• Report: #726886

Complaint Review: Market Traders Institute | Ripoff Report Verified Safe™ ..businesses you can trust. commitment to customer satisfaction. MTI a foreign exchange education / training company based in Orlando suburbs Lake Mary, Florida. Education to beginner, intermediate, & advanced traders. Family owned, over 19 years.

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  • Submitted: Sat, May 07, 2011
  • Updated: Fri, May 03, 2013

  • Reported By: Maria — Houston Texas United States of America
Market Trader Institute
400 Colonial Center Pkwy, Suite 350, Lake Mary FL Lake Mary, Florida United States of America

Market Traders Institute REVIEW: Market Traders Institute's clients feel safe, confident and secure when doing business with MTI and its support staff. Market Traders Institute's commitment to client satisfaction, exceptional client experiences & success make it stand out from its competitors. Market Traders Institute is committed to Ripoff Report Corporate Advocacy Business Remediation & Customer Satisfaction Program -- A program that benefits the consumer, assures them of complete satisfaction & confidence when doing business. .


*UPDATE: Market Traders Institute is recognized by Ripoff Report Verified™ as a Safe Business Service.

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Ripoff Report Verified™ REVIEW:

EDitor’s UPDATE: Positive rating and recognition has been given to Market Traders Institute for its commitment to excellence in customer service.

Ripoff Report’s discussions with Market Traders Institute have uncovered an ongoing commitment by the company to total client satisfaction. This means that clients can expect that the company will work towards finding a mutually satisfactory resolution to any complaints or concerns.  Market Traders Institute listens carefully to client concerns and sees them as an opportunity to learn from past mistakes and become more efficient as a company in the services offered and the support for those services. This commitment can be seen through a drastic growth in support staff, decrease in response times to customer concerns, and the "No Client Left Behind" policy.

 The "No Client Left Behind" Policy gives Market Traders Institute students the assurance they need to know that they will not be on their journey alone. This policy, implemented in response to student requests, guarantees that each and every MTI student is contacted at least once a week from an experienced education specialist. This phone calls discuss education progress, general questions and ultimately, the student's individual trading goals where specialists dedicate their time to helping these students get the tools they need to succeed. 


Market Traders Institute is Rip-off Report Verified
Ripoff Report Verified™ .. part of Ripoff Report Corporate Advocacy Business Remediation & Customer Satisfaction Program. A program that benefits the consumer, assures them of complete satisfaction and confidence when doing business with a member business..
The information provided in this report is based on comments made by Eric Johnson, Jacob Martinez, Eric Herrera, and Matt Johnston during an on-site inspection held by a third party verification company with no biases toward Market Traders Institute along with interview comments by Ripoff Report staff.   

Market Traders Institute is an educational company whose goal is to create successful, ethical traders through a five phase approach with theory, practical application, home study environment, online study and analysis and on-site training. The company’s vision is to achieve $25 million in sales by the end of 2013 and $100 million by the end of 2016 by creating proprietary charting software packages domestically and internationally. Their target market are detail oriented individuals who have an entrepreneurial mindset and want to be their own boss and individuals who have no income ceiling limits such as engineers, pilots, and doctors. The company feels they are set apart because they strictly provide education for foreign exchange markets and are not involved with trades and brokers. They feel they have strong levels of support and they follow up on all levels (in person and online). They feel they have a competitive edge with their Analyst on Demand program and they state that on an ongoing basis they are reinventing themselves to adapt to changes, trends, growth and technology while designing and producing their own collaterals in-house.

The company notes that they are solely an educational company that trains their customers in foreign exchange and there are not government standards for what they do. The Commodities Future Trading Commission (CFTC) is the government body that regulates. Market Trader notes that rates are constantly changing second-by second and rates change 24 hours per day for 5 ½ days per week. To provide their users with the opportunity to utilize current information on how currency is traded, the company has an “Education on Demand Portal” that each student has access to. Furthermore, they have a no client left behind program where an account executive or customer service representative physically speaks to the student each week. The company also has an analyst on demand program where the student has access to 19 hours daily for interaction with an analyst. Each student is assigned an account executive that is available via phone during normal business

On a daily basis, Market Traders tries to ensure that customers are receiving the best customer support possible by monitoring their daily activities and documenting them. In the first 60 days that a customer works with a client the account manager team calls each student once per week and thereafter the student is called frequently. Every 21 days, the company’s standard procedure is to have customer service call each student. The company is continually working to improve internal processes by having the customer service team and account manager team to work on better communication skills. This is implemented by utilizing weekly meetings, role playing and weekly training in most areas. The company stated that the customer service department will stay the course with the programs and training that have been implemented as a result of customer complaints and all areas of customer service are constantly under review.

 Market Traders Institute / Statements from the owner. 

  CEO and founder of Market Traders Institute, Jared Martinez, has informed us that this policy is not just words on paper; it is a driving force in his company which was built by a trader for traders. After finally finding success after years of trading hardship, he became determined to establish a company of dedicated staff members with a spirit to serve using the best information and tools available to help students learn from his trading journey.

Jared F. Martinez, also known as the FX Chief, Founder and CEO of MTI, Author, Trader and Mentor said, "No one knows the struggle, hardship, fear, loneliness and hope of becoming a successful trader better than myself.  For that reason, I created Market Traders Institute Inc. with a team of great people who are committed to providing traders with exactly all the right education, tools, trading mentorship and state-of-the-art trading software that they need in order to have a fighting chance of becoming a trader. My hindsight can become their foresight. Everyone at MTI, myself included, has a spirit to serve and an ongoing dedication to never leave a student behind; To never allow them to go through their journey alone, like I did. For that reason, MTI is a brand students can and do trust."

President of Market Traders Institute, Jacob Martinez, said, "Market Traders Institute has been able to change the lives of students because of its dedication to helping each student find whatever they feel is success to them. This means the best support staff, an ever-changing education and a keen ear to understanding what students need as we make changes to accommodate them." Jacob Martinez added, "Asking what success looks like to each student is the first question we often ask because it is so important to our main effort as a business -- to live the 'No Client Left Behind' policy. Does it take more time? Yes. Is it worth it? Yes and there is no doubt in my mind that students feel the same way."

Some of the common complaints that Market Traders receives deal with product did not meet with customer’s expectation, the customer did not think the education would be as intense as it actually is, the product is too expensive and technical issues. In any instance the company utilizes their customer service representatives as a first line of resolution. In order to solve many customer complaints, the company has implemented a hardship program for financial or personal issues to defer payments, cancel their services or have the company provide a settlement. The cancelation program is designed for the first 30 days to allow the customer to opt out of the services. The company also has a refund policy within the first 60-90 days that can be utilized when a customer is not satisfied after training has been complete. In one instance where a customer was not satisfied, they specified that it took too long for the company to handle their complaint. A customer service manager was proactive by bringing the matter directly to the attention of the assigned account manager’s manager. The customer service manager first reviewed the student’s case, and then called the customer to sincerely apologize and state that the account manager would follow up with them in a timely manner. The client stated that they understood and the customer service manager was involved in the process until the matter was totally resolved.

Many of the complaints made on Ripoff Report describe that the customer was not satisfied with their training and requested a full refund as promised. The company stated that they feel that often times their refund policy is misunderstood by students. In 2010-2011 the company described that they experienced phenomenal growth. During this period students complained that the company was not paying enough attention to them. Some sales people proved to be unethical by setting expectations way too high for potential clients and glossed over the refund policy. Eric Johnson, the Director of marketing stated, “These actions contributed too many misunderstanding which resulted in many employee firings.” Market Traders Institute has promised to correct this problem by focusing on this particular policy by being proactive and making the necessary changes. Now students after reading the policy page much sign a “refund policy” acknowledging they have read and understood it. Furthermore, within 48 hours of the company receiving a complaint, the customer is called and should the customer not a free with the clarification or proposed solution, the company implements the “refund policy” to resolve the trouble. Additionally, in response to complaints on Ripoff Report, the company has added 18 new support employees to handle the company’s growth. They have created an Internal Compliance Department (ICD) with a director and assistant that report directly to the President of the company. The ICD can take corrective action should an employee prove to be at fault and mandate additional training. The company has also instituted a mandatory weekly training for all sales, marketing, and customer service employees. Furthermore, Market Traders Institute upgraded their IT Department with new servers and other technology to handle growth and increase in calls.

Because Ripoff Report requests that company does whatever it takes to make sure the company is providing excellent customer service Market Traders Institute has worked to set a better expectation level in all areas, improved training with account managers and customer service representatives. Since the improvements, the company feels that complaint levels have dropped off considerably and in the last 14 months there have only been 2 complaints.

Market Traders Institute is happy to be a part of the Corporate Advocacy Business Remediation and Customer Satisfaction Program because since 2004  the President has focused on developing successful, ethical traders and they take a great deal of pride in their image. The President established the “President’s Eagle Club,” which recognizes outstanding employees. Jacob Martinez states, “These valuable employees are true team players because they support and assist all customers above and beyond the call of duty.” The company is committed to uphold the CAP ethical standards. However, they stated that from time to time even the best companies have slipups and they appreciate that Ripoff Report allows them the opportunity to continue to strive towards excellence even though the occasional error may occur. 

Market Traders Institute employees have affirmed their passionate commitment to customers and the changes that have been set into motion to assist students above and beyond the call of duty.Customer Support Manager Matthew Johnston said, "Every person on our team has a spirit to serve and isn't afraid to treat students like family. The students come before all else. Students hold us to a high standard and we are dedicated to meeting their expectations and then some through personable and quick support that leaves our students confident in our organization and their team."

Market Traders Institute takes employee satisfaction seriously as well. Employee feedback and surveys reveal comments such as this:  "Market Traders Institute takes employee satisfaction seriously because these happy and devoted employees take their passion into their jobs in ways that give students confidence and energy. Employees are expected to contribute, be innovative, and overall serve the client to the best of their abilities in an environment built on team work. This idea of teamwork isn't just for within the office either; it is how we view the student-staff relationship too."  Rip-off Report was pleased to learn that Market Traders Institute’s past and current approach to business is focused on its pledge to total commitment towards client and employee satisfaction.

STATED IMPROVEMENTS FROM MARKET TRADERS INSTITUTE.

Market Traders Institute has re-devoted itself to clients in powerful ways through an increased customer service support staff, increased training on many levels of the company, and the "No Client Left Behind" policy. The customer support staff is meticulously chosen for the most passionate candidates who are trained to aid students on many levels. These team members speak directly with customers to address complaints and questions quickly and fully. All representatives have undergone and continue to embark on training which is designed to better equip them with the tools they need to help customers to the best of their abilities. Along with these changes and the "No Client Left Behind" policy which ensures phone time and check ups between students and support staff, additional education products are added on a regular basis to help Market Traders Institute specifically address the concerns of students as they arise. Along with this, MTI has taken steps to help students reach representatives sooner with their educational comments and concerns through live analyst chat boxes available 19 hours a day, weekday workshops, and even segmented Analyst on Demand sessions to help student choose their preferred learning level. 

Read more about why consumers should feel confident when doing business with a member of Rip-off Report's Corporate Advocacy Business Remediation & Customer Satisfaction Program. Yes, it’s a long name for a program that does a lot for both consumers and businesses alike.

Read about Rip-off Report Corporate Advocacy Business Remediation & Customer Satisfaction Program,.. A program that benefits the consumer, assures them of complete satisfaction and confidence when doing business with a member business. this program works. 

As a matter of policy, when a business becomes a member of the Corporate Advocacy Program they agree to allow Ripoff Report to contact every client who filed a complaint so they can make things right with them.  In order to confirm that the complaints were resolved, Ripoff Report is copied on all responses so we can insure that the member business did right by their customer ..  Market Traders Institute did just that.

Take a peek at their YouTube videos..

http://youtu.be/SW4O9183cW0

http://www.youtube.com/watch?v=NrS2I-KEK98&feature=share&list=PL0RUxm054vIWvvT3MqtREmqtOhhvi4dH8

http://www.youtube.com/watch?v=QtUZu9QT5Vw&feature=share&list=PL0RUxm054vIWvvT3MqtREmqtOhhvi4dH8

http://www.youtube.com/watch?v=bwdr6wuMy1I&feature=share&list=PL0RUxm054vIWvvT3MqtREmqtOhhvi4dH8

http://www.youtube.com/watch?v=ZM_uLFf6Ccs&feature=share&list=PL0RUxm054vIWvvT3MqtREmqtOhhvi4dH8

In summary, after Ripoff Report’s 3rd party reviewers and our interviews with the company, which included discussions with Mr. Qazi, Ripoff Report is convinced that Market Traders Institute is committed to quality delivery of services resulting in total client satisfaction.

Again.. As a matter of policy, when a business becomes a member of the Corporate Advocacy Program they agree to allow Ripoff Report to contact every client who filed a complaint so they can make things right with them.  In order to confirm that the complaints were resolved, Ripoff Report is copied on all responses so we can insure that the member business did right by their customer .
---------------------------------------
NOW TO THE ORIGINAL REPORT THAT WAS FILED    
 

Market Trader Institute Next Step Financial Holdings MTI/Next Step Financial Holdings Lying, Scamming, Involved in Ponzi Scheme, Money Laundering, Wire Fraud, Tax Evasion. ATTENTION IRS, FBI, FTC! Lake Mary, Florida


 It was an unfortunate day on Thursday April 28, 2011 because I got suckered into purchasing the Ultimate Trader's Package from Market Traders Insitute and Next Step Financial Holdings. The presenter Matthew Mocorro presents MTI's UTP in a subtle way by showing charts and a trading technique that MTI teaches that is supposed to make you money. Throughout the presentation, Mr. Mocorro says that it is up to the customer what he or she does and that if the customer is not satisfied with the product or thinks that this is not for him/her, that the customer can request a refund within 60 days. So, thinking that I could get a refund on this product easily if I needed to, I signed up for UTP. Because I was unable to afford the entire price of approximately $5,000 up front, MTI uses Next Step Financial Holdings to finance 725.00 as "tuition assistance," and the rest of it is financed as a loan through Universal Group at 18% APR for the next 18 months. The next day, albeit one day too late, I googled MTI and found an article (September 8, 2010) on the Jamaican Observer stating that Jacob Martinez and Market Traders Institute are being sued by U.S. businessman Don Dowe for their roles in a billion dollar ponzi scheme. Read it here: http://www.jamaicaobserver.com/US-businessman-sues-David-Smith--Joey-Issa--OLINT--11-others-.  Another article by Michael Greenberg of Forex Magnates that "This very Institute was said to have helped David Smith with his forex ponzi scheme." Reviews on ForexPeacyArmy.com had many negative reviews concerning the dishonest business practices and inferior educational "product."  There were "multiple fake positive reviews" submitted in February 2009. In light of this new information, I called MTI and spoke with Brian Thomas, an "educational specialist" who was extremely rude as he enlightened me by saying that I was not authorized to receive a refund because of the contract stipulations and fine print. Before speaking with Mr. Thomas, Jorge Magana was the customer service representative who had signed me up over the phone. When I asked him about the refund process, he said it was simple and easy to get a refund--all I had to do was call in and request it. Mr. Magana's statement was the second time I had been lied to in one day (April 28, 2011).  Interestingly, when I asked how are the taxes reported for any profits made, Mr. Magana stated, "Just between you and me, I don't report any of my gains to the IRS, because they are made on the international market." This is classic tax evasion, if anything! After speaking with Mr. Thomas, another specialist called named Joshua and nothing was resolved after another 45 minutes of speaking with him. Then Mr. Mark Harper, a manager, called and after another hour of useless arguing, he told me he would get back to me on Friday, April 29, which he never did. I called Mr. Harper on Monday, May 2 to inquire of the refund policy, and he stated that I would have to comply with MTI's not so easy, arm twisting refund policy which states that: The student acknowledges and agrees that no promise or guarantee for success or profitability has been made between the Company and Student. Student acknowledges that he/she is entitled to a refund on the Ultimate Traders Package and MTI 4.0 Charting for a period of 2 calendar months from the date of purchasing The Ultimate Traders Package and MTI 4.0 Charting, less shipping and handling charges provided the Student meets the following criteria:
Student must show proof of trading with the Companys trading methodology.
All trades must be executed on a Live Trading Account , using the Companys Traders Checklist and Traders Worksheet, which is provided with The Ultimate Traders Package.
Student must complete  all four (4) phases of The Ultimate Traders Package:
Phase 1 - Completely Review UTP Education
Phase 2 - Attend a Phase II Online Class
Phase 3 - Attend Mentorship and Activate Charts
Phase 4 - Attend the 2-Day Onsite Class after having paid for the UTP in full.*
After completing the above mentioned criteria, return the Ultimate Traders Package to our MTI Corporate Office.
This refund policy was never shown to me in writing or verbally stated prior to signing up. I had asked Mr. Magana and he straight up lied, and the presenter Mr. Mocorro lied to all 90+ attendees of the webinar about the refund policy. The fact that MTI only shows the refund policy after wards and lies to the customer about it before hand reveals their methods of using terribly dishonest business practices to lure the customer into thinking that MTI is a reputable educational company. MTI is far from reputable as I now know. If I attended a community college or university and I decided the very next day that I needed a refund because their courses were not what I wanted, I could very well do so. MTI masks itself as an educational enterprise while luring people into their lair and then holding their assets hostage.  I wrote a letter to Mr. Harper which stated the following: 


I am writing this letter to inform you that I do not wish to associate with your company, Market Traders Institute in any way--educationally, professionally, or otherwise. 


 Furthermore, I am also stating in writing that I wish to have my loan contract with Universal Account Servicing LLC canceled and reversed/voided, per statement on the Authorization Agreement for Prearranged Debits which states: This agreement will remain in effect until Universal Account Servicing, LLC receives a written notice of cancellation from me, or until I submit a new authorization form to the Billing Department. I have underlined this statement in red for you to reference in the copy of this agreement.


I have not attended orientation or any of MTI's classes or downloaded any of MTI's software or purchased any products from MTI. You and your company, MTI, cannot lawfully force me to abide by your refund policy without legal consequences.


Because you and MTI's representatives lied to me about how easy it was to get a refund and in fact did not review the refund policy when asked prior to my signing the agreement, you and your MTI representatives have knowingly deceived me. Furthermore, official court documents also state that MTI and its owners Jacob and Jared Martinez have been cited as co-conspirators in a Ponzi scheme.  


I have enclosed additional documentation concerning the Martinez' criminal dealings. Official court documents are also found online at: 
 
1. http://www.docstoc.com/docs/61813391/State-of-Florida-Divison-of-Corporations?utm_source=email&utm_medium=email&utm_campaign=112205776&utm_content=3
2. http://www.docstoc.com/docs/75108765/25_PLEA-AGREEMENT-re-counts-One-through-Twenty-Three-of-the-Information-_3_  
3. http://www.docstoc.com/docs/63019631/Florida-Public-Records-Police-a-E-Belcher  

To make matters worse, your customer service representative Jorge Magana said to me that he evades paying taxes to the IRS by not claiming his earnings because they were made on the international market.  I wonder just how much of MTI's profit is made internationally by the Martinez family or any of MTIs employees that the IRS does not know about (even though it is based in Florida, a state of the U.S.A.)?  

After reading through the court documents, it is evident that MTI is under suspicion of being involved in wire fraud and money laundering, under the auspices of Jacob and Jared Martinez. Suspicion is more than enough motivation for the IRS to launch a full scale investigation of MTI, if it has not already done so.  Such financial crimes go well with tax evasion as appropriately mentioned by Mr. Magana.

To summarize, it is clearly evident that MTI and its owners, Jacob and Jared Martinez, are under legal suspicion to have been involved in illegal financing schemes, as shown by the civil and criminal lawsuits in the official court documents.  The statement made by Jorge Magana is a verbal admission of committing the crime of tax evasion itself.  

MTI's customer feedback on various sites that review MTI were full of complaints about being ripped off and of MTI's dishonest business practices, especially with regards to your refund policy. It was duly noted on that same website that in February of 2009, multiple fake positive reviews were submitted. For reference and fact-checking, go to the website: http://www.forexpeacearmy.com/public/review/www.markettraders.com.  

Mr. Harper, I have tried multiple times over the phone with you and your MTI representatives to process a cancellation of the contract or refund. I have spoken with Brian Thomas, Joshua Martinez and you over several hours to resolve this situation. Once again, I will not go through with the unlawful stipulations in your refund policy, and wish to part peacefully and without any trouble from your company. If you and MTI would like to dissolve this relationship peacefully and without further trouble in motivating me to contact agencies like the BBB and the IRS (this would just be the beginning of course), it would be in your and MTIs best interest time-wise and otherwise, to dissolve the contract and utilize your time-consuming efforts in trying to retain me upon another individual who is more willing to comply and go through your educational course.

I await your reply and hope that you will seriously consider the consequences of your final decision. It is evident that MTI and MTI's owners are already in quite a bit of legal trouble. I would not want to add to that burden by any means, unless of course, you wish to enforce upon me MTI's refund policy procedure. 

A wise decision could save all parties a whole lot of time and trouble.

A certified (USPS) letter was physically mailed to Mr. Harper along with articles and the credit agreement from Universal Group. After this letter was mailed, Mr. Harper called me on Wednesday May 4, 2011 to discuss the refund. Even though I had not attended any orientation or received any materials from them, MTI wanted to charge me 7% of the $5000 to cancel my contract. I told Mr. Harper that even if I wanted to pay them (which I no way would ever do), I could not at this time because of my financial situation. The conversation was extremely short and Mr. Harper said that he would get back to me on Thursday, May 5.  I did not hear from Mr. Harper on Thursday. Then on Friday, I receive an email from MTI stating that I would have to comply with their refund policy by going through their program. On Saturday, I receive a letter from Universal Group that I will be charged on 6/1/2011 for $211.83 per loan agreement. I have already taken steps to ensure that none of my money will go to MTI or Next Step Financial Holdings. Despite these actions however, my credit report may be at risk due to MTI's refusal to rescind and cancel the contract.  I also sent a certified letter (with articles and copy of agreement) to Universal Group stating the following: 

I am writing this letter to inform you that I do not wish to associate with Market Traders Institute in any way, educationally, professionally or otherwise and have sent a written notice to Mark Harper, manager. I have enclosed a copy of the letter that was faxed (May 2, 2011) and physically mailed to Mr. Harper, manager at MTI.  

Furthermore, I am also stating in writing that I would like to have my loan contract with Universal Account Servicing LLC canceled and reversed/voided, per statement on the Authorization Agreement for Prearranged Debits which states: gThis agreement will remain in effect until Universal Account Servicing, LLC receives a written notice of cancellation from me, or until I submit a new authorization form to the Billing Department.h I have underlined this statement for you to reference in the enclosed copy of the agreement.

I have not attended orientation or any of MTI's classes or downloaded any of MTI's software or purchased any products from MTI. However, MTI has a refund policy which was not fully disclosed to me prior to my signing on with them (and UGA).  MTI's representative lied to me about how easy it was to get a refundhe said I could just call and cancel. Apparently in order for a customer to get a refund, they cannot simply call or write a request for a refund/cancellation. The customer is actually forced to go through with the program which takes longer than two months and show that he/she is unsuccessful. Only then will the customer receive consideration for a refund. This refund policy does not give the customer enough time to complete all the requirements for the consideration of a refund and also forces the customer to go through with the program, without considering a customer's unique circumstances.  

In addition to being blatantly lied to by MTI's representative, I found a plethora of negative news concerning MTI and its owners Jacob and Jared Martinez. Listed below are the links to official court documents that state that MTI and its owners Jacob and Jared Martinez have been cited as co-conspirators in a Ponzi scheme.  I have also enclosed two additional news articles (hard copies) concerning the Martinez' criminal dealings. 


Official court documents are found online at: 
 
1. http://www.docstoc.com/docs/61813391/State-of-Florida-Divison-of-Corporations?utm_source=email&utm_medium=email&utm_campaign=112205776&utm_content=3
2. http://www.docstoc.com/docs/75108765/25_PLEA-AGREEMENT-re-counts-One-through-Twenty-Three-of-the-Information-_3_  
3. http://www.docstoc.com/docs/63019631/Florida-Public-Records-Police-a-E-Belcher  


After reading through the civil and criminal case court documents, it is evident that MTI is under suspicion of being involved in wire fraud and money laundering, under the auspices of Jacob and Jared Martinez. On one website that contains reviews of MTI's services, the customer feedback amounted to complaints about being ripped off and of MTI's dishonest business practices, especially with regards to their refund policy. It was duly noted on that same website that in February of 2009, multiple fake positive reviews were submitted. For reference and fact-checking, please go to the website: http://www.forexpeacearmy.com/public/review/www.markettraders.com.  

Jason, I have tried multiple times over the phone with MTI's representatives to process a cancellation of the contract or refund. I have spoken with Brian Thomas, Joshua Martinez and Mark Harper for several hours to resolve this situation. Once again, I will not go through with the unlawful stipulations in their refund policy, and have requested a written request for cancellation to MTI, in addition to this written request to Universal for a loan cancellation. 

This situation must be remedied in the right way I have not cheated the company in any way; I have not cheated UGA in any way; in fact it is MTI who is trying to cheat me by forcing me to go through over two months educational programming with them before they can even consider giving me a refund/cancellation. 

After reading all the extremely negative reviews and complaints on MTI's refund policy, I do not trust MTI one iota to keep their word. Additionally, MTI and its owners are implicated in illegal activities such as wire fraud and money laundering.  So, I ask you, Jason please review all the documents cited in this letter and see for yourself why I cannot and will not do business with MTI.  

Please cancel my loan contract with MTI as stated in the Authorization Agreement for Prearranged Debits which states: This agreement will remain in effect until Universal Account Servicing, LLC receives a written notice of cancellation from me, or until I submit a new authorization form to the Billing Department. 

This is my written notice of cancellation to UGA.  Please cancel this loan as I will not do business with MTI.

It appears that UGA does not honor their own agreement which states that This agreement will remain in effect until Universal Account Servicing, LLC receives a written notice of cancellation from me, or until I submit a new authorization form to the Billing Department. I have provided written notice of cancellation.  I will contact Mr. Harper again on Monday, May 9, 2011 and see what he has to say. I will also contact Jason from Universal Group (to whom the letter was addressed).


...To be continued...

This report was posted on Ripoff Report on 05/07/2011 05:21 PM and is a permanent record located here: http://www.ripoffreport.com/r/Market-Trader-Institute/Lake-Mary-Florida-32746/Market-Trader-Institute-Next-Step-Financial-Holdings-MTINext-Step-Financial-Holdings-Lyin-726886. 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 Consumer Comment

RE: UGA financing

AUTHOR: Angry Consumer_10 - (United States of America)

I recently found out that MTI lost their account with UGA due to so many complaints by clients, chargebacks and issuing bad paper. MTI is now apparently doing their own in house financing, ostensibly at 0% interest. The fact is that MTI jacked the price of their course up from $3995 to now $6995 so essentially everyone is now paying a very high interest rate 20% plus even if they pay in full based on the new inflated price of the course.

They are also offering a charting program for $200 which is available elsewhere for about $50.

If they hook you on one course, you will be pushed to buy other courses like Swing Trading or a Scalping Course both which sell for around $5,000+ and are way overpriced.

The mother of it all is their Mastery class which they proudly tell you is a mere $12,000 for about 2 days of generic training.

Don't be shy, say no to MTI
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#2 Consumer Comment

Stay away from MTI

AUTHOR: Angry Consumer_10 - (United States of America)

Their products are way overpriced. When I first heard of this company, the price of their product was $2995 and that was for the Ultimate Traders Package. Now it is $6995. Pretty big increase. Perhaps the increase is to pay for all of the cancellations and refunds MTI gets once consumers come to their senses and see what they are really getting for their money.



MTI will start you off by inviting you to a FREE Webinar. This is supposed to be somewhat like a class or a workshop but in reality is a sales pitch for MTI's products. There is some useful information but most of it is basic stuff that even the most naive and newest of traders alwready knows.



Once you enroll in the FREE webinar, you will get lambasted with phone call and email reminders. They make it look like you either  have a horrible memory or no organizational skills.  Once call reminder would be ok, but c'mon 3, 4, 5 calls and the same or more email reminders? A bit much.



The telemarketers, who all seem very scripted and under a lot of pressure will tell you it is only 90 minutes and a  great value. It was in my opinion a total waste of time.

I was told that unlike hotel seminars, there is no pressure, you watch from home, if you like it fine, if not no one will bother you. Baloney! I was inundated with calls from their used car salesmen trying to high pressure me to buy the UTP (Ultimate Traders Package) I was told that I could try it for 60 days and if it didn't work I would get a full refund. Baloney! As others have mentioned, you have to  jump through hoops to get a refund and in many cases it is only a partial refund, not a full refund.



MTI also offer charting services for about $200/month.  I was apalled when I discovered that the same service is available for about $50/month. I am all for a company making a profit, but c'mon. This sounds like greed to me.



Having been through the Ultimate Traders Package, I feel that it does contain some useful information, but nothing that you can't find on your own in a good t/a book. By the way, I found it interesting that the newest edition ofd the UTP makes references to events that happened back in 2007. Perhaps time for an update??



I also found it interesting that no one that I talked to  at MTI are traders. Some say they trade in demo accounts but never with any real money. Query: If there system is so great and if so much money can be made trading Forex, why don't the employees themselves trade? Perhaps because the system is not what it is cracked up to be?



If you are really interested in Forex or t/a there are plenty of t/a books available that you can read and learn without spending the big $$$$ with MTI. I personally like Steve Nison w ho is perhaps where MTI gets some of their trading ideas from.



In any event, stay away from MTI. It can be hazardous to your wealth.

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#3 Consumer Comment

Stay away, it's a scam!!!

AUTHOR: Salford - (United Kingdom)

It's rather unfortunate that MTI would choose to misrepresent their position in this manner. Like the original ripoff report writer, I was a customer who was missold the UTP product. The product and options that were sold to me in the sales call on Feb 27, 2012 were completely different from the position that was presented to me when I asked for a refund.  I went through all the lessons and passed all the quizzes for each and I was told I still had not completely reviewed the modules.

Going through various staff was like going through a merry-go-round. Firstly, I was ignored for several weeks, my emails went unreplied and I heard nothing for a long time. Eventually, when they did get in touch, the back and forth began. Probably about 50% of all the material is purely motivational speaking, which may or may not be bad but is certainly not Forex education strictly speaking and wasn't what I signed up for. As for the fraud, money laundering and other illegal activity charges, I don't really know the details so I cannot comment on those.

I certainly regret signing up for what I thought was an opportunity to learn from a reputable firm. I wish I had seen this prior to joining. The trades shown in the webinar are nothing compared to what you will experience first hand. Soon after signing up, they start calling trying to sell other programs to you in a bid to get more money without even seeing the first one through to measure progress. I signed up with the belief that if the system didn't meet my expectation I could always collect my refund.

This was how it was explained to me at inception. When I applied for the refund, they completely backtracked and started off on how I need to completely review the lessons; lessons which I had completed and passed all the quizzes, scoring 100% on most of them. The refund policy is interpreted by the Company in such a way that virtually no one can meet the requirements. It's like a trojan horse; if the lesson is 2hrs long and you skip even 1 minute, MTI would consider you not to have reviewed the lesson. It's ludicrous!
 
Also, the customer service is virtually non-existent. They simply ignore you like you don't even matter. Bottom line is what a customer is sold is misrepresented at best and fraudulent at worst. I know from first hand experience and I encourage everyone to avoid this company like a plague. Save yourself the trouble, all the upside can be learnt from good Forex books and the downsides are certainly depressing. A word is enough for the wise.
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#4 REBUTTAL Owner of company

Feedback

AUTHOR: MarketTraders.com - (United States of America)

Disputes are never easy to resolve, I find that there is always two sides to every dispute and somewhere in the middle is always the full story.  MTI like any company evolves through feedback, but MTI is not 100% at fault.  We are all adults and we should read and make sure we understand what we are signing, and that we are comfortable with the terms and conditions of a contract.

 It is not my intention to keep this disagreement going, especially since we have already canceled your contract. My intention is to communicate that MTI has been in business for 17 years, and we pride ourselves on having the best Forex Education. If we, as a company, do not listen to feedback like yours, we will not last another 17 years.  

Since our last conversation and the settlement of your contract, Market Traders Institute has implemented multiple policies to ensure that your experience is not repeated.  During the sales call, the finance contract and refund policies are fully discussed, before the sale is completed. Every client is scheduled for an orientation call, and the first step is to verify that the sales rep went over the financial contract and refund policy.  The terms of their financial contract and the company refund policy are reviewed again.   If the client does not agree or does not understand, they are referred back to the Sales Manager for further clarification.  If after talking to the Sales Manager, the client does not want to continue, they can cancel their contract.  

Also, to ensure that our company representatives are handling all calls in a professional and accurate manner, as expected by MTI. we record all phone calls , so we can refer back to them for any reason.  In addition, all of the sales representatives calls are randomly review by the sales managers for quality assurance.

Again, disputes are not always easily resolved, but the important message is that we learn from the experience and strive to perform better.
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