Lynne Fairhall
Private
- Messages
- 10
Your Trading Room (YTR) began as a Forex educational company, with educational material on basic trading of Forex, indicators and strategies, and access to live trading rooms where moderators took live trades. They did a very good job at that. Access to the basic Platinum program cost $5k
In August 2010 YTR introduced the Global Prop Trader Program (GPT), for a cost of $10k. This program offered “access to the company’s $5m trading account”;already proven non-discretionary trading strategies and indicators exclusive to GPT members that were to show exactly where to enter and exit trades; an exclusive trading room moderated by highly successful traders; additional training and education both from the trader in the trading room and extra videoed classes. Members were told that all they had to do was follow the trade calls made by the moderators and they would easily progress through the advancement levels while they learned to trade. This program was to be exclusive to a maximum of 40 members. GPT traders were to receive 90-95% of their trading profits. Maybe alarm bells should have rung! How does the company earn enough money to go on with a business plan like that?
From the day the GPT trading room opened, it was obvious that nothing was in place. It wasn’t a proven system. No strategies were even devised, let alone written. It also soon became apparent that the successful traders weren’t using strategies that had made them successful. They were trading short term strategies that were being devised to attract new GPT members. The majority of trade calls failed.
I once questioned the fact that we were sold the program on the basis that we could successfully advance by just taking the moderator trade calls, and I was scoffed at for being so naive. However, a YTR salesman stated in a chat group this week that that was still the sales line that they were told to use when selling the program.
Indicators and strategies for the program simply didn’t work. For seven months a YTR indicator prevented members from opening range charts. The strategies presented were based on range charts (not native to the MT4 platform we were required to trade on), so we couldn’t trade the strategies. We complained and were disdainfully dismissed as whingers, until the complaints got so loud that YTR finally acknowledged that they’d caused the problem.
There were several strategies all introduced very quickly. Moderators didn’t know them, so their trade calls weren’t successful. We were expected to learn the strategies and trade and progress. From what I’ve learned of successful traders, they choose a strategy that suits their personality and they focus on using that strategy and trading it well.
GPT members were provided with an account located on the Totally FX servers. Totally FX has the same business address in Qld as YTR has.
In about July 2011, the trading platform on which we were required to trade, began ‘freezing’ while we were in trades. One would try to close a profitable trade only to receive no response. Then, once the trade went into loss, the trade would be closed for a loss. Again we complained and were ignored. Eventually the problem became so great that one of the moderators threw a tantrum in the trading room when he couldn’t close a profitable trade. The GPT program was then suspended on November 13 while YTR said they were trying to find another data provider. So we’ve had no access to trade our accounts since then ( except in practise mode).
What I’ve been able to find out is that YTR didn’t have a trading account set up. Les/Ray Freeman just controlled all the money. He spent whatever he wanted on whatever he chose. With no financial backing, our trading accounts were working on a demo server and anyone who did manage to make some trading profits, was paid out of company revenue.
A Ponzi scheme is a fraudulent investment operation that pays returns to its investors from their own money or the money paid by subsequent investors, rather than from any actual profit earned by the individual or organization running the operation. The system is destined to collapse because the earnings, if any, are less than the payments to investors. That’s exactly what YTR were doing, so YTR GPT program is a ponzi scheme.
Yet another management board resigned from YTR on Wednesday February 1. The resignation of the Australian director can be confirmed by a search on ASIC at ASIC Free Company Name Search. YTR took GPT membership payments on Friday February 3. They may still be doing so for all we know.
YTR was moved to the US from Australia in late 2010 or early 2011. Freeman’s stated aim since opening the company had been to take it to the States and make it huge. He employed a well known company, Daly, I think, to raise venture funding. They’ve been trying to raise funds for twelve months but haven’t been successful. When Bob Iaccino smelled a rat recently and withdrew his patronage, taking his well-heeled mates with him, Freeman was so gutless that he blamed the writer and others who had been emailing GPT colleagues warning them that something wasn’t right. He’s been trying unsuccessfully for a year to raise funds, but suddenly it’s my fault! How childish is that to blame those you’ve stolen from for the consequences of your actions.
I might add, that I received a letter from YTR’s lawyer, Elizabeth Katkin, claiming that Freeman had no controlling interest in the company and threatening me if I didn’t shut up. The lawyer is the wife of one of the board members who resigned last week. I wonder if she’s changed her tune? She told a blatant lie and if I was in Colorado I’d have her charged for false and misleading conduct. I personally know shareholders who swear that Freeman is the controlling shareholder. YTR also threatened FPA if they didn’t remove an earlier post I made. YTR have since withdrawn that threat and the post wasn’t removed.
Freeman emailed his moderators last weekend, telling them how wonderful they all are and promising them that he’s doing everything he possibly can to get the company up and running again. Pity he didn’t pay them their salaries from August last year. He’d been remiss in paying others ever since moving the company to the States. He hasn’t paid any superannuation of Australian employees (legal requirement in Australia) since the beginning of 2011 and several people in the Australian office hadn’t received wages for a couple of months. To me that’s ‘trading insolvent’. That’s illegal in Australia. I imagine it is also in the States.
Freeman emailed YTR membership today saying that current negotiations with investors are going very well and he should be able to re-open YTR in seven days. The email is signed by the Shareholders. Funny, the shareholders whom I know have no knowledge of the current negotiations re anymore funding and certainly weren’t consulted about emailing the members with such optimistic words.
As a very conservative estimate, Freeman had access to $10m over the last twelve months. It all appears to be gone. He has a history of failed business ventures in Australia and from one of those he still owes creditors $28m. He’s not allowed to be on the board of directors of a company in Australia. He still finds a way around that and gets others to be the face of YTR. He must be very charismatic. People with $10m to invest aren’t stupid. They’re not going to give their money over to the complete control of someone with that sort of business record.
These are some links to confirm my claims about Freeman.
Les Freeman - Australia | LinkedIn Les Freeman 'Brains at YTR'
Australian Securities and Investments Commission - 04-416 Co-Develop property schemes to be wound-up
Dilemma of a Brisbane business gone awry | Latest Business & Australian Stock market News | The Courier-Mail
Incredibly, Mr Freeman, 47, may pitch a new business proposal to some of his personal creditors later this month.
There is speculation that a repayment schedule for those owed money may be floated in relation to stockbroking business Your Trading Room, an entity registered by Mr Freeman in January.
httphttp://www.theaustralian.com.au/archive/business-old/fincorp-saviour-in-29m-collapse/story-e6frg9gx-1111113243578
Cookies must be enabled | The Australian
4X Los Angeles - Live Events
"Prior to that, he oversaw the collapse of at least two other schemes since 2002 and served as managing director of listed First Capital Group, which lost nearly $13 million under his guidance last year.
There's more. Mr Freeman, his wife and several of their companies owe $1.27 million to three non-bank lenders, each of whom won court cases last month. Two of the claims resulted in default judgments after no defence was lodged
Mr Failure Les Freeman strikes again | Latest Business & Australian Stock market News | The Courier-Mail
Co-Develop | PropertyInvesting.com
Your Trading Room | YourTradingRoom.com reviews and ratings by Forex Peace Army
Los Angeles County Department of Consumer Affairs
https://www.ftccomplaintassistant.gov/
BASIC Details
http://www.ihousenyc.org/s/707/alum_index.aspx?sid=707&gid=1&pgid=524 - YTR legal counsel married to Chairman?
Make a complaint : Department of Justice and Attorney-General
http://www.search.asic.gov.au/cgi-b...o=&a7=&a8=&a9=&a10=&a11=&a12=&a13=&start_date
http://www.search.asic.gov.au/cgi-b...o=&a7=&a8=&a9=&a10=&a11=&a12=&a13=&start_date
How to lodge a dispute :: Primary
Australian Securities and Investments Commission - Contacting us
To lodge official complaints, these are the necessary links
Contact - CFTC
Department of Corporations - Contact Us
Australian Securities and Investment Commission https://www.edge.asic.gov.au/008/co...s=/t=bc85a2abc93d91659adbe5f983abe5309a14857a
Australian Financial Ombudsman Home Page :: Primary
Securities and Futures Commission Hong Kong - Securities and Futures Commission
Would you lend this man money?
From my point of view, I just want this man stopped from taking the savings of little people like myself.
In August 2010 YTR introduced the Global Prop Trader Program (GPT), for a cost of $10k. This program offered “access to the company’s $5m trading account”;already proven non-discretionary trading strategies and indicators exclusive to GPT members that were to show exactly where to enter and exit trades; an exclusive trading room moderated by highly successful traders; additional training and education both from the trader in the trading room and extra videoed classes. Members were told that all they had to do was follow the trade calls made by the moderators and they would easily progress through the advancement levels while they learned to trade. This program was to be exclusive to a maximum of 40 members. GPT traders were to receive 90-95% of their trading profits. Maybe alarm bells should have rung! How does the company earn enough money to go on with a business plan like that?
From the day the GPT trading room opened, it was obvious that nothing was in place. It wasn’t a proven system. No strategies were even devised, let alone written. It also soon became apparent that the successful traders weren’t using strategies that had made them successful. They were trading short term strategies that were being devised to attract new GPT members. The majority of trade calls failed.
I once questioned the fact that we were sold the program on the basis that we could successfully advance by just taking the moderator trade calls, and I was scoffed at for being so naive. However, a YTR salesman stated in a chat group this week that that was still the sales line that they were told to use when selling the program.
Indicators and strategies for the program simply didn’t work. For seven months a YTR indicator prevented members from opening range charts. The strategies presented were based on range charts (not native to the MT4 platform we were required to trade on), so we couldn’t trade the strategies. We complained and were disdainfully dismissed as whingers, until the complaints got so loud that YTR finally acknowledged that they’d caused the problem.
There were several strategies all introduced very quickly. Moderators didn’t know them, so their trade calls weren’t successful. We were expected to learn the strategies and trade and progress. From what I’ve learned of successful traders, they choose a strategy that suits their personality and they focus on using that strategy and trading it well.
GPT members were provided with an account located on the Totally FX servers. Totally FX has the same business address in Qld as YTR has.
In about July 2011, the trading platform on which we were required to trade, began ‘freezing’ while we were in trades. One would try to close a profitable trade only to receive no response. Then, once the trade went into loss, the trade would be closed for a loss. Again we complained and were ignored. Eventually the problem became so great that one of the moderators threw a tantrum in the trading room when he couldn’t close a profitable trade. The GPT program was then suspended on November 13 while YTR said they were trying to find another data provider. So we’ve had no access to trade our accounts since then ( except in practise mode).
What I’ve been able to find out is that YTR didn’t have a trading account set up. Les/Ray Freeman just controlled all the money. He spent whatever he wanted on whatever he chose. With no financial backing, our trading accounts were working on a demo server and anyone who did manage to make some trading profits, was paid out of company revenue.
A Ponzi scheme is a fraudulent investment operation that pays returns to its investors from their own money or the money paid by subsequent investors, rather than from any actual profit earned by the individual or organization running the operation. The system is destined to collapse because the earnings, if any, are less than the payments to investors. That’s exactly what YTR were doing, so YTR GPT program is a ponzi scheme.
Yet another management board resigned from YTR on Wednesday February 1. The resignation of the Australian director can be confirmed by a search on ASIC at ASIC Free Company Name Search. YTR took GPT membership payments on Friday February 3. They may still be doing so for all we know.
YTR was moved to the US from Australia in late 2010 or early 2011. Freeman’s stated aim since opening the company had been to take it to the States and make it huge. He employed a well known company, Daly, I think, to raise venture funding. They’ve been trying to raise funds for twelve months but haven’t been successful. When Bob Iaccino smelled a rat recently and withdrew his patronage, taking his well-heeled mates with him, Freeman was so gutless that he blamed the writer and others who had been emailing GPT colleagues warning them that something wasn’t right. He’s been trying unsuccessfully for a year to raise funds, but suddenly it’s my fault! How childish is that to blame those you’ve stolen from for the consequences of your actions.
I might add, that I received a letter from YTR’s lawyer, Elizabeth Katkin, claiming that Freeman had no controlling interest in the company and threatening me if I didn’t shut up. The lawyer is the wife of one of the board members who resigned last week. I wonder if she’s changed her tune? She told a blatant lie and if I was in Colorado I’d have her charged for false and misleading conduct. I personally know shareholders who swear that Freeman is the controlling shareholder. YTR also threatened FPA if they didn’t remove an earlier post I made. YTR have since withdrawn that threat and the post wasn’t removed.
Freeman emailed his moderators last weekend, telling them how wonderful they all are and promising them that he’s doing everything he possibly can to get the company up and running again. Pity he didn’t pay them their salaries from August last year. He’d been remiss in paying others ever since moving the company to the States. He hasn’t paid any superannuation of Australian employees (legal requirement in Australia) since the beginning of 2011 and several people in the Australian office hadn’t received wages for a couple of months. To me that’s ‘trading insolvent’. That’s illegal in Australia. I imagine it is also in the States.
Freeman emailed YTR membership today saying that current negotiations with investors are going very well and he should be able to re-open YTR in seven days. The email is signed by the Shareholders. Funny, the shareholders whom I know have no knowledge of the current negotiations re anymore funding and certainly weren’t consulted about emailing the members with such optimistic words.
As a very conservative estimate, Freeman had access to $10m over the last twelve months. It all appears to be gone. He has a history of failed business ventures in Australia and from one of those he still owes creditors $28m. He’s not allowed to be on the board of directors of a company in Australia. He still finds a way around that and gets others to be the face of YTR. He must be very charismatic. People with $10m to invest aren’t stupid. They’re not going to give their money over to the complete control of someone with that sort of business record.
These are some links to confirm my claims about Freeman.
Les Freeman - Australia | LinkedIn Les Freeman 'Brains at YTR'
Australian Securities and Investments Commission - 04-416 Co-Develop property schemes to be wound-up
Dilemma of a Brisbane business gone awry | Latest Business & Australian Stock market News | The Courier-Mail
Incredibly, Mr Freeman, 47, may pitch a new business proposal to some of his personal creditors later this month.
There is speculation that a repayment schedule for those owed money may be floated in relation to stockbroking business Your Trading Room, an entity registered by Mr Freeman in January.
httphttp://www.theaustralian.com.au/archive/business-old/fincorp-saviour-in-29m-collapse/story-e6frg9gx-1111113243578
Cookies must be enabled | The Australian
4X Los Angeles - Live Events
"Prior to that, he oversaw the collapse of at least two other schemes since 2002 and served as managing director of listed First Capital Group, which lost nearly $13 million under his guidance last year.
There's more. Mr Freeman, his wife and several of their companies owe $1.27 million to three non-bank lenders, each of whom won court cases last month. Two of the claims resulted in default judgments after no defence was lodged
Mr Failure Les Freeman strikes again | Latest Business & Australian Stock market News | The Courier-Mail
Co-Develop | PropertyInvesting.com
Your Trading Room | YourTradingRoom.com reviews and ratings by Forex Peace Army
Los Angeles County Department of Consumer Affairs
https://www.ftccomplaintassistant.gov/
BASIC Details
http://www.ihousenyc.org/s/707/alum_index.aspx?sid=707&gid=1&pgid=524 - YTR legal counsel married to Chairman?
Make a complaint : Department of Justice and Attorney-General
http://www.search.asic.gov.au/cgi-b...o=&a7=&a8=&a9=&a10=&a11=&a12=&a13=&start_date
http://www.search.asic.gov.au/cgi-b...o=&a7=&a8=&a9=&a10=&a11=&a12=&a13=&start_date
How to lodge a dispute :: Primary
Australian Securities and Investments Commission - Contacting us
To lodge official complaints, these are the necessary links
Contact - CFTC
Department of Corporations - Contact Us
Australian Securities and Investment Commission https://www.edge.asic.gov.au/008/co...s=/t=bc85a2abc93d91659adbe5f983abe5309a14857a
Australian Financial Ombudsman Home Page :: Primary
Securities and Futures Commission Hong Kong - Securities and Futures Commission
Would you lend this man money?
From my point of view, I just want this man stopped from taking the savings of little people like myself.