Too bad I didn't do proper due dilligence before signing their contract. Maybe next time.
I was lied to by Will Goldenberg, Education Specialist of MTI when I asked specific questions. I wanted to see the track record of their "Earn While You Learn" program. Mr. Goldenberg said I would only be able to see that once I joined their education program. Here, again, I didn't do the proper due dilligence on my own. I went for their 'ultimate' package and signed the contract. Then I went to their home page and found the track record was available to anyone.
I downloaded their track record into Excel and analyzed their results. Lo and behold, they lost money. What the fine print says is that they do not consider the spread. Well, when I input that into the spreadsheet, they lost money in some months and made very little in others.
At that point, I sent them an email and a letter by snail mail cancelling the contract because of fraud. This I did the day after signing the contract. I had many conversations with their representative, Tad DeVan, insisting that the contract be cancelled and my $1,000 be refunded. Mr. DeVan finally told me they had decided to refund my money. I asked for an email confirming that decision. He said their accounting department would be sending it that day or the next. Never happened.
Then I started getting dunning calls from their Accounting Dept. Each time I would have to go through the story. Overall, it didn't make any difference. They didn't refund my money and they put the bill into collections.
In the process of disputing this fraudulent contract, I sent a letter and documentation to the Florida Attorney General as a complaint against MTI. After a time they responded and said they were not following up on my complaint, but would 'file' it in case they do in the future.
If you have been scammed by MTI, please make a complaint to the Florida Attorney General. The complaint form is at http://www.myfloridalegal.com/ConsumerComplaint.pdf. Please print and fill out. It may help you and it will help make a larger case against MTI.
I also made a complaint to the Florida Better Business Bureau. This was pretty much of a farce. They expect you to check back to their website frequently to see if the company responded. They have your email and could simply automatically let you know if they wanted to. Bummer.
Results 1 to 6 of 6
Thread: Market Trader's Institute Fraud
- 02-28-2011, 05:02 PM #1Recruit
- Join Date
- Feb 2011
Market Trader's Institute Fraud
- 02-28-2011, 06:05 PM #2
- 08-18-2011, 02:20 PM #3Recruit
- Join Date
- Aug 2011
- 08-18-2011, 06:55 PM #4
- 08-18-2011, 08:40 PM #5Recruit
- Join Date
- Mar 2011
I also could not get my money back - but they said it was because I had not taken their on sight 2 day training - so I do not qualify for a refund.
So I traded with their traders who had never had a losing month in the earn while you learn online live traders analysis and lost a lot of sleep and thousands of dollars.
- 08-23-2011, 01:10 PM #6Recruit
- Join Date
- Aug 2011
MTI Ponzi Scheme
I also signed up for the Ultimate Traders Package. It was a complete bummer. A so called gentleman by the name of Geoffrey Menneto guaranteed me by phone that I would profit a minimum of $1000/month only be following the advice received from the twice a week trade calls. While some of the trade calls did gain pips, overall I lost alot of money. Soon after that, they elimnated the trade call all together, which was the only time I had planned to trade. What MTI was selling was basically a ponzi sheme. Some guy with a gift of gab will contact you and sweep you off of your feet and guarantee that you can make easy money. Don't fall for it. Unless you have at least four hours a day to put into this and have a basic understanding of charts and how to analize them, you are waisting your time. So Mr. Manneto, if you read this, I hope you choke on the word fibonocci.
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