GUILTY Case# 2011-014 | Trentsid vs www.bennyfx.com/blog/

Based on the available evidence, do you believe that BennyFx is guilty?

  • Guilty

    Votes: 70 98.6%
  • Not Guilty

    Votes: 1 1.4%

  • Total voters
    71
  • Poll closed .

Trentsid

Recruit
Messages
9
Original FPA Traders Court Submission:

I am submitting the case against: www.bennyfx.com/blog/

My Case is: I joined FXCC during November 2010, back then the forex mentorship program was on a webpage called forex coaching clubs, since then it has evolved into Bennyfx however the FXCC site is still up and running and can be found here http://www.forexcoachingclubs.com/

The FXCC website has loads of copywriting pertaining to the system as well as a passage regarding a rock solid guarantee, to save you having to read through the entire website, I've included excerpts here:

Benny says: If you apply my trading play exactly the way that I outline it to you and you still can’t make money, shoot me an email along with a copy of your trading statement (Demo or Live) to verify all trades taken over the last 3 weeks, and I will immediately issue you a full refund, no questions asked. And as compensation for wasting your valuable time, I will write you a cheque for twice the amount that you originally pay me for. That’s right, my TRIPLE MONEY BACK GUARANTEE, A first in the industry"

OK so that’s the statement written from Benny T where he guarantees that he will IMMEDAITELY issue a refund, NO QUESTIONS ASKED. Unfortunately what he writes and what he does are two totally different things.

Benny will absolutely, categorically and whole heartedly not give any of his students a refund and the reason he gives is he believes he hasn't taught failing students how to be fluent with the system and in order to be eligible for a refund they must be fluent with the system. When asked how a student can be made fluent Benny says they require the manual, a manual which doesn't exist.

I don't know if it's just me, but that sounds like something that could only make sense in Alice in wonderland.

In April 2010 Benny claimed that the manual was at the printers and would only be weeks away from completion, days turned into weeks, weeks into months, all the while Benny was beating the drum that the manual was almost ready. Later that same year Benny claimed that the manual was being scrapped and being replaced by his MTS (Media Training Series) a set of interactive recordings. (But hang on a minute, the manual was at the printers and almost finished months ago? what happened??)

A few months into promising the MTS Benny claimed that his computer was struck with lightening and all his records were lost so the MTS was no longer an option and he was returning back to the manual. That was roughly August 2010. Seven months ago.

Keep that in mind while we delve futher into another quote from Benny.

Benny says: 3 days & 3 hours is all that you need to learned this powerful trading strategy that is guarantee to change your entire perspective on trading. And to proof it, I’ll even allow you to trade with me for the first 3 months. Now how many system sellers do you know would be willing to grant you such access?

Unfortunately more lies......
I've been a student of Benny's since November 2010, three days came and went a long time ago and apparently I'm still not fluent and not eligible for a refund also Benny would never allow anyone to watch him trade live. Never, not a chance.

But wait there's more!!! Here’s another expert

I have help turn many accounts on the brink of retirement to now earning 20%-40% return every month. Skeptical? So were my students before they enroll. But it’s ok to be skeptical. It just shows that you have good business sense. But I do very much want to earn your trust, that is why I want to offer you one of the best damn money back guarantee in the whole industry and I’ll even challenge anyone to come near it.

Lies lies lies.........
Benny was actually foolish enough to send me an email saying that it's impossible to make these kinds of returns using his system unless you expose your account to major risk. Unfortunately I'd already given him my USD7500 by that stage so I guess he could say whatever he wanted....

So basically Benny's website is full of mistruths and Benny has stated that he has never given any student a refund however I personally know of many students that are deserving.

Benny's behaviour throughout this whole experience has been evasive, stupefying and unethical

I've contacted Benny so many times about obtaining a refund that I've lost count which is why I'm posting this court submission on FPA so others don’t fall into the same trap.

Be warned, Benny makes students send their money to him first and after it's in his bank account he'll give you the contract to sign but he doesn't give you the contract with his signature attached. I've never seen a contract with Benny's signature on it.

New thread in the Scam Alerts Folder:

Review is submitted by trent joseph on 08/23/10

The company was first contacted about the issue on 10/05/10 the last contact was on 02/11/11

Details: So many to choose from but this is my favourite....

Trent,

I am tired of all your whining and accusation. It seem the only way to settle this is in court. Please have your local representative call me before the end of next week other wise we would have to wait until the 22nd when my lawyer return back from the UK to settle this. And please Trent, if you're going to do this, just do it. Don't bother wasting time explaining to me about your situation. Save your energy for the court.

I look forward to hearing from your local representative soon.

Regard
Benny T
FXCC

Company representatives' emails: Haniel Roswell <info_fxcc@yahoo.com>

 

Attachments

  • FXCC student contract.pdf
    57.6 KB · Views: 7
I am going to agree with you that this guy is a scammer. I say that because the "conditions" of your money back guarantee are nearly impossible to meet, they are all subjective and you would have to supply what looks like mountains of evidence that you had met each and every one of those conditions, statements, log books, etc. That is probably what he will argue should you have a lawyer contact him, that one small aspect of one of those commitments was not met so you don't qualify.

The Mod will send an invite to him to hopefully weigh in on it and if nothing else the bad press may motivate him to refund you and change some business practices because if not I see a guilty finding coming....
 
So, it sounds like Benny's guarantee isn't really worth the electrons to put it on your screen.
:unhappy:
 
Benny's guarantee seems worthless

Lots of money, but Benny cannot give the customer what he has paid for. So the product is worthless to the customer. Benny should give his money back. All the evasion seems to me the usual signs of a con.
 
W.C. Fields had a saying for this...

Sounds like Benny is a crook, but did you really give someone USD7500 for a training course? 7 Thousand dollars for training? W.C. Fields had a saying for this...:confused:
 
typical

Lightning struck his computer???? LMAO. Usual kind of exscuses scamers use when the heat gets turned up... enough said on this one.
 
Benny can't even spell. I advise everyone to not give money to people who can't spell.

So it turns out that in the world of forex, goal #1 is to be profitable. Goal #2 is to not give your money to a scammer. It took me 10 years to reach goal #1 and realize that there's a goal #2. Goal #2 is aptly named because it's really sh*tty.

I think Benny has already spent your money. He should have spent it on hooked on phonics but it was probably spent on cocaine.
 
I just went trough his "students" results he presents:

1K IN ONE WEEK - 1K on what? 1K, 10K, 100K...
20% ROI IN 5 DAYS
$1 440.50 ROI - huh?
...
$561.07 IN 3 DAYS
$2 0001.27 IN 7 DAYS

95% ROI IN 2 DAYS

170 PIPS PROFIT IN A SINGLE TRADE - ? Is it really anything extraordinary?

It means completely nothing. No real reference to evaluate the results.
You can always catch fantastic trade by luck. And then lose it all when market asks you for expertise...

The longest period is about 2 months.
Any real system has to prove by passing full market cycle. At least a year.
What exactly does it mean: $10 905.68 ROI IN A FEW HOURS?

Return On Investment in money? Somebody has to go to school...

Details for this statement:
somebody did 11 trades on $24 073.24 DEMO account, traded 1200 lots (?) total and made $10 905.68 total profit. Paid $75.51 commissions and we have no any trade details. End of details.
Not sure if this virtual 24 073.24 includes the virtual profit.

By looking at commissions it makes me think he traded over 25 standard lots - MTB charges $0.3-0.39 on 1 minilot (which they call the lot by the way) - over 100:1 leverage. Or worse: 177:1 if the initial balance was $14 073.24
And the guy says he's teaching Money Management...

I saw something like this before. The site is not existing anymore.
But I have to admit Benny goes for real money - $7500 is really something worth spending some time.

Do you have any idea how many "students" enrolled?
Do they experience similar results?
 
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