- Report: #823470
Report - Rebuttal - Arbitrate
Complaint Review: CTI
CTI3857 Birch Street Suite 545 Newport Beach, California United States of America
CTI Purchased trading program for $5500 from CTI Nov 19, 2010. Will not refund because the program had a profit. I do not receive any of this profit and have no control in what CTI invests in . Newport Beach, California
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The agreement states that the program will be operated through a designated Broker for personal use only. Their designated broker was Foremost Trading LLC ("Foremost") Peregrine Financial Group, Inc is the FCM clearing firm for Formost. I opened the account for $2500.00 on Dec 8, 2010. Made two trades, lost $170 and closed the account 1/31/2011. Formost ended business relationship with CTI, problems.
I phoned CTI to inform them since I am not trading I should be entitled to a refund of my $5500.
Mark Bishop, General Manager of CTI emailed me stating that Quote "Please note that you are not required to trade the system in order for the guarantee to be in effect. Essentially, if the system has not performed profitably by the end of your performance period, regardless of whether or not you trade the system through a trading account you will be elibible for a full refund of your purchase price " end of quote
Why CTI will not refund based on Mark Bishop's comment. My performance period ended 11/19/2011 plus 30 days. I used the system with Formost and lost money. I have not received one penny on my investment
This report was posted on Ripoff Report on 01/16/2012 12:46 PM and is a permanent record located here: http://www.ripoffreport.com/r/CTI/Newport-Beach-California-92660-2616/CTI-Purchased-trading-program-for-5500-from-CTI-Nov-19-2010-Will-not-refund-because-th-823470. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.
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