Our complaint is about Oliver Velez and Charles Vaccaro of Velez Capital Management (VCM Trading), Team Trading, and Team Trading Extreme. March 19 will mark 2 years since Oliver Velez and Charles Vaccaro stole money from their independent account holders.
Many of the independent account holders made numerous complaints to the SEC and the NYAG office regarding the situation, pleading to the authorities to help the independent account holders recuperate their money but nothing has been done. And, since March of many traders have not seen a penny of the hard earned money they deposited with VCM trading, Team Trading, and Team Trading Extreme.
The original contract with VCM Trading and Team Trading stated that any monies in an independent trader’s account would be returned within 45 days of request. VCM Trading/Team Trading comingled independent account holder’s deposits with company funds while failing to notify the independent account holders about this practice in the original contract. Team Trading closed up shop on March19 and have not returned many of the independent account holder’s funds as of today.
In the summer of Oliver Velez sent to all independent account holders a release of liabilities, asking them to sign it in order to allow him (Oliver Velez) to pay them (independent accounts holders) the balance of the their account as of March 19, the date when all trading activities ceased. Each release sent by Oliver Velez and his new company, iFundTraders, stated the balance of each account and acknowledged that amount was owed to each independent account holder.
All of the independent account holders, who are owed money by VCM Trading, Team Trading, Team Trading Extreme, Oliver Velez and Charles Vaccaro want their money back. Many decided to sign the release allowing Oliver Velez time to pay them back. We have tried to find common ground with Oliver Velez but once again, he is letting many of the releases expire without returning our money. It appears Oliver Velez never intented to honor the release he asked the independent account holders to sign; he was only using the release as a delay tactic to avoid paying what is owed.
After waiting more than a year, our hope is that the authorities will use whatever resources are available to them to apply pressure so that our money is returned.
Oliver Velez continues to do business as usual as Dimension Trading Group LLC, Ifundtraders.com, independenttraders.com and Charles Vacarro now owns and operates Element Trading. They continue to use the same strategies to lure innocent people into their scheme.
As of today, no charge has been brought against Oliver Velez or Charles Vaccaro for comingling the independent traders’ money with company funds and the misuse of independent account holders’ deposits. We would appreciate your assistance in resolving our complaints. We the independent accounts holders paid the SEC fees to VCM Trading, Team Trading and Team Trading Extreme and would like your help and the help of other authorities in order to receive the full balance of our accounts from Velez Capital Management, Team Trading, Team Trading Extreme and Their principals Mr. Oliver Velez and Charles Vaccaro.
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