- Report: #149162
Report - Rebuttal - Arbitrate
Complaint Review: Optionetics
OptioneticsCustomer Service: 255 Shoreline Drive, Suite 100 Redwood City, California U.S.A.
Optionetics Ripoff Options Trading Educational 2day Seminar Redwood City California
*Consumer Comment: Optionetics - INTERESTING FYI
*Consumer Comment: Half right and wrong
*Author of original report: Optionetics, is a Trading Business?
*Consumer Comment: Would you prefer Wade Cook?
May 19, 2005
RE: Optionetics #202 11-APR-05, Orlando FL
To Whom It May Concern:
I am disputing the quality of the goods and services as well as the guarantee which I purchased for $2995, on April 11, 2005. I contacted the merchant on May 16, 2005 to request that I get a refund and the agent offered me their Extended Guarantee that requires me to open and close 36 Optionetics limited risk option trades in six months.
When I purchased the Optionetics 2 Day Seminar on April 11, 2005, I was given documentation, and audio/video material to review. The information was overwhelming to say the least and I expected the seminar to be more helpful, it was not. When I attended the 2 day seminar the instructors cover the material at the same pace and style that it was presented in the video that I received, it was cluttered with information which should take me a year or two to comprehend and execute.
The basis of my dispute is in two parts, the first part is that the 2-day seminar along with the material given to me is not going to help me earn more than the $2995 tuition within 6 months as described in their Extended Guarantee. The second part of my dispute is that the value of the material and information from the 2-day seminar did not meet my expectations, the material is overwhelming and cluttered with new information that it would take me more than 2 years to comprehend and execute.
I am sending you a copy of my receipt and of the extended guarantee for your review. I am also sending you a copy of some Optionetics website discussion board articles that give proof to the basis of my dispute:
Attachment 1: This consists of my receipt, Extended Guarantee and the Seminar Agenda. In the Seminar Agenda, you will see that they did not cover anything worthwhile for me to decide that this seminar is as good as they say it is before 12 noon.
On the Receipt I have highlighted Parts One and Two of their Extended Guarantee. If they had given me the option to ask for a refund after the seminar, I would have done it. Also notice Part Two of the Extended Guarantee, they are asking me to execute 36 trades following their techniques. When I called customer support to help me get started, he just refer me to their website bulletin board, it was worthless to me.
Attachment 2: During the seminar the lecturer cover many topics which needed the use of their Platinum website software as well as other software like Advance Get and Calendar Finder. Again this is proof that the seminar had no value whatsoever. When the lecturer was asked many times to setup a trade by more than 75% of the classroom(who had already taken the 2-day seminar), the lecturer kept using these software which I did not have.
Attachment 3: As further proof that the seminar was worthless, please review these two pages handed to me during the 2-day seminar. One covers Type 1 trade and the other Type 2 trades, again the lecturer cover material I don't have access to. If you looked closely the lecturer is using Advance Get software so he can use the Elliot Wave Analysis and Elliot Oscillator.
Attachment 4: This is a page from Optionetics Course book 3, it is George's Basic Philosophy of Trading. In it he advises to never risk more than 5% of your account on any simple trade. I have a life savings of $28,000, which means I can only use $2,400(which is 5% of $28,000). How can I be eligible of the Part Two of their Extended Guarantee which requires me to make 36 trades so I can get my $2995 paid off? If you read the Extended Guarantee, they promise me to help me make 300 percent return of my tuition $2995which is approximately $8985. The risk involve is very high, if I loose money, my cost would be much more than 300 percent of my tuition.
Attachment 5: These pages are written by beginners who have not taken the 2 day seminar and reveal how risky and time consuming it would be to learn the Optionetics method.
The first bulletin board message was directed to George Fontanills, the founder of the Optionetics, by a young college student, with user name Nick 83. The young man wishes he had access to Optionetics publications(Optionetics Platinum) so he can execute correctly- he made some losses as a result for not having access to Optionetics Platinum. He gets a response by another person named borakin who makes a suggestion to Optionetics Executives that they reduce the price of the Optionetics Internet product, Platinum. Then he continues to refer him to another site's analysis system that will better fit his budget. This is proof that there is no way for me to make 36 trades without any aid as mention by this poor young college student.
The second bulletin board message was made by beaconpub, this beginner reveals he was using the home study course(a $205 course), this is proof that it would have been better for them to offer me their beginner home course instead of the 2-day seminar(a $2995 course) so I can get some experience in the market before I try their more advance methods.
The third bulletin board message was made by sharonna, she reveals that she had taken the 2-day seminar and that she is following all the seminars for more than 6 months. When I attended the 2 day seminar, the lecturer asked who had taken the 2-day seminar and more then 75% raised their hands. This is proof positive that there is no way I am going to make more than 300 percent within 6 months and much less without Optionetics Internet product, Platinum and this other software Advance Get (a $2500 software).
I implore you, that you ask Optionetics founder George Fontanills to help me get my refund. Please tell him that I would like to return the books,and audio/video CDs as well.
West Jordan, Utah
This report was posted on Ripoff Report on 07/10/2005 09:27 AM and is a permanent record located here: http://www.ripoffreport.com/r/Optionetics/Redwood-City-California-64065/Optionetics-Ripoff-Options-Trading-Educational-2day-Seminar-Redwood-City-California-149162. 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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