Is Your Trading Room (YTR) GPT program a ponzi scheme?

[Globalfx]

hmmmm, I guess the stupidity of the liberal world will never stop to amaze me, Mandela was sent to jail because he was and is a terrorist - from Wikipedia since you most properly won’t believe someone who’s brother was killed by the scum. “The Church Street bombing was a car bomb attack on 20 May 1983 by Umkhonto we Sizwe, the military wing of the African National Congress (Nelson Mandela), in the South African capital Pretoria. The bombing killed 19 and wounded 217, and was one of the largest attacks engaged in by the ANC during its armed struggle against apartheid.”

Yeah the Liberal GOD Mandela!!! Why don’t the Liberals see Osama Bin Laden as their second GOD? Since Mandela's military wing killed another 22 846 white farmers since his release kicking Osama Bin Lades ass by a mile!

To get back to my point, I have met Freeman once or twice; he is definitely liberal and very left, hope that clears all uncertainty for once and all.

P.S - If you don't believe anything written above, Google it, or you can obtain statistics from the South African Government, please make sure of your facts before you write rubbish!

So your point is not to spin this into your own rant about the historical and political reality of what is and has become South Africa and how Les Freeman's actions are somehow analogous? And finally now , perhaps his liberal alignment might explain his tendency to defraud people of their money?

?????

What's odd is that you say you have met the man, however on a thread about his company you haven't disclosed any real substantive details: How?, Why? Where?

So why is a "BILLION dollar hedge fund manager" lurking and ranting on a YTR thread anyway?

Too much free time to kill?

Are you/were you a partner and/or victim of YTR?

And wouldn't you rather enjoy your time wallowing in fluffy piles of clean laundered currency?

 

[Lynne Fairhall]

Can we please get off this guys and talk about the real issue here, i.e., alerting everyone to the fact that YTR were trading insolvent; they didn't pay staff/contractors wages or superannuation; and they paid trading profits out of company funds, which constitutes a ponzi scheme. This is important and I urge anyone reading this and who is involved to lodge official complaints and to alert any journalists in business sections of newspapers, so that this story gets out and more innocent people aren't taken in

 

[Pharaoh]

Any chance of keeping this thread on topic?

If anyone wants to debate politics unrelated to forex, there's a folder under Community forums called the Mess Hall.

Mess Hall

Personally, I think the political world has been going downhill ever since Egypt stopped being ruled by Pharaohs.

 

[Globalfx]

Can we please get off this guys and talk about the real issue here, i.e., alerting everyone to the fact that YTR were trading insolvent; they didn't pay staff/contractors wages or superannuation; and they paid trading profits out of company funds, which constitutes a ponzi scheme. This is important and I urge anyone reading this and who is involved to lodge official complaints and to alert any journalists in business sections of newspapers, so that this story gets out and more innocent people aren't taken in

Yeah sorry about that.

Any way these trading sites and programs either resurrect themselves and /or morph into a new entities with with different front men.

Look at Oliver Velez, he's burned thousands of people and still going strong and highly visible at all the trade expo's. He's teflon. He does volume and still hooking them.

Loads of legal actions.

In fact his last spam hype was how he was acquiring YTR members:

http://http://www.elitetrader.com/vb/showthread.php?threadid=138587&perpage=6&pagenumber=13

The ASIC targeted Freeman in the past and still after all the bad press he still managed to draw big backers for YTR, and members to the rooms; its by other people's money they spawn the con and continue on and on....

http://http://www.couriermail.com.au/business/gunning-for-freeman/story-e6freqmx-1111112422657


The regulators, authorities , investors and members are ineffectual and part of the churn.

Its crucial to be self directed and critical with whom you ally,

These days, that means even you broker , e.g. MF Global...Billions gone,..... we're talking a major futures clearing firm,
highly regulated, with segregated and M2M accounts. Blown out

Senators and congressmen asked in hearings, "Where's the money?" The reply, "I don't know."

So , Forget about YTR, forget about the money ....it was simply a bad trade.

Seriously, its better to focus energy on where to take your trading next.

 

[Le Roux]

Personally, I think the political world has been going downhill ever since Egypt stopped being ruled by Pharaohs.

Exactly - particularly by the twenty-second dynasty and twenty-third dynasty

 

[Lynne Fairhall]

YTR continuing to trade insolvent and still taking direct debits out of GPT member accounts for services they are not providing. YTR acknowledged in September 2011 that there were problems with the reliability of the data feed to the GPT accounts. They withdrew access to trade those accounts on November 13, 2011. They continued to sell memberships in the GPT program during that time. Members are aware of memberships being sold up to February 3. If anyone reading this purchased membership after that date, would you please advise? Member who purchased memberships on payment plans are still having payments deducted from their accounts. This has happened today. Surely this is fraud. Members are advising such members to close their bank accounts as this seems to be the only course of action available. Is anyone aware of anything else members can do to stop these payments being taken out. One such member joined in October 2011. He has never been able to trade his GPT account. Yet the payments continue to be taken. Members have lodged many complaints with ASIC and with authorities in California, yet authorities seem powerless to stop such fraud.

 

[Globalfx]

YTR continuing to trade insolvent and still taking direct debits out of GPT member accounts for services they are not providing. YTR acknowledged in September 2011 that there were problems with the reliability of the data feed to the GPT accounts. They withdrew access to trade those accounts on November 13, 2011. They continued to sell memberships in the GPT program during that time. Members are aware of memberships being sold up to February 3. If anyone reading this purchased membership after that date, would you please advise? Member who purchased memberships on payment plans are still having payments deducted from their accounts. This has happened today. Surely this is fraud. Members are advising such members to close their bank accounts as this seems to be the only course of action available. Is anyone aware of anything else members can do to stop these payments being taken out. One such member joined in October 2011. He has never been able to trade his GPT account. Yet the payments continue to be taken. Members have lodged many complaints with ASIC and with authorities in California, yet authorities seem powerless to stop such fraud.

Sheese, always control access to your capital, deny, hold, and/or confirm all direct electronic debits /ACHs from all accounts: banking, credit cards, lines of credit and margin, trading...etc, via email or better immediate cell phone confirmation.

Money doesn't move unless authorized. Banks still use holds and there are electronic debit/credit reversals and claw back liens.

There's an electronic paper trail. So you need to nail the creditor account before the transfer/deposit is cleared, liquidated or further transferred out and/or off-shored.

At least some members were are on partial payment plans but this still does not protect against full debit charge or even double that; if someone's got your number change it

 

[Lynne Fairhall]

The following was Skyped to me today by a fellow GPT member. With all the evidence to show that YTR had been trading insolvent for many months; they hadn't paid employees and contractors; and they didn't have enough money reserved in a trading account to enable GPT trading accounts to be run on live servers, and thus were running in demo so profits were paid out of new memberships fees (ponzi scheme), a member who has lost at least $10k still can't see the wood for the trees and blames the writer for the demise of YTR. And even worse, that the former head of education at YTR, John Sheely, is still making excuses for YTR failing.

"OH by the way, congratulations Lynne. According to John Sheely "YTR might have been able to come back, but as teh CFTC is investigating that can't happen" "Investors are scared away now that there is negative commentary on the internet".

How amazing! People who might have big dollars to invest have more sense than to invest them with a man like Leslie Raymond Freeman who as a track record of highly questionable business dealings and failure over a period of about 15 years.

 

[Globalfx]

The following was Skyped to me today by a fellow GPT member. With all the evidence to show that YTR had been trading insolvent for many months; they hadn't paid employees and contractors; and they didn't have enough money reserved in a trading account to enable GPT trading accounts to be run on live servers, and thus were running in demo so profits were paid out of new memberships fees (ponzi scheme), a member who has lost at least $10k still can't see the wood for the trees and blames the writer for the demise of YTR. And even worse, that the former head of education at YTR, John Sheely, is still making excuses for YTR failing.

"OH by the way, congratulations Lynne. According to John Sheely "YTR might have been able to come back, but as teh CFTC is investigating that can't happen" "Investors are scared away now that there is negative commentary on the internet".

How amazing! People who might have big dollars to invest have more sense than to invest them with a man like Leslie Raymond Freeman who as a track record of highly questionable business dealings and failure over a period of about 15 years.

What's odd is the reported 450 GPT membership roles? at 10K a pop that's 4.5M---- lets say half was paid up front 2.25M

And there was still insufficient capital to compensate employees and contractors?

So Sheely et al. were working pro bono?

 

[Lynne Fairhall]

Lots more $ than that

What's odd is the reported 450 GPT membership roles? at 10K a pop that's 4.5M---- lets say half was paid up front 2.25M

And there was still insufficient capital to compensate employees and contractors?

So Sheely et al. were working pro bono?

I have a list of 566 GPT members. Most paid up front. The graduated payment system was only brought in late in 2011 when they were getting really desperate for cash. In addition there were several distributors who paid $50k-$100k for the privilege of selling memberships, plus there GPTers plus about 1500Platinum members who paid $5k for basic membership and some paid $400/month to stay in the site after 12 months membership ran out; plus investors put many 10s if not 100s of thousands of dollars in. Moderators were supposed to be paid but salaries stopped in August 2011. Repeatedly promised payment, they loyally stayed until stood down on February 3, 2012