Malcolm,
Feel free to correct me if any of the following statements are wrong. Though before you say anything I have read the court papers including the bankruptcy case and the Robbins Futures case.
In 1997 Mike sustained heavy losses and a margin call whilst trading his account at Robbins Futures. At the time he was competing in Robbins Futures trading competition. For some reason he disagreed with Robbins Futures actions and sued them, they counter sued and won. In fact they counter sued him for common law fraud plus two other matters. During the hearing he claimed this competition was important to him because of the status that winning it would have given him. A judgement in the region of $350,000 was awarded against him.
Robbins Futures were still chasing this payment at the time the Chapter 11 was filed in 2010 and it is listed as one of his debts. Therefore he still owed money on his trading losses after 13 years. You can argue all day about who was right but a court has made a decision so the facts have been established.
Feel free to correct me if any of the following statements are wrong. Though before you say anything I have read the court papers including the bankruptcy case and the Robbins Futures case.
In 1997 Mike sustained heavy losses and a margin call whilst trading his account at Robbins Futures. At the time he was competing in Robbins Futures trading competition. For some reason he disagreed with Robbins Futures actions and sued them, they counter sued and won. In fact they counter sued him for common law fraud plus two other matters. During the hearing he claimed this competition was important to him because of the status that winning it would have given him. A judgement in the region of $350,000 was awarded against him.
Robbins Futures were still chasing this payment at the time the Chapter 11 was filed in 2010 and it is listed as one of his debts. Therefore he still owed money on his trading losses after 13 years. You can argue all day about who was right but a court has made a decision so the facts have been established.
It is prudent when asking for information to allow time for a person to reply especially when posting out of office hours.
As was stated it was Mr Baghdady who filed for Chapter 11 and then withdrew it and the case is closed.
We have already given our official response to this topic:
Official Response on behalf of Training Traders
Unfortunately there have been a number of misleading posts on this site containing misrepresentations of truths and unsubstantiated claims. We respect the right of people to discuss and criticize in an open and objective manor, however in this case there have been a number of misrepresentations and false allegations.
As a company we provide training courses for people new to trading and experienced traders in the Forex, Stock and Futures markets. In addition to the courses we also provide mentoring, live trading rooms, a graduates club and a weekly planning session to help support our clients. We also allow clients to re-take the course for free at a later date. We are not an anonymous web based training company, we perform our training in our offices and invite graduates back to our offices for continued support in our graduates club.
We have the confidence in our training to take a group of people and fund their trading based on the methodology we teach. This does attract criticism as no other training company has the confidence or backing to be able to do this.
We have nothing to hide and are happy to arrange a special workshop to invite Forum members to visit us and see for themselves who we are and what we are about and ask questions.
In response to particular comments:
Mr Baghdady’s chapter 11
Prior to Trading Traders existence Mr Baghdady entered into court action in the USA against a broker following mistakes resulting in wrongful liquidation in his account. After 12 years of litigation and despite the broker admitting to the mistakes in court, the court found for the broker as there was no malice. In mid 2010 Mr Baghdady was ordered to pay the brokers legal fees. Mr Baghdady then filed for the Chapter 11 in order to protect his assets during the financial settlement with the broker (standard practice in the US). Less than 90 days later once the settlement was agreed Mr Baghdady withdrew the Chapter 11. This case is closed (see attached word doc).
Misleading publicity, late payment of bills and staff turnover
It would not be right for us to comment on this in detail, mistakes have been made and we have taken action to try to ensure that the right people are in the right roles to improve this situation.
Turtles
They are still here, a few of them are gainfully making money, most of the rest are even and couple are in negative territory. This is the normal life of a trader, keep in mind they started trading in the tough market conditions of the USA crash and the Euro problems. It is nice to know that people are following the Turtles progress, we will try to improve the postings to help you follow their progress.
Office environment
We believe than an office based training environment allows us to provide a high level of help and support to our clients. However we do not believe in inflating our prices just so we can lavish in luxury surroundings, so we provide facilities equal or better than most standard business offices. As stated above we are happy for people to come and visit to judge for themselves.
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