 for the fraudulent trading system and live day trading room. The average victim spent $2,952 with the company.

The CFTC revealed that one customer reported losing more than $100,000 from their live trading account. In TradingSchools.Org interviews with victims, we tallied nearly $200,000 of self-reported losses. It is important to note that the reported losses from our interviews are self-reported and were not independently verified. However, I believe it would be a safe estimate to assume that total trading losses amongst all victims would range between 2.5 million and 5 million dollars. Once again, this is an estimate based on average losses per victim.

Who are these scammers?

Timothy Baggett

Timothy Baggett

It appears that prior to being promoted by NinjaTrader as “professional trading educators”, both Kimball Parker and Timothy Baggett were long-time network marketers promoting various pyramid marketing schemes.

Some of these network marketing, pyramid scheme type products have made some very dubious claims:

  • ThinSlym Weight Loss: a weight loss pill that is guaranteed to make body fat quickly disappear. Exercise and dieting are not required.
  • ThinSlym Cleanse: a pill that is guaranteed to remove all toxins from the body and add an average of 10 years to your life.
  • Reaction Cardiovascular Supplement: a powder that is guaranteed to strip cholesterol from the cardiovascular system and immediately repair the human heart.
  • Provide Replacement Shake: a meal replacement shake that is described as the world’s most nutritious and delicious milkshake that NASA uses for all space travel.

These are just a few of the pyramid schemes orchestrated by Kimball Parker and Timothy Baggett. Several others include Leanness Lifestyle University, Changes Travel, Changes Trivia, Changes Wireless, Changes Home Security, and Changes Insurance. All organizations and products are pyramid scheme variates.

Claims of massive profits

Kimball Parker and Timothy Baggett represented themselves as extremely profitable traders. Marketing materials and falsified spreadsheets that the CFTC recovered included claims that their trading system, “never had a losing month” and generated “300% annual returns”. In addition, they claimed a success rate of, “83% – 93% winning trades, every single day, month after month, year after year. Our documentation of profitable results date all the way back to 2009.”

However, both Kimball Parker and Timothy Baggett admitted to CFTC investigators that everything was falsified and fraudulent.

Kimball ParkerThe CFTC audited the actual trading results of both individuals and discovered that Timothy Baggett has never actually had a live trading account. And that Kimball Parker had traded with a live trading account in 2014 and 2015, both years he lost between $10k to $11k.

Both Kimball and Baggett also claimed that prospective purchasers could realistically expect to earn between $200 – $1,000 per day trading the system. However, defendants admitted to CFTC investigators that they were unaware than anyone had ever made a profit with their trading system.

CFTC investigators discovered that all of the “Customer Testimonials” were fabricated. In addition, the defendants claimed that all of the trades conducted inside of the “live trading room” were executed with live trading accounts. However, CFTC investigators revealed that no live trading accounts were ever used. The live trading room was broadcast displaying only the NinjaTrader simulator.

Probably most damaging was that Kimball Parker admitted to CFTC investigators that he knew that the trading system did not actually work, it was “dangerous”, and that customers would definitely lose money if they traded it. Nonetheless, Kimball Parker knowingly allowed customers to have the trading system auto traded with customers live, real money trading accounts. The end result was predictable, with many individuals quickly draining their trading accounts to zero.

Wrapping things up

In my opinion, the most egregious insult is that both defendants freely admitted to CFTC investigators that their trading system was virtually guaranteed to lose, from day 1. But with a cavalier and thoughtless attitude, they helped customers install their “trading system” onto a trading platform and then have the trades auto executed; the entire time they knew that each customer was likely to lose all of their trading account.

How could a human being be so devoid of conscious? How can someone be so dark, so black in their soul, that they would knowingly walk these poor victims, step by step into the gas chamber?

Thank you CFTC

A very big thanks to the hard working investigators at the CFTC that really dug deep on this investigation. The CFTC attornies and investigators pour hundreds of hours into each of these enforcement actions. They truly care about helping average people. And part of helping the public is advising the public to simply avoid anything that “sounds too good to be true.” Changes Trading was definitely of the “too good to be true” variety.

It is also important to realize that although the CFTC has gotten to be very effective at shutting down these scams, it is rare that a victim will every receive compensation for losses. Individuals need to also take personal responsibility for making poor choices.

Thanks for reading, don’t forget to leave a comment below. And for those interested in the granular details of how this fraud was executed, I have included the court filing of the CFTC enforcement action.

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Crooked Hillary
Crooked Hillary
3 years ago

I would like to thank Emmett for the information regarding the CFTC.
I filled a complaint against the training site that scammed me years ago, In addition I filled a complaint against Ninja Trader Eco system with the CFTC.

I filled the complaint over a month ago and yesterday the CFTC reached
out to me starting an official investigation.

They were/are VERY professional and thorough, our initial interview took
over an hour. I have to admit I was not expecting this from a government
agency. They understood the Ninja Eco connection straight- away.

The interview was much more difficult than bitching in a forum – not nearly
as fun but I am satisfied I have now done my part to get one more slime bag
off the streets of the internet.

They wanted all the facts- How I learned of the scam site- How I knew they
were fraudulent- Dates activities etc. The kind of things Emmett does here.
I spent half the night gathering the info they needed and sent it to them.

If you have personally been scammed I highly suggest getting your data
together and filing a complaint with the CFTC . A very positive experience
from my point of view.

Many thanks again to Emmett for being a positive agent of change.

Winter Is Coming
Winter Is Coming
3 years ago

So let’s take a moment and hijack this thread to talk about MTPredictor’s latest YouTube video entitled “MTPredictor Loses [sic] can and do happen”

I won’t bust their balls about poor grammar as I assumed they meant to say “losses” or “losers”.

https://www.youtube.com/watch?v=pZjUP40awPY

What makes you think they come here and pick through the comments on TS?

Well, let me tell you…

First, they added the “Disclaimer” at the header of all their new videos.

Second, their tag line now reads “Control you trading risk” as opposed to “Control your trading risk and win” as evidenced from now and then (October 04, 2016 web archive).

https://web.archive.org/web/20161004205706/http://mtpredictor.com/

Third, they just posted a video on YouTube about MTPredictor having a bad day and ‘predicting’ losing trades!

We can only summise that TS has certainly helped in putting some heat under the vendors. The CFTC are either investigating (hence the changes) or they have realised that there is a group of us on to them and their window to fleece newbie traders is coming to an end, so why not go down trying to be more honest in the process.

To the newbie. Avoid.

dtchurn
dtchurn
3 years ago

Nice follow up on these lazy to proofread scum. Typical of these snakes, when the wind is against them they try to “hedge” and say they are realistic and against other scams. I remember Preston James had a scam “manifesto” ad blurb he wanted potential clients to read about other trading educuation scams before showcasing his worthless and tired covered calls newsletters. His radio ad would say “win your money back!” during the commute periods.
Sad to say there are probably hundreds if not thousands out there who have been bilked by MTP and those few who speak out about the losing software are the small outspoken percentage. I agree TS has done what no other compromised retail trading blog/forum could do by exposing their coasting on dubious reputation unchallenged by no reviews on the web, and hope the CFTC are on them.

vicky
vicky
3 years ago

This is from their website (from the archive per CHANGES TRADING)

“Demo Trading

As you learned in the intro video, once you have purchased the Changes Trading System, you will need to get your License Key….After you have those components in place, you’ll be able to conduct DEMO TRADING without risking a penny of your money! You can continue to trade in a ‘Demo’ mode until you are comfortable with our system. You can choose to go ‘Live’ at any point you wish.”

Can someone please tell me what the problem is? Is that not the correct thing to say?

Winter Is Coming
Winter Is Coming
3 years ago
Reply to  vicky

Have you read the CFTC press release?

You are missing the entire point…

2BUSY
2BUSY
3 years ago

sOME HAVE NOT THE TIME FOR INTERPRETING TECHNICAL DOCUMENTS LIKE ME A 50 YEAR OLD AFRICAN WIDOW. cAN YOU PROVIDE A SYNOPSIS PLEASE? OH, sorry caps off now.

Rob B
Rob B
3 years ago

Hmmm, Does this mean I can sue NT for everyone of the con artist rooms they promoted that I wasted money on. After all they did zero vetting and are a broker and suppose to be knowledgeable. Can we finally hold one of the worst culprits, NT, in this Scam Industry accountable? Man if that is possible NT will be out of business in no time.

Crooked Hillary
Crooked Hillary
3 years ago
Reply to  Rob B

When I filled my complaint to the CFTC I named both the scam vendor and I also included NinjaTrader, Including the promotion information of the eco system for that vendor.

Ninja will claim they have no knowledge – Just like those feeder institutions that promoted and sent funds to Bernie Madoff’s fund.

What Emmett is doing is forcing their hand and exposing Ninja to recognize
they are promoting the fraud which no other site has been willing to do.

Rob B
Rob B
3 years ago

I would think Brokers would have some sort of fiduciary duty to their customers. If they are knowingly allowing scam artist to put on webinars then I think they could be held accountable. Yes they can deny it but if other sent emails to them and they ignored it or they knew they were nothing but a scam artist…. Now we just need to get the Russians to hack their emails so the truth comes out

Crooked Hillary
Crooked Hillary
3 years ago
Reply to  Rob B

I know you are big Fan of Al Brooks. Big Mike/ Futures promotes Big Al Brooks and a few others without any proof of profitability. What makes Big Mikes/ Futures/io any different from the Ninja eco system in this regard?

Why don’t you take up the fight over there – Pay your $100 elite fee and question Big Mike why he promotes trainers without proof?

Why do you think he is registered in Panama ? And of course as we all know When Big Mike get’s sued he asks everyone else
but himself to pay his lawyers fees.

Go head- I dare you- Document your results and post them
here. LOL.

Stray Dog
Stray Dog
3 years ago

Who is a big fan of Al Brooks, Big Mike/FuturesIO? With regards to posting about vendors who are promoted on that site without any proof of earnings, I guess you would have to read the “Terms of Service” that you agreed to when you paid for “Elite” membership, but who does that? This site gives a voice to those complaints and I think that some links to it are posted on Futures IO. This site needs a forum for all the off topic chatter, and yes, I am one of the main culprits of that chatter.

Crooked Hillary
Crooked Hillary
3 years ago
Reply to  Stray Dog

A little sarcasm to get the juices flowing perhaps..

Re” the terms of service – Every one of the scam sites will have a similar or identical terms of service and the CFTC still takes them down, so that ship has sailed.

I would not classify this as off-topic; more of an
extension and identification of a bigger issue. If you have marketing extensions essentially promoting these frauds like Ninja Eco and futures.io then they are indeed part of the bigger problem.

How many people who otherwise would not know about these frauds get introduced to them because of their influence.

When Big Mike actively condemns some vendors on
his site and yet promotes others – The clear message
is that he they are profitable (and superior) over the vendors he attacks.

Cyn
Cyn
3 years ago

He attacks vendors on his own site? I did not know that. Perhaps they refused to pay the vigorish? 🙂

They refuse to pay the vigorish and all they get is some Big Mike bad press? Maybe he was asleep in class when Don Corleone was giving the lecture and tutorials? He needs a refresher course in what to do to those who dare to not pay up.

dtchurn
dtchurn
3 years ago

Good points about vendors on bmt. Also, those vendors who can thrive on bmt are vetted as those who are able to play by the rules, and especially hide their stinky shamming crap. Those who can’t are often the ones who get banned. For example, Felton used to be one of the most profilic “approved” bmt vendors. But he couldn’t stop babbling retail trader pop aphorisms and psychobabble in response to doubters. His posts were all eventually spam ads in disguise as discussion, so he was banned and all his posts are now obscure and hard to find due to being pushed in the back by new material. So those new to bmt in the last two years would never know how much self-hype Felton did on bmt. It’s all about image to the new noobs and members of bmt. Those who’ve been members for more than two years know all the hypocritical claptrap that went on. If posts were too critical they were warned, if a vendor looked too obviously smelly of a scam they were eventually banned, even though we know all these retail vendors are shams, even the ones currently bmt friendly. Of course, now that bmt is headquarted in panama/ecuador, critical posts on vendors are just now more tolerated probably due to TS and it’s effective ties with the CFTC. whichever way the wind blows..

Rob B
Rob B
3 years ago

My only comment is I was an elite member when it only cost $50.

Stray Dog
Stray Dog
3 years ago
Reply to  Rob B

I recently paid $100 for Elite membership because I couldn’t resist the urge to have a peak inside Big Mike’s back room. That and comments about Fat Tails.

Rob B
Rob B
3 years ago
Reply to  Stray Dog

I joined when I knew nothing about day trading and thought the Day TRs were real. Only $50, what a bargain for all those journals by people claiming to be hitting it out of the park like crocked Vince Virgil trading Mach and Al Brook’s method, MF something or another trading Mark Fisher’s Opening Range Breakout, or that Gabriel trading butterfly patterns. Plus those webinars by Al Brook’s and the like. How could that not be the best $50 ever spent.

What a moron I was. Luckily there are a few even dumber people out there:

http://screencast.com/t/YOkdhgKAlFca

Stray Dog
Stray Dog
3 years ago
Reply to  Rob B

Not sure if my contribution will display but here it goes: http://www.screencast.com/t/WfGJ67pz

toto
3 years ago
Reply to  Rob B

Daytrading from home is a pipe dream. you think these crooked Big International banking Institutions that control the World will let you sit in your pajamas and trade from comfort of your home?

you have better chances in a Casino.
thats why there are so many trading vendors out there..they are all failed traders themselves who realized trading from home is impossible.

2BB
2BB
3 years ago
Reply to  toto

There are Top Step Traders who are funded and winning trades, so it not only CAN be done but IS being done on Topstep and best of all no risk.

dtchurn
dtchurn
3 years ago
Reply to  Rob B

I hear you RobB. MFbreakout’s markfisher journal. VV’s endless hindsight circles, Gabrieleye’s talk about garley’s. i.e. Larry Pensavento, which I heard the author admitted he would never trade his ideas live. Felton, JaguarEd, Privatebanker who started his own forum and offers personal mentoring services from there. GaryD the “surfer” journal, who kept blowing up his account by averaging down overleveraging like three major times. The “38steps” guy who became a vendor himself, etc.

James
James
3 years ago
Reply to  dtchurn

Yeah, there have been a lot of them.

Don’t forget Mike’s buddy Tigertrader who was selling private mentoring on the side while not declaring himself a vendor.

What all this shows is that Mike was just as clueless as all the members. He was just another burnt out wannabe daytrader. falling for one scam after another Yet he liked to hold himself up as “leader of the group” and feel like he knew more than everyone. People fell for it and saw him as the trustworthy authority figure when in reality he was not someone to take advice from. Don’t forget, he fell for Jaguar Ed’s BS and was a paying subscriber to him at one point!

James
James
3 years ago
Reply to  James

Another one was CJBooth, who had a thread about his 6E trading strategy. Had the usual claims of stratospheric performance with no drawdowns. Then he became a vendor. And of course WGreenie (beth fielder) who became a vendor after running a journal on BMT.

I checkout out Tiger and he doesn’t seem to be offering mentoring anymore. But in the past, when you checked out the blog listed in his profile, there was mention somewhere on it that he offered personal coaching/mentoring.

dtchurn
dtchurn
3 years ago
Reply to  James

Oh man, wgreenie/bfiedler, her last bit of thread was hilarious as well as her turns on ‘Dragon’s Den’, the canadian version of CNBC’s ‘Shark Tank’. She seemed friendly and innocuous enough, until you realize she was a perfect example of a failed retail trader rationalizing setting up a shop selling worthless indicators and book advice like she was some newly minted sham guru.

dtchurn
dtchurn
3 years ago
Reply to  Stray Dog

FatTails’ posts and indicators among a few others by other contributers are the only thing worth the 100 bucks. There are a few bmt vendor discount deals for being an elite member, but probably of questionable value anyways as all material coming from those vendors. All those contributed indicators are part of the property of bmt. Fattails does have his own vendor site,”lizard” something, but his best indicators are already on bmt elite.

Dave
Dave
3 years ago
Reply to  Rob B

I joined on a charity drive when it was $25. Can’t say I use it much. I have almost all the forums turned off and I hardly see any threads when I go to the site.

Never learned anything about trading from the site, but some of the videos on psychology are good.

James
James
3 years ago

I fear that bringing this up on FIO would lead nowhere. There are too many kool-aid drinkers on that site. So many people saying how “all you need is here on this site” or “no need to search anymore, you’re already here” etc. Then there’s all the rave reviews the webinars get. Most of these people don’t know what they don’t know and are blinded by the mirage of their dreams and fantasies.

Bringing this up may get you labeled as a troll. You’ll probably get someone replying with “you need to focus on your own trading and stop worrying about the results of others”. Others may suggest you are lazy, or haven’t studied enough webinars. Someone else may try to usher you out of the room with a “you aren’t meant to be a trader”, as a way to avoid discussing the real issue. People just want to believe so badly. It is very cult-like.

Crooked Hillary
Crooked Hillary
3 years ago
Reply to  James

You nailed it! Perfect description of that site.
Emmett at least tries to get objective performance data and we see that those wanting to teach and are profitable are few and far between.

Rob B
Rob B
3 years ago
Reply to  James

You aint kidding. Post there and you will be swamped by day dreamers who think they will make a living off their $5K account using 500 to 1 leverage. I know as I am friends with many of them. All the rock star journals have been proven to be fake. Not one of them could ever show any proof of their nonsense journal profits. I only mentioned a few and the rest honest journals all losing money.

The only time they can do what they are trying to do is during periods like the NASDAQ bubble. The idea you are going to scalp CL for 4 or 5 ticks multi times a day every day and have a straight up equity curve is beyond insane. And do it with some ridiculously small account size to boot. But yet they keep trying and they keep blowing their account. It was not until I finally woke and started to read what the real traders do and finally stopped the nonsense I learned at BMT; that I finally became profitable. Guess what I do not use 500 to 1 leverage. I use NO NO NO leverage when I trade. Man, can you believe that!! And my Holly Grails I trade by don’t mention a single indicator. I know trading without the newest XY Factor twice revised indicator. How can that me??

The funny thing is I only mentioned a few of the BMT bogus journals. I tell you one of many stories. I would look up the Gold and Silver and Bronze winners and then follow those journals in my foolish attempts to scalp futures. I remember one journal, I think the name was Perry or something like that, where he had a purely no brain follow the indicator journal and then I tried it and followed it and neither I nor anyone else could do it profitable. I remember post by other members who just lost money and were showing the setups just as Perry showed and lost again and again and of course Perry could not give any intelligent response.

As I have said again and again if I did not have to deal with all the fake Brokerage statements, I would offer a $5,000 reward for anyone that can show proof they can trade like the TR teach. Again that is like the way the TR teach which includes the following:

1) You can trade a highly leverage highly volatile instrument such as CL,

2) You can do this with some small account like $5,000,

3) You will have an 80% win rate,

4) You will have virtually no drawdown,

5) You can come in everyday rain or shine no matter what the market condition and take numerous scalps in CL every single day,

6) You will have a straight up Equity Curve and

7) And you can quit your day job as you make money every day trading like a salary. Day after day, week after week, month after month, year after year.

8) You will be dating a super model and flying a jet plane in no time.

dtchurn
dtchurn
3 years ago
Reply to  Rob B

You just reminded me of Perry, I’d forgotten about it! He was the guy who had a method of trading two ma’s, as generic as they come. He had a bmt avatar of some cartoon guy hauling a load of cash on his back. Even had a partner coder who made a specially made moving averages indicator that showed the “strength” and slopes. The indicator was an exception to the “no .dll” contribution to the bmt indicator library as it was .dll locked. Vendor bias if you ask me. Later on the exact indicator was seen on the shadowtraders which was run by ladies but no less nefarious in how they touted sim trading as “live” on screen. They got shut down last year by the CFTC.
yeah, just like Brooks, there were a bunch of other members doing journals “brooks” style, as well as “Perry” method journals.

James
James
3 years ago
Reply to  Rob B

Conflict of interest. The brokers more than anyone know what’s really going on in this industry because they see the returns of the traders who have accts with them. They know full well that these vendors are BS yet in order to make money they need people to trade, and trade as much as possible. So it seems they will promote anyone as long as they aren’t formally charged with wrongdoing by authorities. Once the charges come out, then and only then will they disassociate themselves from the vendor, and give some BS spiel about how “this is very concerning to us” etc.

dtchurn
dtchurn
3 years ago
Reply to  James

like Tom Snotoff’s tastytrade “trade small, trade often” i.e. advice for retailers to trade a lot of commissions.

Pete
Pete
3 years ago
Reply to  dtchurn

Tom Sosnoff is down in the dregs with Al Brooks in terms of behavior. . Karen The Supertrader Fraud was probably one of Wall Street’s worn-out and old-ass escorts whom they gave a new gig for marketing purposes.

O\'Doyle
O\'Doyle
3 years ago

How can someone lose, as they said, $100k on changes trading? Do they immediately start trading live money without at least testing it out on simulation mode/paper money? Doens’t the BUYER have common sense to BE AWARE? Is there no responsibility on the buyer anymore. All the trading sites have disclaimers and stuff on them and most systems and trading rooms don’t force you to buy or sell into a position. It does sort of look like a witch hunt and what happned to caveat emptor?

What is the law for or against trading rooms and systems where the end user is trading at his or her discretion?

Scottieee
3 years ago

A lot of work to review a defunct site.

Stray Dog
Stray Dog
3 years ago
Reply to  Scottieee

It’s still important to review the scams that are uncovered in this industry not only as a warning to others but also so that punters can recognize similar cons.

dtchurn
dtchurn
3 years ago

Good to see an estimate of the total amount lost by customers of this particular sham site and this scum duo. I would imagine seeing this kind of estimate of every scam vendor would be an alarming statistic perhaps the industry total reaching in the billions in losses since the turn of the century. Another question would be, do most duped members lose more on average than the fees paid into the churn of the site? or do most wise up after just a month or so of monthly churn and quit and move on to the next conniving sham. For “Changes”, just like I thought again and again, never touched a live trading account after the churn site goes online and the monthly churn activates. I hear you Emmett, this could just be a sign of the general rottening of society in this day and age , an overpopulated mess where most people seem to learn the only way to get ahead and make a buck is skirting the rules as much as possible. Where pot farms are rationalized and voted into existence and drug trafficking is indirectly facilitated across the gulf, taxes increased to shore up pensions. I’m beginning to think this closet retail trading is a major part two to the self-destruction of the middle class, yet to hit the mainstream news.

Jamie
Jamie
3 years ago

Looks like all of the trading websites are going down haha. Is is legal for there to even be trading websites offering anything without the likelyhood of being shutdown and sued? Looks like the comm fut. trading commiss doesn’t want any competition and are taking every trading site down.

Pete
Pete
3 years ago
Reply to  Emmett Moore

Hopefully the CFTC will take action against Al Brooks based on roundabout performance claims in this podcast: https://brookstradingcourse.com/wp-content/uploads/2016/07/160713-Podcast-52traders-Al-Brooks.mp3

toto
3 years ago
Reply to  Pete

Right but he needs your $99 for his live room and his books.
No verified record of being successful yet claiming to trade big lots of ES scalping 1 point all day..telling newbies they can do it too with their $5k account wearing their pijamas…

also never verified if he is truly a doctor or even real name…you got to love this daytrading cesspool..

Crooked Hillary
Crooked Hillary
3 years ago

Nice Job!

You are making changes to this scam world – FIO/BMT would never
allow this sort of behavior which leads to this kind of change you are providing.

Congratulations on being able to do what no one else can.

dtchurn
dtchurn
3 years ago

very true about the hypocrisy and selfserving restrictions on fiobmt where it boils down to the profit of an individual. elitetrader could have helped institgate these changes but it also has been compromised by it’s own sponsoring as well as sham vendors like wrbrader. “purveryor of bs since 2002”.

toto
3 years ago
Reply to  dtchurn

“wrbtrader” M.A.Perry (probobly fake name also)is back at it on Elitrader coming out as a successful daytrader. Hope the CFTC shuts that guy down also..he is a Haitian-Canadian so a lot of his victims are Europeans and Africans when visiting his forum shows the country flags of his “clients”

James
James
3 years ago
Reply to  toto

I have reported WRB aka Mr Perry to the CFTC and I encourage others to do so as well. The track record on his website is fraudulent and he needs to be shut down.

He operates on ET as a “stealth vendor”, contacting newbie traders via private message with seemingly helpful advice.

David
David
3 years ago

Why would you say that? They expose scam the same way as this place and most tradingschools reviews links are posted over there.

Crooked Hillary
Crooked Hillary
3 years ago
Reply to  David

Because NnjaTrader is a major sponsor of FIO/BMT in addition to your elite membership. People have tried to bring up the eco system fraud there and have been threatened with the heavy hand.

It’s not the single training fraud its the Ninja Eco fraud fronting many
of them.

Big Mike has a huge conflict of interest- His site is cheaper than
most but is the biggest as far as a waste of time.

You are free to attack some things there as long as Big Mike approves.
If you don’t share his opinion you get tossed- Elite membership and all.

As I have mentioned many times Fat Tails is the exception. If you haven’t learned this yet – you will one day.

Danny
Danny
3 years ago

Amazing how people fall for this. I’ve been hustled as well but at some point you realize this is fake. Nice read Emmett.

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