Telemarketer, Jack Logan, cold called me stating he represented a programed stock trading company identified as CTI Group LLC. He promoted an auto stock trading program call "Boomer", representing, among other things, that over the last 6 years the program had earned $463.19 per month on a $2,500 account. I do not believe CTI is a registered/bonded CA Telemarketer
He also represent that there would only be 4 or 5 trades per month at a cost of $20.00 each. I traded the progarm for about 4 months and experienced losses each month on 8-9 trades per month.
I was not told that there would "trade slippage" of $30-$40 per month., thus the cost of each trade was $50-$60.
Mr. Logan told me that CTI had never lost a client since its inception nor was required to refund fees prusuant to a guarantee, although two clients had died but the family contnued CTI's services.
Based upon my experience I believe these representations were false and fraudulent.
I was given a written guarantee that my fees would be returned in the event the program did not return a profit over of 12 month period of $6,000 on a $2,500 account.
I requested a refund on June 2; after many phone calls I finally spoke to manager, Mark Bishop, who confirmed that I was entitled to a refund and stated it would be mailed. About two weeks have passed, I haven't receive my refund, nor have my numerous phone calls been returned.
0 comments