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As mentioned in my post back in February, everyone is liable for fraud. Just because the trading room is not registered anywhere doesn't make it so that they can post whatever they want. The futures industry is pretty tough on this. CFTC is quick to respond to deceptive practices. However, you need to have information that clearly shows that fraud is being committed.
Risk Disclaimer: Trading Futures is not suitable for all investors. Past Performance is not indicative of future results.
If you have any questions about the products or services provided, please send me a Private Message or use the futures.io " Ask Me Anything" thread
Is posting n YouTube that you made a thousand dollars trading a stock, when you have no record of the trade considered fraud? Especially if you have a CYA disclaimer that trades may not be real.
I have asked a couple sites if they are regulated. The standard answer I seem to get is "We are a US company and follow US and SEC regulations." I don't see any SEC regulations that cover unlicensed trade rooms or educators. What they are selling could almost be classed as entertainment.
I don't see any regulators when It comes to selling trading education.
"The days when I keep my gratitude higher than my expectations, I have really good days" RW Hubbard
Yes, they may not be registered and under the jurisdiction of the SEC or CFTC or FINRA. However, they are still selling something and are a commercial entity even if under an individual's name. For this reason, each state has a business regulator and an attorney general's office which handles complaints. In addition, the FTC can get involved along with with other agencies depending on how the fraud is being committed. Just because a person is not registered doesn't make them immune from prosecution for false advertising, fraud or embezzlement.
Risk Disclaimer: Trading Futures is not suitable for all investors. Past Performance is not indicative of future results.
If you have any questions about the products or services provided, please send me a Private Message or use the futures.io " Ask Me Anything" thread
No. Anyone can post past performance and whatever they want as long as they can substantiate it. The rub is that if they post that performance and BASED on this, they generate revenue/income from investors or customers and that performance is untrue, then that is fraud. Fraud is fraud. You don't have to be regulated to be prohibited from committing fraud.
The past performance disclaimer is intended to state a truth: That just because it happened this way in the past is no guarantee that it will keep happening. That's just common sense. But it doesn't absolve someone from lying about past performance.
People choose not to post their performance for a variety of legitimate reasons. So just because someone doesn't do so isn't an indication of anything. Claiming that they can't post their performance is not really a reason unless they are forbidden from doing so as a result of confidentiality or compliance with their employer/fund, etc.
Risk Disclaimer: Trading Futures is not suitable for all investors. Past Performance is not indicative of future results.
If you have any questions about the products or services provided, please send me a Private Message or use the futures.io " Ask Me Anything" thread
