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Trading rooms - regulations ?


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Trading rooms - regulations ?

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  #71 (permalink)
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LastDino View Post
I don't have much experience in this, I generally go by the rule of fraud until proven otherwise.

But I really don't think there is any regulation/regulator anywhere (not just US) that prevents any vendor from disclosing his proof of system being profitable. In fact they should be liable to provide you with whatever you are asking since they are selling service based on it. I would be really really surprised if there is anything that hinders it.

This is probably some excuse to dodge your question I think.


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  #72 (permalink)
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  #73 (permalink)
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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.

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  #74 (permalink)
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FuturesTrader71 View Post
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.

Thanks you for the reply.

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.

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  #75 (permalink)
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deaddog View Post
Thanks you for the reply.

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.

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.

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  #76 (permalink)
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FuturesTrader71 View Post
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.

Thanks again for your response.

Is there any regulation that prevents performance claims?

Can a vendor post past performance accompanied with the usual past performance disclaimer?

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  #77 (permalink)
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deaddog View Post
Thanks again for your response.

Is there any regulation that prevents performance claims?

Can a vendor post past performance accompanied with the usual past performance disclaimer?

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.

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