• Report: #530761

Complaint Review: Luxman Trading Concepts

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  • Submitted: Mon, November 30, 2009
  • Updated: Thu, December 16, 2010

  • Reported By: John T Bonfardeci — Avon Indiana United States of America
Luxman Trading Concepts
4712 Admiralty Way #185 Marina Del Rey, California United States of America

Luxman Trading Concepts - James Kennedy - Luxman Nevis S&P e-mini Trading Program Fraud since 2008 Marina Del Rey, California

*Consumer Suggestion: We won the first round

*Author of original report: Similiar Experience Luxman Trading Concepts

*Consumer Comment: Similar Experience

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I subscribed to Luxman's "NEVIS Automated Trading Program" in July 2008.  Luxman mailed a "SUBSCRIBER LICENSE AGREEMENT" after I paid them the required $6,000. This Subscriber license agreement had no signatures by any Luxman Trading Concepts representative. I was mailed a copy of the Subscriber license agreement attached to a cover letter that had no signatures but only a final salutation of "Luxman Trading Concepts Staff".

 

 A person "Scott Wright" who identified himself to be the Technical Director of Luxman Trading Concepts had persuaded me to join the NEVIS program.  He also promised a free "Eagle" trading system valued at $7,000, which I never received.

 

 I called Luxman Trading Concepts six months later to talk about a refund after I suffered continous losses by NEVIS program automatic trading to my futures account at Foremost Trading LLC, of Geneva Illinois. 

 

 The Luxman Trading Concepts Subscriber License Agreement states that "LTC will refund 50% of Subscriber's License/Subscription Fee if, during the six month period immediately following, Subscriber's subscription hereunder, the Program does not show a gross profit". "If, at the end of the seventh month the Program still has not shown a gross profit, LTC will refund the remaining 50% of Subscriber's License/Subscription Fee".

 

When I called Luxman Trading Concepts six months later to talk to Scott Wright to inquire about the contract guaranteed refund "General Manager" James Kennedy said that he never heard of a "Scott Wright". The person "Scott Wright" who identified himself to be the Technical Director of Luxman Trading Concepts had persuaded me to join the NEVIS program. In fact none of the original people such as Jack Lawrence, and Josh Moore are at Luxman Trading Concepts.  I last learned that Scott Wright was last employed as Technical Director for a company entitled Trade Tech Institute.

I communicated with TradeTech Institute in mid November 2009, when one of their salespersons called me to inquire if I was ready to enroll in their $7,000 automated training program.  I asked if Scott Wright was still employed at the Trade Tech Institute.  The salesperson said no, that he left their company. 

 

I have requested my refund for months now.  When James Kennedy said that they had shipped it or were going to, and that he felt so bad that if necessary he personnaly bring it to my home if he had to jump in his car amd make the trip to my home in Indiana, that he would. When I reminded him about his promise 2 weeks later, he said "Oh, that conversation"!. 

After more weeks of delay, and my further calls to Luxman Trading Concepts, and my request to have the FedEX tracking number,  Mr. Kennedy gave me the tracking number that was "Initiated" on May 8th, 2009.  Now it is two months later, and I have checked FedeX every week since then, but the tracking number remains in the Initiated status, and the actual envelope to contain my check was never actually shipped to me.  I have since called FedEX and they said that a tracking number can be initiated without ever having to actually ship an envelope. James Kennedy has made multiple excuses to stall me and even mentioned 2 weeks ago that if I hire a lawyer to resolve this, then he would have to go to their "Legal Department" and this would tie up my refund.

 

I haven't succeeded as of yet in getting the promised refund, it has been more than 10 months now since I should have received the refund!

 

 

 


This report was posted on Ripoff Report on 11/30/2009 11:11 AM and is a permanent record located here: http://www.ripoffreport.com/r/Luxman-Trading-Concepts/Marina-Del-Rey-California-90292/Luxman-Trading-Concepts-James-Kennedy-Luxman-Nevis-SP-e-mini-Trading-Program-Fraud-s-530761. 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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REBUTTALS & REPLIES:
1Author 2Consumer 0Employee/Owner
Updates & Rebuttals

#1 Consumer Suggestion

We won the first round

AUTHOR: Bob P - (USA)

Hi John B.


Well they didn't show up in court so we won the judgment. Now we have to wait a month to see if they cough up the money (fat chance). If not, we have to file a Notice to Appear for Examination and go from there.


Why not check out trade2win.com and search for Trade Tech Instititute. The latest info is posted there.


I really don't monitor this forum. Can you PM me here? I know you can at the above website (Trade2Win).


Bob P

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#2 Author of original report

Similiar Experience Luxman Trading Concepts

AUTHOR: John T Bonfardeci - (United States of America)

Thank You Bob P.  I live in Indiana, and the California States Attorney General office sent me a final letter that pretty much told me that I was on my own and advised me to study up on how to file a claim in small claims court, being that I am not a California resident...

 

Yes Bob, please keep me updated.. I hope that you can use my Ripoff Report posting as part of your evidence in court.  I will need to take a trip to CA. after I file my claim.. I will be sure to add to the $6,000 claim for my travel and etc. expenses. Last month when I checked, California small claims court claims limit is $7500.

Best of Luck!

John B.

Avon, Indiana

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#3 Consumer Comment

Similar Experience

AUTHOR: Bob P - (United States of America)

I pretty much had the same experience as you did ($7,000 instead of $6,000) but it was with The Trade Tech Institute out of Beverly Hills - not that far from Marina del Rey - (the company you said that Mr. Wright ended up at).

I get the feeling these guys just circulate from one company to another trying to stay one step ahead of the regulatory agencies and the law.

I have a court date of December 3, 2010 where I'm suing to get my money back. I'll let you know how it's going, if you are still interested.

Bob

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