Newb needs feedback on "Trade Tech Institute"

Hi all,
New to t2w, but looking forward to future chatter.

I found this site in Oct 09 and I sure wish all the current postings were there then. I came back to share my experience with TTI.

Since they don't seem to be capalized well enough and are depending on new fish to cover their guarantees, I'm probably putting a nail in my own foot with regard to ever seeing my refund.

We were sucked in for only $6000, but with a 6 month guarantee of profitability, which could have been only $1 I suppose. The "system" took a dive immediately and never recovered in the 6 months. Now the fun starts!

I hung in and remained compliant to re-coop my license fee per the contract, but when it came time for them to uphold their end, there was one excuse after another. Chris Mackay had been my contact until that became too confrontational. I "managed to pull" Jack Gold "out of a finance meeting" with the threat of attorneys, and suddenly the approachable Jack Gold became abusive. That was about a month ago. I've emailed since but don't expect a reply, or a check.

From here I intend to contact the the regulatory agencies, the BBB, California's Attorney General's office and whoever else can hopefully rattle their cage. If anyone has any suggestions, I'm all ears!

Thanks for your ears,

LAD96
 
LAD96 said:
Hi all,
New to t2w, but looking forward to future chatter.

I found this site in Oct 09 and I sure wish all the current postings were there then. I came back to share my experience with TTI.

Since they don't seem to be capalized well enough and are depending on new fish to cover their guarantees, I'm probably putting a nail in my own foot with regard to ever seeing my refund.

We were sucked in for only $6000, but with a 6 month guarantee of profitability, which could have been only $1 I suppose. The "system" took a dive immediately and never recovered in the 6 months. Now the fun starts!

I hung in and remained compliant to re-coop my license fee per the contract, but when it came time for them to uphold their end, there was one excuse after another. Chris Mackay had been my contact until that became too confrontational. I "managed to pull" Jack Gold "out of a finance meeting" with the threat of attorneys, and suddenly the approachable Jack Gold became abusive. That was about a month ago. I've emailed since but don't expect a reply, or a check.

From here I intend to contact the the regulatory agencies, the BBB, California's Attorney General's office and whoever else can hopefully rattle their cage. If anyone has any suggestions, I'm all ears!

Thanks for your ears,

LAD96
Click to expand...

I suggest you post your experiences of them on the Motley Fool website, it is also quite widely read. Getting the word out as widely as possible is probably the most productive thing you can do. These scams are very common.
 
Hi,

sounds like you all are much wiser than I. I paid about $6500 for their system last Sept. In order to maintain their quarantee, I had to continue actively trading for the entire 6 mos, which meant that I lost about $3500 with their system.
They then agreed that I was due the $6500 refund, but because this system had failed, there was a list of people ahead of me and that they would process my refund, but it would take some time. Well, it's been 4-5 months since they said that, and now I'm having trouble getting a response from Chris, who had been very polite, if not responsive.
My next step? I'm educating myself on the "technicals" - I don't want to leave my trades in the hands of other people or computers. Seemed like a good idea at the time.

Mike
 
rranch524 said:
Hi,

sounds like you all are much wiser than I. I paid about $6500 for their system last Sept. In order to maintain their quarantee, I had to continue actively trading for the entire 6 mos, which meant that I lost about $3500 with their system.
They then agreed that I was due the $6500 refund, but because this system had failed, there was a list of people ahead of me and that they would process my refund, but it would take some time. Well, it's been 4-5 months since they said that, and now I'm having trouble getting a response from Chris, who had been very polite, if not responsive.
My next step? I'm educating myself on the "technicals" - I don't want to leave my trades in the hands of other people or computers. Seemed like a good idea at the time.

Mike
Click to expand...


Hi Mike, and all others,

The waiting list was the first ploy, then when we came up it was - oh, we had your last name confused with someone with the same as a first name, then it was your name came to the top in this week's finance meeting and expect a check next week "cause we only cut checks on Friday".

Curiously, I received a call from Chris a few days after a strong email to them and my first post here with him saying Jack felt I should receive something. Expect it next week - that was two weeks ago.

Good luck with your attempts. I going from here to the Motley Fool website pboyles recommended.

Les
 
pboyles said:
I suggest you post your experiences of them on the Motley Fool website, it is also quite widely read. Getting the word out as widely as possible is probably the most productive thing you can do. These scams are very common.
Click to expand...

Hi pboyles,

Thanks for the suggestion. I went to the site, registered, but have spent too much time trying to figure out where to post a warning to others. I did a search for TTI but nothing came up that I could add to.

Do you know your way around the site?

Thanks, Les
 
I just got a phone call from another person at trade tech (Troy Noble). He said that Chris is "gone". Troy said to check back in a month, when they expect sales to improve. Summer is traditionly a bad season for their sales.
Wish us luck - we need it!

Mike
 
HI,
I just got a phone call from another person at trade tech (Troy Noble). He said that Chris is "gone". Troy said to check back in a month, when they expect sales to improve. Summer is traditionly a bad season for their sales.
Wish us luck - we need it!

Mike
 
I'm in the same boat as the last few posters. Gave them $6,995 because of the guarantee in writing. When it came time to get my money back it was one excuse after another. Chris Mackey told me for sure I would get it around Labor Day. He knew full well that he was leaving the company that weekend so he could promise anything.
I'm suing them in small claims court (luckily the company's not far from me) but it's tricky since I can't figure out where to serve them. The address is a P.O. Box and the phone number is registered to someone in a sleazy motel.
I'm going through the Post Office with a "Request for Boxholder Information Needed for Service of Legal Process" to try and get where the office is located. The Secretary of State's web site is no help other than letting me know whom to serve but the address they have on file is the post office box also.
If anyone has any suggestions (other than go door to door near the mail drop) let me know.
Bob P
 
If anyone has any suggestions (other than go door to door near the mail drop) let me know.
Bob P
Click to expand...

I would also consider going after the broker that these guys are using.

I'd like to know who it is, by the way. Please post here if you know. . .

Every time they call me, they say that I couldn't use my own broker, but they won't reveal who there broker is.

To me that says that the broker might be vulnerable in a lawsuit, or even a complaint to the NFA.
 
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Many so called brokers never actually place your trades in the Market. Their business model assumes most people lose their entire account so they just take your money and sit back and wait for you to lose it. If you make a lot of money they will either get rid of your account or start messing with your trades. So whoever you sent funds to could be pulling the same stunt
 
The Introducing Broker is the Pacific One Group (Southern California)
The actual trades are placed by Vision Financial Markets.
You money actually goes to Vision and (from what I see on the web and my statements - hundreds of trades) I think they are legit.
If I sued Pacific One Group I think they would just tell me (or the court) that the $6,995 was for license fees and went to The Trade Tech Institute and that's where I should try and get it.
I don't think I could prove that my funds were traded in an illegal manner (a couple of months I actually made a small profit) so they (Pacific One) would probably be non-liable (but I'm sure not a lawyer).
 
C'mom everyone where is your common sense?

Any company selling trading related material that calls itself the 'Trade Tech Institute' is trying to pull a fast one on you as they're trying to pretend they're something they're not. Their name is therefore designed for marketing purposes only and their business will be selling not trading.

Please start to get real everyone and realise it's a bad and nasty world out there where the majority of businesses, including big business, are trying to trick you into buying something either grossly overvalued or something you don't need and/or can get far cheaper elsewhere.
 
BobP said:
The Introducing Broker is the Pacific One Group (Southern California)
The actual trades are placed by Vision Financial Markets.
You money actually goes to Vision and (from what I see on the web and my statements - hundreds of trades) I think they are legit.


Interesting, my trade signals from TTI went to Foremost Trading,LLC in Geneva, IL and my margin account was held by PFGBEST (Peregrine Financial Group, Inc.) out of Chicago, both of which checked out.

And anley, yes, hindsight is 20/20. Before becoming a legendary member you too must have been in a position of just needing something to work for you. A written guarantee is supposed to mean something. The world is going in a sad direction. But perhaps your experience could offer some help to these folks.
Click to expand...
 
Sorry, new and didn't notice date. Trade Tech contacted me 9/25/2010 and now its just $7,000.00. Checked with brokerage firm, Mr. Miller said all figures are correct.

goborne said:
I see it is not your fist time to post. Wonderful... It is now my second. I do not know what slagging is or care.

Onward with info on investing. The GET is very costly 4 grand if I remember right.
Do you get good results without the get? What level do you use?

The Trade Tech Institute I declined. The records of growth were good but I am not ready to put that much upfront 8 grand and hope it is not a Ponzi scheme or falsely created records. I am not an expert at checking these things out. Have read some track records can be validated by 3rd party or federal something or other.

Have been using Hubert Digest and might try the interactive. Any ideas on checking performance out beside Hubert?
Click to expand...
 
September 25, 2010 - I also received call, checked with brokerage firm in IL, all figures on Trade Tech website are correct verified by one of the Millers - don't remember is first name. He was completely neutral. I asked straight out if this was a scam since Foremost must follow SEC rules and regs. He replied NO, and confirmed all figures were true.
Did you go with the program? Today, Trade said it would discount to $7000.00 and money back guarantee if I am not satisfied in 90 days with PROFIT or not. Changed its agreement to meet my demands. Now what?

goborne said:
Any more info? I recived a call from them.
Click to expand...
 
bruceklein11 said:
September 25, 2010 - I also received call, checked with brokerage firm in IL, all figures on Trade Tech website are correct verified by one of the Millers - don't remember is first name. He was completely neutral. I asked straight out if this was a scam since Foremost must follow SEC rules and regs. He replied NO, and confirmed all figures were true.
Did you go with the program? Today, Trade said it would discount to $7000.00 and money back guarantee if I am not satisfied in 90 days with PROFIT or not. Changed its agreement to meet my demands. Now what?
Click to expand...

I'm not sure if you read the thread from the start. What people who got involved with this organisation are saying is that they didnt make money, in fact they lost money, not only that but the money back guarantee has not been honoured.

It doesnt matter what someone from the company tells you about their profitability, people lie to get your money.
 
I agree with pboyles, they will say, or discount, shorten guarantee term, etc. to get your money. It may very well be a ponzi scheme. However, I don't think they are making enough to keep up with paying off the previous investors. I spoke with Troy today, (Chris Mackey's replacement, the new point man), and he said they are about to introduce a new program where by signals are sent to the investor to actuate if desired. Catering to those "experienced investors" who wish to pull the trigger for themselves. He says Trade Tech hopes to increase sales with this strategy. ForeMost, or any other broker they use can't be held responsible for the signals sent to them on your behalf and it would probably be pretty hard to prove they were collaberating with TTI. I would wait to see posts of folks who are finally having their guarantees honored.
 
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