Derek Schimming of FiboLive.com claims to be a “financial advisor” that managed $300 million dollars and he was “in the top 1%.” He is also apparently offering “investment advisory” services that are “fee based.” All of this requires registration with FINRA or Financial Industry Regulation Authority.
According to FINRA, they have no record of any person named Derek Schimming. It appears this is yet another ripe fantasy.
Derek Schimming wants to teach you the secrets of Fibonacci and live trading Forex in his trading room. However, no audited record of prior Forex trading success is posted.
Derek Schimming claims to be the former Principal and Managing Partner of All-Tech Investment Group. According to the National Association of Securities Dealers, FINRA, and the Securities Exchange Commission…this company was banished and barred from any securities affiliations or doing business with any United States citizens.
All-Tech Investment Group was the subject of dozens of investor lawsuits alleging fraud and securities violations. Thousands of people lost their life savings in the All-Tech day trading scheme, and one person in particular went bonkers and killed his family and many of All-Tech’s employees in a mass murder.
Nothing to recommend
Highly dubious past associations
Claims to be a fee based financial advisory, yet has no FINRA registration
Selling a whack-a-doodle financial theory
Thanks for reading today’s review of Fibonacci Live
What is Fibonacci Live (FiboLive.com)? FiboLive is a live Forex day trading room owned and operated by a person named Derek Schimming.
The company is offering a Fibonacci trading software product, trade mentoring, and financial advisory service.
The company recently concluded a live webinar with Online Trader Central. Yes, that Online Trader Central…a company that sells webinars for about $1,000 a pop. TradingSchools.Org has reviewed dozens of webinar presenters of Online Trader Central — none have been complimentary.
The FiboLive.com website appears to also offer “Financial Advisory” services and “Global Asset Management.” These financial management services are described as US Equity Growth Portfolio, Corporate Bond Income Portfolio, and Independent Investment Research. The company describes its services as “Professional Fee-Based Asset Management.”
Any company or person offering Asset Management Services must be registered with FINRA
According to Derek Schimming, the owner of FiboLive, he describes himself as a licensed financial advisor, in the top 1%, and managed over $300 million dollars.
However, according to Finra.Org, they have no record of any person named “Derek Schimming.” Nor does Finra.Org have any registration for any asset management company named FiboLive or Martini Ltd.
TradingSchools.Org, in addition to using the online search portal, also called the Finra hotline to see if they could shed any light on “Derek Schimming.” Finra, which is the regulatory body in charge of registrations for all financial advisors located in the United States gave a clear warning to avoid any entity claiming as such, but can provide no evidence.
FINRA confirmed that their records, dating back to the 1970’s have absolutely no record of this supposed financial advisor. It appears that Derek Schimming is a fictional character, or perhaps he is a financial advisor in Jamaica? The birthplace of Bob Marley?
Regardless, I have serious suspicions regarding the legitimacy of this Derek Schimming.
All-Tech Direct: A very shady history.
On the website of FiboLive and Derek Schimming, he proclaims that he was the managing partner and Principal of a company named All-Tech Investment Group.
TradingSchools.Org was able to track down information on All-Tech Investment Group. None of this information is good. In fact, the All-Tech Investment Group, according to the multiple state regulators was accused of fraud and misappropriating investor funds. There were also dozens of individual lawsuits filed against this company that spans various state courts.
And the biggest disappointment is that All-Tech Direct was permanently banned by Finra and the Securities and Exchange Commission (SEC) for a plethora of investor violations. In short, this company was not only sanctioned hundreds of thousands of dollars, but was summarily expelled from any doing any securities-related business, in any capacity.
Perhaps this is why Derek Schimming is now offering “educational services” to the Forex crowd — because Forex is not under the regulation of the Securities and Exchange Commission. However, Forex is under the regulatory framework of the NFA or National Futures Association. This agency also has no records of registration for any person named Derek Schimming or FiboLive.
Another reason why Derek Schimming is perhaps now offering Forex related products and services is that he probably cannot open a securities trading account in his own name. Surely these sorts of affiliations and securities violations would set off a triple alarm in the compliance department of any US registered broker-dealer.
None of this looks good. Unfortunately, the history of All-Tech Direct is even worse than this article can describe.
Claw Hammer, Machine Guns, and Mass Murder
In 1998, a chemist named Mark Barton was looking for additional ways to supplement his income. He discovered a company named All-Tech that supposedly could teach people “how to day trade for extra income” and “how to become a professional day trader.”
All-Tech provided the “day trading educational” courses that typically cost about $10,000 per person. The educational courses taught the magical mysteries of Fibonacci and other “technical analysis” techniques that could supposedly predict the future. (Where have we heard this story?)
Mark Barton bought into the All-Tech mumbo jumbo — hook, line, and sinker. He purchased the educational products and opened a day trading account with his life savings. His life savings was about $350,000.
Several months later, Mark Barton had lost everything. In fact, he lost more than everything. He now owed All-Tech money in margin debt. As incredible as this sounds, even after Mark Barton lost all of his money, All-Tech lent him yet more money to lose.
On July 29 1999, Mark Barton had enough. He had enough of the broken promises and shattered dreams of this “day trading” nonsense, and the lies and distortions of All-Tech. He went into his garage and took a claw hammer from his toolbox. He next walked into the house and proceeded to bash his wife’s head until her brains spilled onto the kitchen floor.
His young daughter and son then came into the kitchen to discover the carnage. He next proceeded to murder his two children, with the same claw hammer. Mathew Barton was age 11, and Mychelle was age 8.
Next, Mark Barton purchased four semi-automatic pistols at a pawn shop and proceeded to drive to the office of All-Tech. He then began killing the people inside of All-Tech. The following are the names of the victims:
- Allen Charles Tenenbaum, 48, day trader at All-Tech Investment Group
- Dean Delawalla, 52, day trader at All-Tech Investment Group
- Joseph J. Dessert, 60, day trader at All-Tech Investment Group
- Jamshid Havash, 45, day trader at All-Tech Investment Group
- Vadewattee Muralidhara, 44, a computer course student at All-Tech Investment Group
- Edward Quinn, 58, day trader at Momentum Securities
- Kevin Dial, 38, office manager at Momentum Securities
- Russell J. Brown, 42, day trader at Momentum Securities
- Scott A. Webb, 30, day trader at Momentum Securities
After the mass murder, he walked back to his car and proceeded to shoot himself in the head.
Wrapping things up
You know, what I find so nutty about this whole situation is that Derek Schimming has once again reappeared, after all these years. And to proclaim ownership interest of All-Tech, with all its baggage and past horrors, it really surprises me.
How could he possibly not know that all of this past wreckage would not simply reappear upon the shore of his future? And how could he have any credibility selling “day trading” products and services when the SEC banished his company.
How could he gleefully proclaim affiliation with one of the shadiest fuckers in the entire history of “day trading” educators — Harvey Houtkin.
Thanks for reading.