- Report: #572479
Report - Rebuttal - Arbitrate
Complaint Review: Sean Seshadri
Sean Seshadri1936 Bruce B.Downs Blvd Blvd Suite #309 Internet United States of America
Sean Seshadri Lux Investments Don't Get Ripped Off! Internet
I have personally spoken to 10 other former students of Sean's, many of them PhD's, former traders and all well-educated individuals, who all got sucked in by Sean's charisma and promises and are now thoroughly disappointed in their sheer lack of results from his trading seminars. Why did so many apparently intelligent people get sucked in by this former Doctor and self-proclaimed trading genius?
Well let me explain my story:
1. First I met Sean at an another event - he actually came over to me and dropped a few hints on what he did - "I am a trader making much more money than real-estate. I use techniques known by very few" of course my warning bells went off, but he didnt seem sleazy, he was accompanied by a retired doctor and seemed very confident in himself. He also said he was a trained doctor and gave it all up for trading. He said he wanted to retire doctors from a low paid profession.
2. He then called me regularly dropping stories about how much money he made in a single trade and other 'students' he is helping out.
3. After several weeks and several phone calls, he said he would like to teach me and groom me to be a trader of his, but to attend his first ever seminar, it would cost $30K. He made several promises in his conversation with me:
- He said I leave no adult behind - I stay with you until you trade successfully
- You pay once and all other courses are FREE
- I want to bring you into my inner circle to trade and make lots of money
- I'll add a few zeroes behind your trading to boost your returns
- I'll teach you everything as if you were a 7 year old child. If I can teach a 60+ year old person to trade, I can teach you
5. He also set up a conference call with me and others to sell his credentials. He had with him his mentor, a former professor at his medical school, as well as 2-3 other former students who were very positive about Sean (they have subsequently all renounced him, and I mean ALL of them I spoke to)
6. I eventually decided that I trusted him, paid up and went to the seminar. There were 20-30 other students there, many of them Doctors and other professionals.
7. As the hours wore on I started to get that sinking feeling in my stomach. The seminar was amateur. His teaching style was highly unstructured. He didnt know how to teach. He spent a lot of the time talking about how wonderful he was. He got impatient and condescending when people asked him questions. The course materials were terrible, poorly written and sparse.
8. I left the seminar and found that the reality of trading was complex - setting up a system, executing trades, the terminology, etc., a total minefield that he absolutely did not cover in the course. It's like teaching somebody the concept of a car - speed, aerodynamics, etc., without instructions on actually how to drive, use the gears, pedals, mirrors, etc.
9. And then there was the 'radio silence' from Sean. Nothing.
10. Until it was time for his next seminar 6 months later. I had lost money and had followed his techniques but lost money because he didnt teach the science + the art of trading. But a classic case of pouring good money after bad. I listened to Seans apologies and that he was spending time setting everything up and that tons of students were making so much money and that I really was an exception and that I needed the refresher to catch up. In my stupidity I agreed to attend his next seminar which Sean said he would only charge me $5K for!
10. The next seminar was again woefully unstructured, with very poor materials and again left us with no system. He would pull up charts and make out how it was obvious that a particular stock price was going down based on his analysis, but its easy to say that when looking at historical charts. The fact that there are countless permutations and factors to consider when you trade the charting analysis, but also the overall environment, government announcements, annual reports, and so many other things which he simply did not cover. As mentioned, he had NO SYSTEM that he left us with. Just some guidelines.
11. During the course, he also invited other speakers who were selling their own seminars, which wasted half a day from what was already precious time away from family and other activities to attend this weekend seminar.
And I could go on, but you get the picture. I am so so disappointed in Sean. He took so much money and made out trading was child's play. He absolutely left me out in the cold, he did not deliver what he promised, he made me sign a 'contract' in a rushed manner saying it was "normal practice" and all it does is protect him with language like "Lux Trading does not promise any results from attending the course" etc. And I tried all of his strategies, but because the education he provided was so sparse and not comprehensive, I lost money. Other students have lost more - their savings, their trust and by being let down.
There are cheaper, better courses out there, not to mention free websites that provide the fundamental education BETTER than Sean does. He spends time on candlestick charting, which now you can find very good education on this in many places for FREE.
The conclusion to all of this was a request from me for some repayment of fees with very clear, factual reasoning as to why. After a lot of back and forth, Sean eventually hired a solicitor who wrote me a letter saying I should not contact Lux again and would not get a response.
I asked Sean to do the right thing and pay back the students who support him initially, yet who he left down so badly. He took the money and delivered a fraction of value in return. I would hate to see anybody else get sucked in by this. He needs to learn that it is just not acceptable and in fact quite dangerous, to teach trading like he does. He's doing it to grow his own bank balance and has let so many people down who trusted him.
This report was posted on Ripoff Report on 02/20/2010 05:14 PM and is a permanent record located here: http://www.ripoffreport.com/r/Sean-Seshadri/internet/Sean-Seshadri-Lux-Investments-Dont-Get-Ripped-Off-Internet-572479. 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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