FTS Financial Inc

In response to Mr. [redacted]'s complaint,  Mr. [redacted] is grossly inaccurate of the facts & has misrepresented those facts in filing his complaint with the Revdex.com.
 
On 3/4/2013, Mr. [redacted] enrolled in a 6 month subscription to the live trading  room hosted by...

professional futures trader Mr. [redacted]. Mr. [redacted] paid a one time subscription enrollment fee of $4997, not the $6500 he stated in his complaint.  For that non-refundable subscription fee (the no refund provision is clearly stated in the subscription agreement Mr. [redacted] filled out & executed), Mr. [redacted] received a six month subscription to the live trading room & access to an on-line video library consisting of over 40, (approx. one-hour each) instructional self study training sessions. In addition, Mr. [redacted] was mailed a DVD containing the first 6 instructional training courses. On 3/4/2013 Mr. [redacted] received his Tech Set-up call for the Ninja software trading platform from our IT Director. On 3/5/2013 Mr. [redacted] also received a new client orientation phone call from the Client Liason in the Trading Room who assigned his user name & password to log-in to the live trading room daily and to also access the on-line video library training course. On 3/17/2013 Mr. [redacted] received his Welcome Aboard email from Mr. [redacted] welcoming him to the trading room as a new subscriber. 
 
Mr. [redacted] apparently did not continue with an active participation in the live trading room nor did he utilize the training materials he was provided or had access to.  We received a call from Mr. [redacted] in February of 2014 requesting a full refund of the $4997 subscription fee he paid in March of 2013, (almost a year later).  I informed Mr. [redacted] his 6 month subscription had expired & he was not entitled to a refund.  I also offered to help him re-activate his subscription, have the Client Liasion in the trading room call Mr. [redacted] to provide another new client orientation & provide all the support & services he originally subscribed to & treat him as a new client so that he could use what he originally subscribed to & paid for.  Mr. [redacted] declined that offer for assistance &  demanded a refund or he would contact various parties, including the Revdex.com, and would file complaints & initiate internet blogs smearing our good name & reputation stating that this was a scam.
 
This response to Mr. [redacted]'s complaint is a factual & accurate representation of the events leading to his Revdex.com complaint with our company.
 
Sincerely,
[redacted]
Gen. Mgr / Compliance Officer
FTS Financial

Review: After paying FTS Finanical $6500.00 I did not received the on line day trading training or the on line classes with [redacted] that I was promise. This company basicly took my money without delivering no service, I called [redacted] and called and were told that he will call me back, in which he never did, once FTS got my money noone was interested in training me.I been calling almost a year. today I finaly received a call back from [redacted], and he said it's too late now it's been a year and you can't get your money back now, the only thing I can offer you is a CD and a email to another simlar Day Trading Program. This is not a company that can help no one with day trading they just want your money.Truly,[redacted]Desired Settlement: A full refund in full for this trading scam

Business

Response:

In response to Mr. [redacted]'s complaint, Mr. [redacted] is grossly inaccurate of the facts & has misrepresented those facts in filing his complaint with the Revdex.com.

Review: The trading system I paid for was guaranteed to return an average of 200 per trading day for a month, or the trading system fee was to be returned.

After lengthy discussion with Sales Representative [redacted] followed by conversation with Don [redacted] the GM and compliance officer, on or about 16 April 2013, the company agreed to trade my accounts using the BAP, Broker Assist Program, since I made it [redacted] that I could not spend day time hours trading, due to work and related travel. Initially the BAP program did not operate so no trading took place for several months. When I asked for the return of my trading fee of $5,997.00, due to the delay of getting the BAP working, I was requested to "please give us more time" to get the program working and accounts set up. It was not until some time in October when the BAP was ready to conduct trading. The performance to date has resulted in no net profits, and in fact there has been little trading and the trading account has dropped from the initial $5000.00 for my family trust account to $4808.80. I have repeatedly attempted to reach Mr. [redacted] over the past several weeks and he has not had the curtsey to return any of my calls, even after I indicated today to his assistant that I would be filling out and submitting this form if he did not return my call as she promised he would by noon pacific time, or after he failed to do that and I called again she promised he would call back right after 3:00 pacific time and it is now 6:00 Pacific time. I am loosing my patience and pray that this matter may be resolved satisfactorily by FTS Financial honoring its promise to return my $5,997.00 since their system did not perform as promised, even though I gave the company many months of extra time, at their request, to get the program working and generating the promised performance that should have repaid the trading fee from profits long ago.Desired Settlement: I request the refund of the trading fee of $5997.00 immediately. If this is not done I will add in additional fees that I have incurred to get my accounts set up for FTS to trade, and in Massachusetts, I may have the right to sue for triple damages and attorney's fees, under Massachusetts General Laws, Chapter 93A as indicated by the following.

This Revdex.com form contains my request for relief as indicated under the provisions of Massachusetts General Laws, Chapter 93A, Section 9, the Consumer Prot

Business

Response:

Before addressing this complaint I’d like to give a brief description of our Business. The product we sell is an educational service. We sell a subscription for individuals to participate in a live on-line trading room hosted by a 38 year veteran professional Futures trader – Mr. [redacted] with Mentors2Markets. (This is referred to as the M2M RTTR – the Real Time Trading Room.) The trading room subscription allows individuals to look over the shoulder of a veteran, professional trader in real-time market conditions and as he is teaching & training clients on the technical aspects of trading in the Futures markets. Combined with the trading room subscription is an instructional self-study training course. (This is referred to as the TTT – The Total Trader Training Course.) The course is a comprehensive on-line video library consisting of 48 - one hour, technical trading training sessions. We mail a DVD of 6 training sessions right after a client’s enrollment & then the entire TTT library can be accessed on-line using an assigned log-in password.

Now I will respond to the complaint. The material assertion is this:

“The trading system I paid for was guaranteed to return an average of 200 per trading day for a month, or the trading system fee was to be returned.”

This assertion is just wrong. Firstly, Mr. [redacted] did not buy a “trading system.” He bought education. FTS Financial never guarantees a client’s capital or returns. What we do guarantee is the performance of [redacted], the lead trader and mentor of the Real Time Trade Room, (RTTR). The purpose is to show that [redacted] is an extremely skilled and profitable trader and that it is worth the price to be in his room and follow his trades. [redacted] sets up his trades beforehand giving the participants in the room the ability to copy his trades and make their own trades alongside [redacted]. If [redacted] is profitable then it stands to reason that someone duplicating his trades will experience similar profitability.

Mr. [redacted] read, initialed and electronically signed an online agreement which contains the guarantee. A copy of that agreement is attached for your inspection.

At no subsequent time did we ever change the guarantee to cover any of Mr. [redacted]’s trading capital. $300 to $500 per contract per day is what [redacted] represented to us that had been averaging in the Real Time Trade Room for at least the year prior to Mr. [redacted]’s joining. The guarantee was that [redacted], not [redacted], would average at least $200 per contract per day for the first 10 trading days beginning on the first day Mr. [redacted] participated. I emphasize that Mr. [redacted]’s trading results were NEVER Guaranteed. We have no control over Mr. [redacted]’s trading and cannot force him to trade or ensure that he follows [redacted]’s trades in an accurate and timely manner, and so could never guarantee his results even if were legal to do so. We can only guarantee that [redacted] will trade his own account profitably and set up his trades in full view of participants in the room giving them the opportunity to study and follow his trades.

[redacted] is an expert. [redacted] is very profitable. [redacted] is worth following and mimicking. That is what we guarantee.

To our knowledge, [redacted] did not actively participate in the trading room for long enough to learn to trade from [redacted]. As he says in his complaint, “I could not spend day time hours trading, due to work and related travel.” The fact that Mr. [redacted] could not trade due to time restraints did not make him eligible for a refund. In order to accommodate him however he was offered a place in the Broker Assisted Program (BAP), a managed program that was open only to Real Time Trading Room (RTTR) participants.

FTS Financial does not market the BAP. It is an exclusive program offered only by [redacted] and Mentors To Markets. This program is separate from the RTTR and no guarantee of minimum returns was ever given or implied. This fact was made clear in the enrollment documents that Mr. [redacted] executed. Unfortunately, the program was delayed in starting and was not immediately profitable as Mr. [redacted] stated. This was certainly unexpected and is certainly regrettable, but no guarantees were ever made.

As explained above, Mr. [redacted] was not and is not eligible for a refund. As of the date of his complaint Mr. [redacted] has had access for over half a year to [redacted]’s Real Time Trade Room, and all the training materials and support that comes with the Total Trader Training Package. The Total Trader Training package alone is something others have paid $9,000 for. During that entire time [redacted] has averaged over $200 per contract per day in the RTTR. Along the way he has taught many students to trade successfully too.

In conclusion, Mr. [redacted] has received more than fair value for his money. He has never been, and is still not, eligible for a refund. I know of no university that refunds the price of tuition to students who fail to show up for their courses. Neither do FTS Financial or [redacted].

Sincerely,

FTS Financial