Let's hope David and the others behind TIRN get at least 1 year for each investor that was defrauded, with the sentences set to run consecutively. That would put them away for quite some time. Anyone have the current count of the number of victims?
I only wish some of the people who were pushing TIRN and it's illegitimate offspring here in the forums even after charges were filed could get to spend some time in prison with David for promoting a criminal enterprise.
The wheels of justice sometimes turn slowly, but they do turn.
Three and a half years ago, an FPA member asked a simple question about MyTIRN an investment website that seemed too good to be true. I took a look and warned her that it was covered in red flags and was full of red flags. I was surprise by the number of people who jumped in to defend TIRN. Most of them only made one post and then disappeared. I and others here kept trying to warn people that this was an obvious scam. Then the CFTC filed criminal charges were filed against David Merrick as well as against Traders International Return Network in the summer of 2009.
I thought this was over. It wasn't. A flock of ugly little "baby TIRNs" hatched and each tried to claim that there really was a way to make piles of money with no risk and effort. I and others tried to warn people, but some just couldn't resist temptation.
Finally, justice has caught David Merrick. He pled guilty in May 2010 and his sentence has finally been handed down. On January 20th, 2012, he was sentenced to 8 years and a month, plus millions owed in restitution and millions more in assets to be forfeited.
I'd like to thank the FPA for forwarding me the info sent in by email and to thank "Mr. Scott" for sending it to the FPA.
Here's the full press release from the US Justice Department on the sentencing:
O man I do feel for all the people that have been SCAMMED here,I didnt know about this thread and have only just read the hole thing after receiving the email from FPA
I dont know how you do it Pharaoh but you were right on the ball from your first reply im glad you are one of the good guys,man you do GREAT work on FPA
This is a big problem. Some investors in hindsight have a feeling that they are being scammed and all. Then they post good stuff here on these bad guys. Even fabricating good stuff in desperation to save their own a-holes and hoping that it will attract more investors to save themselves and all. Been there. Done that. And all the stuff in between.
Thanks for the good investigations here.
Thanks to Pharaoh for having the patience to keep informing and explaining.
There seems to be a never-ending demand from people looking for a "get rich quick opportunity" and and equivalent supply of new cons, scams, and frauds designed to satisfy them. I am at the point now where if there is ANY doubt about whether a "deal" is legit or not then I don't even consider risking any money. I don't ever take the promoter's word for anything; I need proof first. I double check everything they claim and if anything doesn't seem honest and straightforward then I don't let go of a cent, regardless of how tempting it may seem. It is easier to lose the opportunity than to lose your hard-earned money.
Sometimes you read comments from people who are very bitter and condemn the government agencies for seeming to control us and restrict our rights, and I have felt this way too, but without it there would be a free-for-all of con men and scams running wild and totally cheating people at will. I don't like having big brother controlling anything I do, but until everyone wises up and starts using some self control there will be increasing regulation and less freedom of choice for us. I say we should start policing our own backyard so to speak, and do our own due diligence so there won't be so much need for the officials to watch over us. In other words, either take responsibility yourself or someone else will soon be doing it for you. The choice is ours.
wow i live in orlando never heared anything about this until FPA sent me an email lol. Im glad i told my self when i started trading I would not let
any one invest for me even if it takes me a long time to reach my goal. This forum is the best thanks