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When I received the lawsuit threat, I put together an information packet for the SEC and FTC and mailed it concerning DTC. It was my hopes I could use those organizations to provide some legal support incase DTC ever really sued me. Interestingly enough, I have heard from no one on the matter - from both sides. I don't see JOVAN, DTC, or the coaches in this list either. Maybe the FTC/SEC was disinterested?
It would likely be outside of the SEC / FTC jurisdiction. The Alberta Securities Commission is the correct body to submit that information to.
Once an investigation is started they do not give updates.
With respect to Ryan Franzen the McLeod Law Calgary lawyer that sent you the Cease and Desist under the wrong circumstances. Well, a complaint with the Law Society of Alberta was filed by both of us. I doubt you/we will hear anything. Lawyers investigating lawyers is akin to 'who guards the guards'. I fully suspect that Ryan Franzen or McLeod Law don't give a flying monkeys about any of this.
They probably just dismissed it all as another day at the office. We shall see but don't hold your breath.
The best thing you can do is find a pro-bono lawyer to sue McLeod Law but I guess the tarnished reputation of Ryan Franzen and McLeod Law is enough.
Heck, there is video evidence of Ryan and his family at The Ranch. It's not like he was 'only' the lawyer. He was involved in some additional capacity with Day Trading Coach. I just hope they get to the bottom of what exactly that was.
The RCMP I know are investigating as are Canada Immigration.
It is frustrating, but at least that particular Day Trading Coach scam was quashed.
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- Trade what you see. Invest in what you believe -
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Canada-wide warrant issued for husband and wife Alberta investment scam
The Alberta RCMP Integrated Market Enforcement Team (IMET) has obtained a Canada-wide warrant for a husband and wife who are believed to have operated a fraudulent investment company identified as “Family First Dynasty Inc.”
RCMP says the two were operating a day trading school near Calgary in the town of Millarville. As part of the trading school, Fernando Honorate de Silva Fagundes would allegedly get some to invest in trading under his supervision and believed he would trade their finances in the stock market to make them a profit.
Fagundes and his wife Emilia Alas-As Elansin are said to have defrauded people out of $1.3 million.
Fagundes, 65, and Elansin, 40, both of no fixed address, have been charged with the following:
Fraud over $5,000 contrary to Section 380(1)(a) of the Criminal Code;
Theft over $5,000 contrary to Section 334 of the Criminal Code; and
Laundering the Proceeds of Crime contrary to Section 462.31 of the Criminal Code.
He allegedly operated his criminal activity under the alias Jovan Cavallon and Elansin under Janelle Cavallon.
Images of Fagundes and Elansin can be viewed below.
RCMP says Fagundes is said to have 11 other aliases as he portrayed himself as a day-trading expert and used an investment course operated under another company of his, Day Trading Coach Inc.
“Fagundes is believed to have committed similar frauds in Portugal, the United States, Saskatchewan, and Ontario. Fagundes and Elansin have fled the Millarville area and their current whereabouts are unknown,” the RCMP release reads.
RCMP is asking anyone who knows the whereabouts of either Fagundes or Elansin or who suspect themselves to be a victim of this particular scam, to contact IMET at 403-699-2434 or [email protected].
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- Trade what you see. Invest in what you believe -
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This is an extremely important thread, which should be read or at least understood by anyone who ever has an interest in looking for help from a vendor of trading systems or trading advice.
Futures.io member @JonnyBoy was able to expose the scam because the supposed trades they took never showed on the DOM, meaning they never went to the exchange. If someone "trades" in sim using a delayed feed, while separately watching the market in a real-time feed, they will have the ability to trade the sim data with great accuracy -- because they already know the outcome. It's a simple scam that has been used before, and probably that will be again. It does make a very good video, though.
For the trader who is looking for help, the moral of the story is that any unusually good results you see online are suspect, because anything can be faked and there is a strong reason for a scammer to do so.
I think it's certainly true that some vendors provide good value, but it's on a spectrum: some are genuinely useful, probably most in the middle are so-so, and some on the other extreme are dangerous. Probably pure faking is not the norm, or there would be more law-enforcement actions like what we're seeing here. But it is not unusual for a vendor to simply be mediocre in terms of results but very big on hype and selling, which is enough to capture unwary traders who are pulled in by the sales pitch.
Generally speaking, the better the advertised claims, the less likely they are true. The question is always, "If this is so great, why does this vendor need to make money by selling it instead of just trading it?"
The honest vendors do not make extreme claims. They also only provide modest, but realistic, benefits. They are generally just selling tools at a reasonable cost, or some other moderately useful product, not the promise of great success. And they don't charge huge amounts, because they are not depending on hype to excite the hopes of naive traders. (Not that a cheap price is a guarantee. Many sellers of indicators, for instance, are just selling things that are widely available, or that don't do much good. But at least you aren't out much if you buy them.)
Also, there is no way that any "evidence" presented by a vendor through the internet cannot be faked, including videos and supposed broker statements. The technology to do so is pretty good. Which means you can't really insist on it to "prove" anything, either. You have to assess it for yourself, and hopefully realize that paying a lot for a large promised result is not very rational.
"Let the buyer beware" is a statement that has been around for a long time. So has "there's a sucker born every minute."
Be careful, everyone. Don't be one.
Bob.
When one door closes, another opens.
-- Cervantes, Don Quixote
When I saw the program, It seemed good. Even when we logged in live and watched him trade in what looked like a live trade it seemed real. In hind-site I should seen it. One of his requirements to "join" his program was to send a scan copy of your drivers license. That should have been a red flag for me right then. I have since moved to another state and have another ID, but no telling what he could possibly be doing with my old ID.