- Report: #618028
Report - Rebuttal - Arbitrate
Complaint Review: Elite Global Trading
Elite Global Trading110 east broward blvd Fort Lauderdale, Florida United States of America
Elite Global Trading Elite Global Trading Fred Smilek, James Putra, Anthony Rousseau, Ryan Ferderer, BBC Ventures LLC, Elite Global Trader, Recontrader, BULLISH CAPITAL LLC, NOUVEAU RICHE WARRIOR LLC, RAINMAKER VENTURES L Internship/Employee Payroll Scam, Investor Scam, Ponzi Scheme, Fake Foreign Exchange Traders Fort Lauderdale , Florida
*Author of original report: Elite Global Trading Fred Smilek, James Putra, Anthony Rousseau, Ryan Ferderer, BBC Ventures LLC, Elite Global Trader, Recontrader, BULLISH CAPITAL LLC, NOUVEAU RICHE WARRIOR LLC, RAINMAKER VENTURES
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Ripping off investors.
When I started the place was called "Recon Trader Corporation". Within a few weeks of starting I became aware of a the business name change that was under way. They told everyone who was not part of the top 4 (Fred, James, Anthony, Ryan) that the reason for the name change was simply because an investor wanted a different name. In hindsight it was because the name "Recon Trader Corporation" came up on rip-off reports essentially making it impossible to get new investors to give them money.
The investors that did go in for a "demo" of the system were told a bunch of lies. The investors were told that the "proprietary trading system" was inspired by NASA, air force cockpits, and traffic lanes on Interstate-95. In reality, their "proprietary trading system" is made up of technical indicators that can be found on the internet. For instance, if you Google John Elhers you will find indicators like the "inverse fisher transform" that they ripped off from him and now call their own.
They claim that they can use their "proprietary system" to generate revenue trading in the foreign exchange markets. There is one major flaw with this claim, THEY CANNOT TRADE TO SAVE THEIR LIVES. They had no trade logs showing profitable trading operations. If you are an investor and do not believe this report simply ask them to give you a year of trade logs (in a timely manner of course) to prove their profitability. They wont be able to produce it.
To continue their operations they continuously look for new investors to give them money. They tell the investors that they are going to be bought out in the near future by a large financial institution and that their "proprietary system" is easily worth $500 million. Apparently they have been saying this for a while. I don't know if it will ever come to fruition but I do know that when I was there they didn't not generate any revenue from trading. The only way they are still around is by getting new investors to give them money.
Ripping off interns:
They claim to have a 3 month UNPAID internship program that puts you on the fast track to becoming a part of their "team". In reality, since they do not generate revenue and must keep their costs down, the program is just to get free labor from people like myself who would do anything for an opportunity.
They make you get them coffee, clean their dishes, get their laundry, and help them move from a penthouse on ft lauderdale beach to a multimillion dollar rental house in lighthouse point. Meanwhile they pay you nothing and make you work insane hours. I was told as unpaid intern that I needed to be in the office around 5 am and did not leave some nights until 8 or 9 pm. One time I was there until 2 am, almost working a full 24 hours UNPAID.
They told us that we were making the sacrifice that was need to prove we were dependable and trustworthy. They told us that we would be broken off once they sell their trading system. They made promises that we would all get rich together and that all the hard work we were putting in was not for nothing.
Whether you are an investors or a potential intern, please save your time and money and stay far away from these people.
This report was posted on Ripoff Report on 06/27/2010 09:57 AM and is a permanent record located here: http://www.ripoffreport.com/r/Elite-Global-Trading/Fort-Lauderdale-Florida-33301/Elite-Global-Trading-Elite-Global-Trading-Fred-Smilek-James-Putra-Anthony-Rousseau-Ryan-618028. 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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