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Kim Mangalindan, Facebook Freedom Challenge Group (legal question - need help)
I felt it wasn't our role to judge either the vendor or the OP and hence didn't advise the namedrop. I may sound overly conservative, and I'm unfortunately too late, but for future reference: I don't recommend outing the vendor.
First, there's the moral issue that we cannot rely on either party to give an objective recollection of the facts. Alas, now we're in this useless fight of arguing over whether OP had any hidden agenda.
Secondly - and more importantly - it is entirely possible in cases like this that the matter escalates and OP thereafter needs to defend himself in a court or to seek financial restitution from the vendor through legal recourse. But by outing the vendor on social media, this could invite the view that OP waived his attorney-client privilege because of a conduct that fails to maintain the confidentiality of any communication with his lawyer.
Years of dealing with legal tail risks tells me that 90% of the time you'll get away with these tempting shortcuts, but it's the 10% that will really come to bite you in the rear end. Yes, if you out the vendor, the median event is that we'll all just raise our collective pitchforks and said vendor will be scared to double down on the action and OP will drop the laborious matter of getting a refund as well, but is it really worth it to save a few hundred dollars?
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In any case, now that we have a name to look at, and independent of whatever history or beef OP might have had with Mr Mangalindan - who could've stolen his wife, kids and dog for all we know - there's several red flags in the M-Trading Academy site that OP posted.
1) The site writes in a tone that veils itself as an independent review of Mr Mangalindan's ability, but the risk disclosure at the bottom appears to show Mr Mangalindan himself as a party to the risk disclosure, suggesting that the organization is covertly in common control under Mr Mangalindan.
2) The site is uninformed about the purpose of the Rule 4.41 disclosure. You're only required to make that disclosure as a CTA. However M-Trading Academy does not appear to have a NFA member ID, so this organization is either unaware of its regulatory requirements, or it is willfully acting as a CTA without having registered or having filed a notice for exemption from registration with the NFA. (Has M-Trading Academy given advice to 15 or more persons for compensation or profit, directly or indirectly, as to the value of or the advisability of trading futures contracts? ) Moreover, that statement has to do with backtest results, which do not appear present in this site at all.
3) The site adopts the naive belief that a performance disclaimer immunizes you from wrongdoing entirely. NFA auditors would view statements such as:
- "Kim’s system is scalable… you can start with making just $100/day and eventually take your earnings to 6 and even 7 figures in one day! "
- "Make More money in ONE hour than in an entire day!"
as a flagrant violation of Rules 2-29 and 2-36, provided M-Trading Academy is deemed to be acting as a CTA, because the risk disclosure does not adequately balance the upside possibility. The vendor actually should've reworded its statement to something like "Kim's system has the potential for a rapid onset of profits or losses. You may start with only making or losing $100 per day and soon find yourself gaining or losing as much as 6 to 7 figures in one day!"
And for what it's worth, they say never attribute to malice that which can be adequately explained by incompetence. It sounds to me entirely plausible, from the muddled writing, that OP is exactly type of person who will fall for the alleged type of confidence scam.
Excellent points, as usual and expected from you @artemiso.
My only quibble is with "useless fight" comment - if Big Mike investigates and finds this thread to be a clever piece of viral marketing, then the discussion will not have been in vain...
If he hadn't been encouraged to out the name, but still did, it would be equally as circumspect.
It's better the name is out than not out. At least there is some history now associated with this vendor, whether he himself is running an even bigger scam, or whether he simply had a customer that felt he was severely mistreated. Either way, one day it will speak for itself as more evidence comes forward.
The testimonials are one of his tactics, since its my first month of learning to trade and understanding the charts and very happy that he can help me, he will ask you to make a testimony and from his words that he is feeding and helping lots of homeless and distress people, which I realized it was all a BS and I was wrong at the end, after a few months he will dominate you and tell you only stick of what he teach and trying to stretch the class giving the same course every time. He has a student for almost a year now approach me, asking for help, from the conversation with his old student that didn't learn anything, I decided to quit. Did he has the right to threaten a clients to cancel subscriptions and not happy anymore. He always bragging his winning of 500,000 a day is easy for him, but loosing a 2,000k to a subscriber piss-him off and telling me, I screwed him up. Excuse for my English, I try to upload a picture, but I am new on this site, and I don't know if it goes thru...
Hi Big Mike, let end this thread, please I asked for help and I believed the group help me a lot and now its start going to different direction that I am asking for sympathy, Thanks everybody its a big help, I will just wait if its get uglier, But let talk trading from now on... I decided to buy the Manuals of Price Action trading and will read it twice or more till I understand it, hopefully can pick some info of different productive strategies. Thanks and Mike how can I change my username to KASTILYO, sorry if I type it incorrectly and I notice lately I can not sign in, Please help.
Hi Mike,
Is the thread name going to be changed to include "Kim Mangalindan, FB Freedom Challenge Group"?
Tricky to find it in a review/vendor search otherwise.
Matthew
You do not win as a trader, you just get to play again the next day. If that game doesn’t appeal to you then you should not trade. Gary Norden
Sorry about your troubles. I'm not providing legal advice, but you do mention ES above. This is a futures contract and so it falls squarely under CFTC jurisdiction. This seems like something they need to investigate if the public is being scammed (don't know if they are, but that is what you are alleging).
I wouldn't hire a lawyer just yet. You have public resources at your disposal and should exhaust those yet. If there is legal action from them, then I would look to attorneys.
If all you say is true then for sure this guy will allow your credit card to get hit every month until you shut it down. so take care of that. do what you have to do to shut down your credit card as soon as possible. do not delay on this. this is your only protection. otherwise you are going to get hit with the monthly bills. that seems almost for sure. he is not stopping the billing so you must stop the billing from happening.
LET him know that you will not be using his services any more. that you will stop him charging you in the future. thus you send him notice that you are no longer using his services. and you do not expect to pay in the future. that any and all business relationship have ended.
SHUT DOWN THE CREDIT CARD. DO IT IMMEDIATELY. DO NOT DELAY. DO NOT THINK ABOUT IT. YOU MUST ACT IMMEDIATELY. SHUT DOWN THE CREDIT CARD. YOU ARE RESPONSIBLE FOR SHUTTING DOWN YOUR CREDIT CARD. NO ONE ELSE CAN DO THAT.
I've been a member here for awhile - I have posted very little (just don't have the time). For some reason I've read most of this thread today - guess I needed something to do while drinking my coffee. I've seen quite a few posts like this over the years -- somebody falls for yet another "get rich quick" scheme, loses a lot of money (usually through trading - in addition to whatever fees were paid) and THEN asks for help. There have been a LOT of very good replies on this thread - some very wise commentary, some great suggestions.
Out of all that has been directed back to the OP, I hope you have captured a few very important points:
1) There are tons of scammers out there related to the stock market, futures, crypto, binary trading . . . every type of "instrument" has a ton of folks who will make absurd claims, be happy to take your money and you'll gain nothing. I'd venture that over 95% of the claimed gurus - could not make a living trading . . . so they need YOUR money to live. Also, if you happen to then fund an account and LISTEN to these guys - you'll vaporize your account in short order. So, you'll lose whatever you paid for their product/service and you'll lose the money you put into your account. And lastly, you'll have a miserable experience from start to finish . . . one that many folks never quite recover from. (That is a shame).
2) There is no EASY MONEY in trading - there are no viable or realistic GET RICH QUICK methods, schemes, indicators, books, videos, classes, etc. -- they don't exist. Anybody who makes the claim that all you need to do is buy their magic product, technical indicator, book, or whatever - and you'll magically be successful and rich . . . is making false claims . . . if you believe them, then you are your own problem from the get go.
3) There are great sites like this one (for futures), others for options trading, etc.. You must invest a LOT of time into first figuring out what communities to belong too and secondly, learning HOW to actually trade. I highly recommend paper trading (fake money) - long before you put any real money into trades. While it won't help you much with the emotional side of trading (what is in your head), it can help you learn the use the platforms, learn how to trade and most importantly learn that it is not an easy business to be in -- it takes a lot of time, effort and relentlessness to become good at it.
So invest in the work, spend the time, communicate with real experienced folks (many on this site), document your work, keep a trading journal --- invest in YOURSELF before you invest your money.
Good luck . . . and give yourself a pat on the back . . . that you only paid for a few months of subscription . . . before taking the exit door! Most hang around with false hope . . . for a lot longer!
THANK THANK YOU, This what I am looking for the right place to complaint, the vendor site said he is in San Jose, CA, since 1991, but when the my local Police Dept (police report) just in case something happen to me, Officer said he can not a find a name register to drive in that name here in our state of Ca. Another hint to me his back up plan to escape... To all, Thank Thank You very much.
