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Questions please as I was a member of his chat friend for while and I know a friend who purchased his product.
Questions:
1. Will Vinny go to jail for scamming customers?
2. How much money did he make selling trading courses and algos to customers?
3. Will Vinny be sued?
4. How was Vinnny caught scamming?
5. His YouTube channel is still live and his Discord channel is still open, why it is not shut down?
I think best case scenario is a few AlgoBox purchasers, I'm sure this thread has a least a couple, come together for a class action suite.
Hopefully the class action gets enough attention that an interested DA brings criminal charges, I don't really know what the criminal charges would be, I guess wire fraud (that sounds like a catch all)?
I think it's a good idea if everyone visiting take a moment to (again) read the first post of this thread.
We've all done unwise things when it comes to trading (I know I have).
There are a lot of red flags (some are hindsight): Here's one of my favorites which is one of those flags (I do not condemn the OP; I am providing the benefit of the doubt it was supposed to be helpful):
"
Another is if you witness someone in a losing trade (NOT a trade needing time to work, which is another topic in itself - many of these traders are making an excuse not to take the loss... "Oh, I am managing a trade..." Haha... Ask me how I know from the days when I thought I was a trader but actually a gambler... hahaha...), but a trade causing frustration and clearly not going well/according to plan) go off and play games (or doing something like checking news...), run fast, run far (but if it's someone you care about, close the trade immediately... again, ask me how I know, haha...)
It's no wonder the statements we've seen (if they are to be believed) look the way they do.
@goodoboy, I think that, as of now, no one on this forum knows more than what has been posted. You can review by going back to the posts made by @Analytic, beginning several pages back by now, and that is probably about all anyone can say. More may come out, of course.
There were some copies of what were said to be his AMP broker account statements, and a number of other documents from various sources. It appears that Vinny is trying to take down material he has previously put online that were contradicted by these documents. You can read what has been posted and make your own conclusions, but I doubt it anyone can say at this time what will happen legally, if in fact anything will. I think that no one here has any idea whether he will be sued, or prosecuted for any crime, one way or another. Some of the posted documents have a legal look to them, but I don't think we can tell from them what, if anything, is actually happening on the legal front. (There are "Unsworn Declarations", but I don't see what they tell us about any legal proceeding, if there is one. There may be, of course. If so, I expect it will come out eventually.)
But something seems to be going on. Vinny seems to acting in a great hurry to take things down off the internet, so something may be brewing. I'm not sure what else we can say at this point.
I wanted to answer you because you have asked these questions a couple of times, and I think that the only answer to any of them is something like, "We don't know." I suppose we will at some point, but we don't now.
Is Vinny a scammer? Well, this whole thread is pretty much about that question. Now there is more information to help people make up their minds, if it was needed.
If in fact the leaked account statements from his AMP account are correct, then it's impossible to believe that he is in fact a vastly successful multi-millionaire trading genius, as he claims. That sort of answers that question, anyway.
As to any legal consequences, I think we will just have to see what happens.
Also, everyone just be very, very careful when listening to anyone's claims that they can show you how to make large trading profits for just a small sum (Or in Vinny's case, a fairly large sum.)
Bob.
When one door closes, another opens.
-- Cervantes, Don Quixote
If I put on my critical thinking legal hat, what exactly is the criminal scam here that he should be tried with? That he lied about profits and sold a product by using that influence he gained to sell a product? That doesn't sounds like a criminal activity that would send him to jail (he wasn't managing your money, he sold you a product and associated that his product would make you money). Best would be that he was making misleading statements, and like others said either personal or class action suit to redeem losses from those false statements of wealth
No idea but I am always shocked by how much it is. $500k easy by my guess, could be millions over his entire span
How long was he lying about making profits? If those broker documents are real it looks like a few years.
How was he caught? He was in an agreement with a company, and went against that agreement and starting making false statements so the companies defended themselves by releasing his trading history (or at least the P/L)
People lie all the time on youtube for views, and that company doesn't really care unless you do something against their ToS or are doing criminal behavior. Saying you have all the answers and selling a product is like 80% of youtube now, so I don't see his channel going down unless he takes it down or a court does. Same with discord, there are dozens of furus over twitter and discord that say they have the answers, and you can have them too if you give them $249/month.
Unfortunately, its up to users and customers to do due diligence when someone offers a service, to ensure they can provide what they say. If you read a lot of these sites, courses, and groups, they have lawyers right up the agreements as you are gaining access to a community, like a private club - to try and get around regulations on providing financial advice.
If this is true, what company was this so I never do business with them, or anyone associated? It sounds like this company knew of the alleged fraud but looked the other way until they were defrauded. Do I understand correctly?
I'll have to search for the specifics, but it was another youtuber or influencer hired him to help drum up business and they in turn were both using AMP and the another broker. It was the "real" companies that said we have no involvement in this, please stop CC'ing us, and by the way heres the subpoena info you asked of us (showing his personal trading history)
There's no way of knowing anything at this point, other than there's "smoke over them 'thar hills".
Usually when there's smoke, there's fire. But not always.
Sometimes, what appears to be smoke from a distance, turns out to be mist.
At this point for me it doesn't pass the "sniff test". But life is strange and truth can be stranger than fiction. There's many a slip 'twixt a cup and lip. Blah blah blah. And all that.
All we can do is wait and see. There is definitely legal action going down. A simple search reveals that, to Bob's comment. If an action has been brought against Matt C, and Matt has a counterclaim and uncovered something during discovery as the documents posted lead us to believe, it's very possible even if the plaintiff wants to drop the suit it might not happen. Or the counter claim will go ahead if the initial action is dropped. That's why I noted earlier, in all adversarial matters, legal and otherwise, it's better to come heavy, or pass.
We don't have all the facts. Nobody can say with certainty E-mini doesn't evidence that will see the light of day, exonerate him and bury Cowart's counterclaim. There are other explanations for his recent activity. We all see things through our filters, biases and preconceived notions.
Some have noted, maybe nothing comes of it even if it's ALL 100% true, or worse. This is how it really is.
Some people have very good "jeopardy karma" and a veritable Teflon veneer - they go around raising hell their whole lives, and get away with absolutely everything.
Others step one inch out of line and the weight of the law and the world comes down on them instantly. Like a sledge on a gnat.
I'll say this. IF the allegations in this thread are proven in a court of law to be true, then IMO they are not only actionable, but some may very well rise to the level of criminality. Such as the allegations of illegally spying on customers via the software. These things have a way of snowballing and taking on a life of their own if there's fuel for the fire.
But as far as that goes, allegations like spying and some others that have been made, I've seen zero proof beyond mere assertion. IMO everyone needs to be very careful. Let due process take its course. Anyone can say anything, but it doesn't make it true. I mean, when was the last time you beat your wife, as they say in legal circles when making this point.
For my part, I just hope the truth comes out. Due to the legal action underway and the public nature of US legal proceedings, more information will come out publicly if the trial moves ahead.
It should. If someone is falsely accused then they should be exonerated - that goes for both the plaintiff and the defendant in this case.
IF the recent allegations and supporting docs arising from a counter-claim are true, this also deserves to come out and the consumer protected.
In either case for the plaintiff or defendant once the smoke clears, that horrendous bitch Karma, not a friend to any of us, will do her thing.
On that day, depending on how much she's had to drink be it blood, alcohol, or whatever she's into that determines these things, she'll deliver e a glancing blow off her intended victim's Teflon. Or, it will be sledgehammer, meet gnat.
Pride is the root of greed.
Greed is the root of the love of money
According to the Bible, for the love of money is the root of all evil
Ultimately Vinny's pride is his undoing.
Vinny spent the last decade acting with legal impunity, leading him to believe his own BS and filing a lawsuit against the other guy. The other guy even filed motions to dismiss at the start but Vinny's pride blinded him.
I don't think anyone really cares about that lawsuit itself, only in the discovery from it into Vinny's business.
