I hold little faith too that YouTube will do something about it, but we can only try. I am not a religious man, but I am an avid believer in karma. Joseph Defresne & Megan Renkow will pay their dues at some point.
How YouTube can continue to let them tout their business is totally and utterly mind boggling.
- Trade what you see. Invest in what you believe -
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I copied the following off of the article on tradingschools for convenience.
"It appears that the cluster of complaints from various individuals triggered an official investigation by the CFTC. What the CFTC uncovered was shocking. The following is a list of bullet points from the official investigation:
The owners of the company were using fake names. There is no Joseph James, or Meghan James. The real owners of the company are a husband and wife team named Joseph Dufresne and Megan Renkow. Currently residing at 1521 Addison Road, Palos Verdes Estates, Ca 90274.
Since 2011, the company has sold at least $2.776 million dollars of trading educational materials and live trading room memberships.
June 2016 through April 2016, the company was averaging $60k per month in sales volume.
The company claimed that purchasers of the $4,999 educational package could expect to recoup those costs within an average of 16 trading days, by simply following the live trades within the trading room.
Joseph Dufresne claimed to have started trading in the year 2000. And after 3 years of successful trading, he opened his first hedge fund in 2003. Claimed to be a “Professional Day Trader” at Vantage Capital Advisors LLC in Los Angeles since 2000.
Claimed to have received an award, “Trader of the Year” in 2001; and was named “Top 30 under 30” by Professional Trader Monthly in 2006.
The CFTC discovered that all of Joseph Dufresne and Meghan Minkow’s claims of performance history were fraudulent, the employment history and hedge funds claims were bogus, and no awards were ever issued.
Furthermore, the CFTC discovered that prior to September 2007, Joseph Dufresne had no trading experience whatsoever.
Prior to September 2007, through 1999, that Dufresne worked as a maintenance worker at a country club, worked the front desk at a fitness center, a student worker at Arizona State University, and a salesman at various mortgage companies. In fact, from November 2007 through October 2008, Dufresne was altogether unemployed.
The CFTC also discovered that Dufresne had been incarcerated for 6-months in 2005, a felony conviction for attempting to sell narcotics in Maricopa County, Arizona.
Joseph Dufresne Trading Performance
Joseph Dufresne claimed to be a hugely profitable day trader. The CFTC discovered that Joseph Dufresne was a terrible day trader. In fact, in a review of his trading records, the CFTC discovered that between September 2007 and April 2016, that Joseph Dufresne was a complete and total failure at trading. His total net losses were over $119k.
A deeper review of his trading records revealed that from December 9, 2014, through July 20, 2015, Dufresne had not placed a single live trade. Yet, his daily marketing materials claimed that he was consistently profitable. During the TradingSchools.Org investigation, we discovered that Joseph Dufresne was using the following spreadsheet as proof of supposed performance. Notice the claims of nearly $500k profits for 2014.
The CFTC’s investigation revealed that Dufresne claimed the following, real money results to purchasers of his trading products:
The CFTC basically told me that members/victims will receive reimbursement pro ratta but only if they win the case and there is money available for the victims. If there is no money available for the victims then (Gene Wilder voice) YOU GET NOTHING!
If you are a victim you need to submit your information to the CFTC through their complaint form so in the event of an award, Finra can reach out to you to obtain proof that you were a member of SOT and eventually provide you with reimbursement.
Not sure if i'm using all the correct legalese here.
One of the ways that success in trading is kept out of your life, is by this desperate need to over complicate your trading and think that things should be harder. - Bob Iaccino
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I was browsing through the Trading Schools site and it sure paints an ugly picture. I notice the CFTC has been on a bit of rampage lately as well, bringing charges against several trading educators. This whole education industry seems to be a giant online boiler room of sorts, down in the dumpster with penny stock promoters.
When I first got interested in trading I had some friends caution me against getting training from internet educators. Saying it seemed sketchy and that I should instead contact verifiable industry professionals for advice. I didn't think it was a problem because the people I followed seemed professional and legit. To that all I can do is laugh. LOL
All you need is this web site. Take the time to see what your style is
And research the blogs and indicators.
There is no Holy Grail or Quick Get Rich. It takes work and time
to become a profitable trader.
Do not trade real money until you can trade SIM with 70-80%
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Remember Bernie Madoff? He claimed on 8% yearly return. Had a huge huge following. Was taking in $$$ hand over fist. And at the end of each quarter, he claimed that he closed all his trades. But there wasn't anyone that would admit that they took the other side. In addition, there wasn't any market activity to account for the massive amount of trades that he claimed closed out at the end of each quarter. And all this was beyond the CFTC and SEC.
But the B S gets deeper. Jim Cramer (MadMoney) said that his GPA was to low to for him to get hired by the regulatory agencies. That is, the government only hires the "cream of the crop". I wonder what does the government have on Jim Cramer to blackmail him into saying that?
And Bernie's wife claimed she didn't know what a Ponzi Scheme was. Ivy League education, with expensive private secondary school education, and she doesn't know what a Ponzi Scheme was? More like she knew enough to play dumb.