In light of PFGBest. A trading education/prop trading firm , former vendor site, caught and charged as a fraud and scam. This guy was featured in the media from the CME floor on CNBC, etc. Got this in email newsletter from traderslaboratory.com forum topic.
"Some Sobering Stats
I thought I'd share this.. some sobering stats on success in the futures industry.
My approximate summary -- read the report for particulars.
Pro Trading/Regan brought in nearly a million dollars
Regan traded on a simulator -- never placing real traders.
None of his nearly 130 traders advanced above level 1
None of PTC's commodity traders a net profit of at least 2k (required to advance to level 2)
Between 2009 and 2010 the 36 commodity futures sub accounts traded lost 78,557 and no sub account earned a net profit
I'm sorry to admit that I was one of those 126 to pay him. I thought learning from a pro would be useful. It was a complete waste of time and money. The SEC contacted me about him and his course as well. I'm glad to hear he is done.
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Posted on July 18, 2012 by Mark Fickes
CFTC v. Growth Capital Management, LLC, et al., Case No. 3:10-CV-1473-B (D. Tex.) On July 9, 2012, the CFTC announced it obtained an order requiring Robert Mihailovich, Sr. and Growth Capital Management LLC (“GCM”) to pay approximately $9.3 million for fraudulently soliciting over $30 million from customers to trade commodity futures contracts and foreign currency (“Forex”) following entry of a default judgment.
it seems pretty easy to ask for money.
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Thanks for sharing. Sorry to hear what happened. "pros" who've had spots on CNBC or such aren't all legit. I was considering Larry Levin's Day Trading Futures | Learn How to Trade | Secrets of Traders and luckily saw trade2win's review thread where it seems shills from Levin's organization registered multiple new members and posting pages of fake spam posts in the thread. Now they're also selling "trading desktop systems" in their "store". Levin may have been a real CME floor pit trader , but maybe his trading methods stopped working with everything electronic now and HFT. For fun, I read his daily email commentary on "financial moral hazard" which I doubt is even written by him. Then last year I got ad emails from trading education solicitations supposedly in the name of CNBC faces like Maria Bartolimo and Jon Markman. If they're so good private traders why are they still reporting and writing books. So far I think topsteptrader looks legit at least. They don't make it easy to trade for them or their clients.
Cory, re: watching CNBC's "American Greed" I was initially shocked at how multimillionaires or even local banks and firms would dump a big portion of their wealth into these ponzi artists. Sometimes tens of millions at a time.
Last edited by Cloudy; July 19th, 2012 at 12:23 AM.
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