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| CTI Group Cold call tried to suck me in Internet |
| 26th of Sep, 2011 by User658555 |
I received a cold call today from CTI Group. They have been trying to contact us for many days but we normally don't answer unknown numbers.....caller id. Today I decided to answer it to find out who keeps calling. A representative from CTI Group answered and started right in to a sales pitch on a trading system that is based on the mini s & p 500 futures. I ask many questions that he seem to avoid answering unless I repeated myself many times. He told me they have a program that wins approximately 88 % of the time called "Victory". It turned out to be a pitch for me to invest $8500 mimimum to purchase their license agreement for $6000 plus $2500 for one futures contract to start this investment. The rep stated that for each $2500 invested I would make on an average based back to 2007 on actual trades and three years of "back testing," roughly $388 for each $2500 invested. I questioned this at this point and asked what annual % this equates to, but never received an answer. As a matter of fact, I ask many many questions about this investment from that point on. The rep couldn't answer or avoided them, and just wanted me to talk to his boss, one of the partners, instead of him, a junior in the firm. I said just send me some info in the mail and I will review it, contact the SEC and b.b.b. to see if this investment is on the up and up and decide on the investment latter. He said they normally don't send out anything and the partner would answer all my questions and put to rest any concern about the investment and also wanted me to log on to their website with a user i.d. and a password . At that point I ask him is the reason you don't send out anything is to avoid mail fraud? He said no, it is just too expensive. I said many other outfits do it, why not you? The more I talked with him and ask more questions, the more he avoided answering my questions. Finally, I told him I had to go and the phone just went dead on his end. No thank you for your time or whatever. Most likely this is a total scam or a good way to lose a pile of money. Be careful. Gene
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They called me with an aggressive sales pitch and they sounded legitimate. They charged me $5500 for the Victory license and offered me a one year performance guarantee. If the system was not profitable for my first year I could get a refund of my license fee. During the year that I traded their system, there were three occasions that the brokers that they referred me to refused to handle their trading system because they are unregistered. Each time, I had to pay a wire fee and fill out a lot of forms with a new broker. I originally invested $2500 in the account linked to their system. My balance kept dropping as a result of losing trades and I kept hoping things would turn around. Their results were abysmal in February 2012, and I was notified by my broker that there wasn't sufficient margin in my account to cover any more trades. My original $2500 was down to $489.50, a loss of more than 80%. This occurred at about the time of my one year guarantee period, so I wrote to Mark Bishop for a refund. I just spoke to him and he said that I wasn't qualified for a refund because they showed a gain of over $900 for the period. In their sales pitch they told me that their wouldn't be much slippage on their trades because they limited their system to 500 investors. Actually, in every single trade, my gain was smaller or my loss was larger than what they posted on their web site. On some trades that they listed as profitable, I had a $12.50 profit before a $24.00 commission. In their sales pitch they show you how they could theoretically make hundreds of per cent profits, and they said they only had posted one losing month. Now six of the last twelve months were negative, even on their posted trade list. Between the slippage and the commission on those trades, no one could have made money with their system this past year. Their system is strictly technical and the markets have not been performing in a normal technical pattern, being driven by news events and high frequency trading.
Do not make the mistake of falling for CTI's sales pitch. The results that they post are not actually achievable. They are not an honest firm, and it is quite possible that before long no broker firm will be willing to handle their trades. Any performance guarantee based on unrealistic trading results posting system is worthless. I will refrain from using the words that I feel would accurately describe the character of Mark Bishop and his cohorts because I feel they might be considered slanderous. |
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