Matrix Trading Solutions (MTS) of Torrance, CA contacted me by telephone at 7 pm on Monday, 10/17/05. They outlined a software program they had which made good profits trading Futures on the Commodities market. They said that they would do all the trades for me since I had no experience in this market. All I had to do was set up an account with a Stock Broker.
I talked to two of their high pressure salesmen (Robert Sorchini and Thomas?) for almost 2 hours who explained what a wonderful program it was and how it would make money for me. My wife and I are in our mid seventies living on a fixed income. Robert and Thomas made it sound so great that I was blinded by the promise of extra money to offset our ever increasing living expenses.
I discussed the program with them late Monday night at 7pm (EST). They convinced me to initial the contract On-line that night and they would waive the monthly fee of $199. At no time did they emphasize that this was a binding contract and NO refunds would be given. They only stressed how much money I would make and I only thought of the extra money and not the almost $5000 I was spending; a sum that's hard to replace when you are 75.
After we hung up, I realized what I had done. On Tuesday, 10/18/05 at 9 am (PST) I talked to Steve Symons, one of the owners. I explained to him that my wife was furious (I told her after the fact - something I will never do again if I wish to keep my health) about spending money we couldn't spare and I should cancel. Upon reflection, I also realized it was a dumb thing to do on my part. I thought Mr. Symons would understand the predicament I was in and refund the money. Unfortunately I was wrong.
Symons said he had to discuss it with his partners and let me know Friday, 10/21. When I talked to him on Friday, he told me I had initialed the form and they would not refund the money. I tried to explain that MTS hadn't delivered anything as the agreement was done at the close of business one day and cancelled at the opening of business on the next day. The answer was still NO.
To date, I have received nothing from MTS (no software or other material) except the agreement to sign so they can get my formal signature instead of the On-line initials. I have not signed or returned these papers.
I then contacted my credit card company and asked them to look into the matter. They said the $4995 would not be charged until the matter was settled. (I have since settled that account). They suggested I contact Consumer Affairs of VA where I live.
Consumer Affairs of VA sent my complaint to the Attorney General in CA, who referred me to the California Department of Corporations who referred me back to the Virginia State Corporation Commission who is reviewing the case at this time.
I have also been advised by a Virginia Attorney that MTS violated a Commonwealth of Virginia telephone solicitation law (Va. Code Section 59.1-21.1 et. Seq.) which mandates a three day right of rescission and also written notice of that right.
I should point out that I informed Mr. Symons of that Act on 10/21/06. His remark was he is in California and doesn't care about Virginia law. What he doesn't seem to understand or doesn't want too, is if you operate in VA, you are subject to VA law and are liable for a fine.
My Viginia Attorney is reviewing the case with a California Attorney and will advise what jurisdiction to bring the case to trial if Mr. Symons continues to refuse a refund. My wife is pushing me to get back the money and she will keep pushing even if I have to travel to a California Court to make MTS refund the $4995.
Of course, the easiest path for MTS to follow would be to refund the $4995 which is certainly cheaper than the refund, probably a fine, court costs and bad customer relations because they WILL lose in a court of law. Never underestimate the power of a women scorned!!!
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