• Report: #968339

Complaint Review: LTG GOLD ROCK

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  • Submitted: Mon, November 12, 2012
  • Updated: Wed, November 14, 2012

  • Reported By: CableB — South Mortang Other Australia
LTG GOLD ROCK
84 Wises rd, Internet United States of America

LTG GOLD ROCK .they are clear facts about their scam's and they still continue the Complet deception of posting false results and projection of making profit per trading day .Also giving false statements .. on their web site and misleading people like they maiking money, Internet

*Author of original report: 39 currently registered domains and 323 previously registered domains

*Author of original report: LTG results reports which in most cases were cooked !

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Please go to this link (((link redacted))) . And read about this company , .they are clear facts about their scam's and they still continue the Complet deception of posting false results and projection of making profit per trading day .Also giving false statements .. on their web site  and misleading people like they maiking money

I have read loads of stories on Andrew Barnett. He was involved with TI - Traders International now it is called Goldrock.. below is one of the many quotes I have found on him. He is just a sales man making as much money as possible out of innocent people who believe in him.. There is always a catch trust me Andrew Barnett is not offering anything for free, he is hoping you will sign up and part with several thousand dollars at the time. [continued below]....

......

Andrew Barnett has no knowledge of trading he is a salesman and the nearest thing to a con man that I have witnessed in my life. Jimmy Polydoris programmed a signal for T.I called the JTI, it was an unmitigated disaster.
Do you really think these men know anything that you'd want to learn?


The directors at LTG GoldRock have indeed had a long association with Halifax, going way back to when they were running Traders International (TI). One would need to look no farther than the partner tab of Halifax's website http://www.halifax.com.au/gp/partnerprogram.asp to see why LTG likely chose them. The following statement leaps out of the page:

'we provide the highest introducing broker clearing rebates than any other provider in Australia'

In simple terms, they claim to provide the greatest kickbacks to introducing companies like LTG on their client's brokerage. For every dollar in brokerage you pay, LTG receives a cut of up to 30%. This extra money has to come from somewhere, and you'll probably find it comes from paying higher brokerage or spread than you can find elsewhere.

As stated, the LTG directors have been dealing with Halifax for many years. Prior to Halifax establishing its own clearing arrangements for futures markets in April 2009, TI used Halifax as an intermediary for the transfer of monies to U.S. based brokerages. When the LTG directors were running TI, they recommended clients use Chicago based Alaron as their broker, and clients funded their accounts via Halifax.

At some point Alaron outsourced its clearing arrangements to Preregrine Financial Group. You can read what happened at PFG here or elsewhere 
http://en.wikipedia.org/wiki/Peregrine_Financial_Group. In summary, the chief executive embezzled its clients funds. Had you followed the recommendation of TI at the time it was run by Andrew Barnett and Peter Elsworth and started up an account with Alaron via Halifax, then in July of this year your account would have been frozen and you'd have lost most or all of your funds.

The other broker that LTG GoldRock has recommend their clients use is Gain Capital. It is now common knowledge that In October 2010, Gain Capital was fined by the National Futures Association for allegedly engaging in margin, liquidation and price slippage practices that benefited Gain to the detriment of its customers. They were fined $459,000 for that offence.

So when LTG GoldRock talk about how great their brokers are, I can't help but think about what's written above.

CLICK here to see why Rip-off Report, as a matter of policy, deleted either a phone number, link or e-mail address from this Report.

This report was posted on Ripoff Report on 11/12/2012 09:52 PM and is a permanent record located here: http://www.ripoffreport.com/r/LTG-GOLD-ROCK/internet/LTG-GOLD-ROCK-they-are-clear-facts-about-their-scams-and-they-still-continue-the-Complet-968339. 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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#1 Author of original report

39 currently registered domains and 323 previously registered domains

AUTHOR: RH - (Australia)


Our records show 39 currently registered domains and 323 previously registered domains with that search string in the WHOIS record. The oldest record in our archive for which your search string appears is for the domain EMINISFOREXTRADER.COM and was captured on 11/27/2008. There are 4 unique nameservers used on the current domain list and 4 additional unique nameservers used on the historical list.

Current Domain Report
39 Current Domains
33 .coms
1 .net
4 other gTLDs
1 ccTLD



It means that LTG, that same mob who claim to have everyones best interest at heart, do not simply operate one web site but (according to the records) currently own 39 websites (domains). Most of those are used for advertising and various spamming.

But I find the earlier figure of 323 registered sites to be the most telling. 323 sites. They ain't no mum and dad outfit running a business website to support their customers. Even before they left traders International, note that they had already registered a forex related domain.


Makes you wonder about the ethics there??!!

323 sites. A targeted, motivated internet marketer, playing up to peoples' gullibility. Pity about the rubbish results. Three and a half years now. Not one of them profitable. But they don't care. They've got all their websites pulling in more punters.


With this report  is self explanatory what  this scam is all about and ow operates .

 

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#2 Author of original report

LTG results reports which in most cases were cooked !

AUTHOR: RH - (Australia)

Ignoring the 2009 recorded results - which from memory were cooked (ie if they scaled out 33% of position at a 30 pip profit target and the market moves back and takes out remaining 67% of the position at a stop (usually at the trade entry price point) they still record the full 30 pips as the profit from the trade. The more accurate representation would be to record the full loss and 33% of the profits when scaled out.)

2010: If you survived the first 6 months, net signaled result ended up being recorded at 479 pips, or average of 40 pips per month. Am not sure what 
money management method would enable one to make a reasonable living from that  :!: 

2011: -136 pips for the year. I know it's not just the pips that determine the outcome, but still remains a pretty decent place to 
start!

One can only assume that when the fine folk at LTG have built up their own bank to an adequate level they will procure the best trader going around and turn this all around, or retire. Or move on to their next venture to separate innocents from their money.


Don't forget that the results were artificially inflated by recording the gap trades (which LTG call the Phoenix to make it sound like its a trade that they invented) in with the trading room totals. With these they chose not to take into account the high spread that occurs when the market first opens, or the fact that it is nigh impossible nor even advisable to enter 10 trades at once.

The trading room itself made 774 calls which were SMSd to subscribers in 2010. They resulted in a net loss of 826 pips. The damage was done by inane mechanical trades and by those moderators without a finance industry background calling their own trades.

But even if the result was +826 pips from 774 trades, it would represent a trading edge so weak as to be useless. Once you take into account a little slippage, or missing the odd good trade that takes off quickly, you'd end up behind anyway. As for making a living from them, well, not even a remote chance of that!

 


 

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