• Report: #474112

Complaint Review: Stellar Forex Consulting Group - Precision Fx

  • Submitted: Tue, July 28, 2009
  • Updated: Fri, June 21, 2013

  • Reported By:Houston Texas
Stellar Forex Consulting Group - Precision Fx
www.stellarforexconsulting.com St. George, Utah U.S.A.

Stellar Forex Consulting Group - Precision Fx forex scam, Please be careful, they are sly, forex rip offs St. George Utah

*General Comment: My Due Diligience...

*UPDATE EX-employee responds: I worked there. Complete Scam.

* : Stellar Forex Consulting Group

* : Some needed Clarification

* : Nice report without any substance!!!

*Consumer Suggestion: how

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Dear Friend: I am not sure how many of you are traders or have been for long enough to know how some people and companies in this industry really work. I have been a trader now for many years and have learned some very scary things out there about some companies that are taking many of you for your money. First off the forex is an investment. Please take a look at this site and read what a broker has to say about forex trading. The following is a quote directly from the broker you can check the source out by going to www.fxcm.com (scroll to the bottom where it says Investment Myths) Many companies out there sell this type of investment as a disguised get rich quick scam. What they will tell you is that you have been selected from a pool and one of the lucky ones that gets to work one -on-one with a coach or professional mentor. (Like you won some sort of prize) Be very careful some of these salespeople are very very good. This is how it works, they will have a two part sale; meaning you will be talking to two people, one guy is a finder who finds out if you have money by telling you he is going to help you get out of debt or some sort of reason for him calling. This may be done in many ways, you bought into some deal on the internet and they are screening calls or they are just checking to see how you liked the product. This part of the sale has one purpose, to see if you have money. They will tell you things when you ask them questions like, I don't know I am only a junior associate or I haven't worked here very long or my favorite, this company doesn't allow me to get into this industry unless I have worked here at least 5 years Let's go back to the basics, IF IT SOUNDS TOO GOOD TO BE TRUE IT IS!! The goal of this stage is to see if you have money so that you can go on to the next step. This second step is the grabber, the closer, the senior director, or some sly name for a closing salesman. These people don't take no for an answer unless you hang up on them. They will tell you they are looking for a few people, hit your pain just like a normal sale would go. They will tell you in some cases how much money they make or that they are hooking you up with traders that have made millions on the markets and you are lucky they might even tell you in some cases that they themselves have made a ton of money. They will tell you that you are going to be a testimonial for them and the company and that they need you to be a part of their success team in order for them to sell more products. They will be sly and very convincing. Their goal is to convince you very cunningly that's it's ok to invest THOUSANDS of dollars from your credit card to work with a professional trader Many of whom really haven't been in the markets for more than a few months. Here is how to beat them. If you have invested your money in them CALL YOUR BANK AND GET IT BACK!! Here is how you can win with the bank. The sales rep will run circles telling you that you signed a contract and that you can't get it back. They will tell you that they always win these disputes and that you wanted it once and there is no point in fighting it. What they won't tell you is this, even if you signed a contract, you are being scammed. The consumer will win the chargeback if you do a few things. 1. First and foremost, show the bank this letter of warning. 2. Keep names of the people you chatted with and pull up their info on the internet and take those documents to the bank. 3. Don't be bullied by the company. They will try to draw fear in you. 4. In some cases an attorney will be necessary. You will have to have them write a letter to the company (it might cost you a few hundred) but they will be more than willing to give your money back at that point. If they pursue it enough to go to court and they lose, it would ruin them. This is how the companies are set up. Let's say you pay $6,500.00 to company X. Right off the start 20% gets paid out in commissions. (you really think the sales reps aren't going to say whatever they want for the $1,300 in commissions each gets roughly $650). They will sell as many of these people as they can in one week. They will tell you how busy the closer is simply because he is booked with other people like you that he is closing. The first person will tell you that he needs to go check the senior director's schedule, and in reality he is just finding someone on the floor that can close you down. Ok, next there is a merchant fee, that normally depends on the merchant some I have seen as low as 1% but most of these floors are fly by night and change their names so often they are a risk to the merchants so they run about 3-5%. Let's say for this example we run at 2% that is $130 taken off the sale. Now we are down to $5,070 left over. There is what is called a lead fee, which can range again from 15% - 40% of the sale. Industry average is about 35%. That is $2,275 of the initial sale. The lead generator is the place or company that sold you the initial program. Their marketing looks great and they will tell you all of these great stories of how much money you can make to get you to buy their program. But they are also making money on the back end by selling the name phone number and address to these Call Centers. Most of these things don't work, they are just lead generators. Ok, now we are down to $2,795 of your money left. We haven't even talked about the millionaire that will be coaching you. Let's say that the package you signed up for bought you into 20 coaching sessions. You would think that simple math would be $325 per session. Even if the coach made of that $162 per session and did 10 per week, that would be $1,620 per week that this coach would be making off the coaching. HMMMM..why is a multi millionaire working 10 hours a week to make $1,620???? Out of the kindness of his heart?? I don't think so. Not for that little of money. Now, imagine if the coaches were to only make $30.00 of that per session at 10 sessions per week. That would only be $300 per week. I hate to be the bearer of bad news but that's all they make and they don't do 10 sessions, many of them are doing 40+ sessions to make ends meet. Many of these Call Centers sell in the ranges of $50,000 - $150,000 per week in sales volume. These owners are the only ones in the company that are making money. When you see testimonials they are generally of demo accounts. One way to know a real live account from a Demo is look at the time frames, if you see some withdrawals (money taken out and paid to the trader) than it is more likely to be real, the testimonials that you are seeing are normally demo accounts, talk to any real trader or investor and they will be the first to tell you that real trading is 0 different. Of course it's easy to open a trade on fake money. That would be like me telling you I bought 3 properties today, (I really did, Boardwalk, Park Place and Connecticut Ave) I played Monopoly and made enough money to buy them. You might laugh but that's the same concept. Wouldn't it be nice to really buy real estate that easily? I have seen first hand they are all over the internet, sometimes even named The Forex Wire llc, Shanklin group, BDS and many more clever disquises. Be careful. Real 4x trader Houston, Texas

This report was posted on Ripoff Report on 07/28/2009 09:04 AM and is a permanent record located here: http://www.ripoffreport.com/r/Stellar-Forex-Consulting-Group-Precision-Fx/St-George-Utah-84770/Stellar-Forex-Consulting-Group-Precision-Fx-forex-scam-Please-be-careful-they-are-sly-474112. 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 General Comment

My Due Diligience...

AUTHOR: California - (United States of America)

I just had a call with them too. To be fair, I did not pay, but I did do some due diligence. Any of these things can be explained individually, but all together it becomes shady. Here are my bullet points:

 I was sent a copy of their Enrollment Agreement. It looks fancy, but if you read it it appears to have been written by someone that doesn't know contracts. I also don't want to explain why, because if it is a scam then they will know what to correct, but ask for a copy yourself to read.  In addition, take notice of the 3 days for a refund (from purchase date... not receipt of 1-1 training, etc.).  They talk about 1-2 week trial periods, but their contract says 3 days.  Lots of "why would we put it in writing if...?" but they really haven't put much in writing.  They agree to talk to you for a year if you don't make your money back, but that doesn't mean anything other than that.  Do read the contract and not just take their word for it.

 They openly brag about the products that they do marketing for (FapTurbo, MegaDroid,etc.) . And as part of their StellarFX sales pitch they mention that all of those products (moments before being great) are total crap. Seems like a strange way to do marketing... throwing your "best" clients under the bus on a whim.  However, FapTurbo is mentioned as a client on their website but not MegaDroid (the best product of the year according to them... but it is crap at the same time). 

 They were very specific about the StellarFX program. Started at the beginning of the year, goes until the end of the year (2010). However, people have been posting about the same call that I received for over a year and a half. Seems strange to me.  What marketing company would admit to spending two years trying to come up with 3 month testimonials (Feb 2009 earliest comment found; they told me they were ending at the end of 2010).

 Googling StellarFX and BDS (Business Development Systems) brings up 3 web pages... all associated with these guys:

a. http://www.bdsglobalmarketing.com/ 
By far the nicest looking website, but it is superficial. Try clicking on links, contact forms, etc other than the testimonials (which they recommend you check out on the phone). Nothing! The web page is more or less empty.

b. http://www.seniordirector.com/
They actually were the ones to tell me that this was part of their company (run by an Ethan Brian). This site has been around for at least a few years. Does this look like a multi-million dollar company to you?

c. http://www.stellarforexconsulting.com/
This page is a lot like 5a. See all those links on the left that show how serious they are as a company. How many of them actually link to something? As of 7/2/2010... 2 out of 19! The rest is just text to make the page look busier

So url #1 claims that BDS is a marketing company (told on the phone that this is a "corporate site" and not available to the public to protect trade secrets, but it's on google). Url #2 says that BDS is a company that they sell mentoring/training (not marketing).  Url#3 says that StellarFX is also a mentoring/training company (not marketing).

 I asked about Better Business Bureau. They said it is a scam pay to be ranked high and they aren't on it. It is a "pay for ranking" system in that you need to pay $350/year to have the highest rating. However, they are on it with an F.  Wouldn't you think a multi-million marketing company would consider $350 very cheap positive marketing if that is all that is required to take a BBB rating of F to A or higher?
 When I mentioned my concerns due to these reasons, I was insulted repeatedly, called names, and hung up on. It was this that convinced me that they were fraudulent... clearly not good marketing for a highly successful marketing company.

 I asked about Better Business Bureau. They said it is a scam pay to be ranked high and they aren't on it. It is a "pay for ranking" system in that you need to pay $350/year to have the highest rating. However, they are on it with an F.  Wouldn't you think a multi-million marketing company would consider $350 very cheap positive marketing if that is all that is required to take a BBB rating of F to A or higher?

 I asked them about this Ripoff Report (www.ripoffreport.com) posted for Stellar Forex. They said it was crap and directed me to www.ezripofflawsuit.com. They're right... it does look like a scam.  Not that the posts are a scam, but that companies have to pay to have their names cleared.  But look at the date of the posting. 6 months before they said the project started.  When I asked about this I was fed a line about multiple projects and phases... but when I asked at the beginning of my first phone call I was given start dates for both the project and phase. Whether or not Ripoff Report is legit, the posting for Stellar points out the lie in the sales pitch.

Again, they were polite until I said I was concerned and not interested. Then they were very rude and insulting and told me that anyone who would analyze their offer is not someone that they want to work with.  Anyone who wants to verify that a company that calls you up and immediately wants to take $4500 from you is a legitimate company is someone they don't want to work with???  I spoke with John Lavalla (the final call - he yelled at me and then hung up) and Lou DiAngelo. Also check out: http://tweettwins.wordpress.com/activities/tweettwin-scam-alert/

In case they call, look for things like "perfect demographic for our testimonial,"  "just had a call canceled from New Zealand, etc."  The first caller is a world famous marketer and personality profiler, the second caller wouldn't waste his time with you if the first hadn't been so overflowing in praise for you.  The whole process was quick.  I received the first call 5-10 minutes after the 2nd... which "never happens" and I'm just lucky.  

If any of these things sound familiar, know you're being fed a line.

And if the comment from Stellar Forex people that were listed above is accurate about this being an outside company that is dirtying your good name... then why haven't you changed companies after all of these months/years?  They are calling and claiming to be you, you openly acknowledge this, and yet nothing has been done to stop it.  

Just food for thought.  Personally, I am sure that I was just saved from a $4500 scam.  
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#2 UPDATE EX-employee responds

I worked there. Complete Scam.

AUTHOR: Dan Stewart - (United States of America)

I recently worked at Precision FX (another one of the aliases of Stellar Forex Consulting) and everything this guy is saying is true. Every last word yes it may sound astonishing but these people are nothing short of criminals. 

Kale Goodman, Jeremy Woodard and Robert Montgomery were the ones in charge at the time. Some of the closers were Wade Knight, Derek Larson and JD Leavitt. And the setters were usually random junkies off the street. Brash? Not at all. In fact most of the people theyre had sever drug problems, were on probation or just got out of prison or jail. In fact one of the setters I got to know said the only reason he worked there was because they didnt test for drugs. Anyways don't buy anything from these guys they are a total scam and I believe they have already moved locations from when I last worked there in June of 2009. They are also affiliated with other St. George scam artists such as. Jeremy Johnson. (iworks, NetSuccessNow, PMI along with many other of his fraudulent companies) Aaron Johnson and many others. These guys belong in prison and I suspect they will be there within a few years. St. George is one of the most corrupt towns in the United States.

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Stellar Forex Consulting Group

AUTHOR: MeanBiz - (USA)

I would like to start off by saying that I find it extremely funny that "Real 4X trader in Houston, TX won't even tell his name. What is he hiding from?

Also where is he getting his information?  While some of it is similar as to what my husband and I went through, we have no complaints.  Going through the interview portion and then being accepted into the program has changed us. Yes we had to pay a couple thousand dollars up front to get this training.  But tell me, can you go to college for free?  NO you can't.  Someone has to fork over money, whether the college gives you a scholarship for whatever reason or you pay for it out of pocket, somewhere, someone is paying for it.

Yes there is some information out there on the net that provides free how to's and suggestions.  But you don't get any one on one advice, there is no one to help you, answer your questions NOTHING!  So for free you have access to information that you don't really know how to use.  Maybe if you are an expert and can translate some of the information you can do it all on your own.  But for most of us who are just looking for ways to stay home and raise our kids.  People that don't know the lingo etc... We need someone there to help walk us through everything, teach us techniques and show us what has worked for them.

This is what we have taken from Stellar Forex.  We loved our coach!  He was always there for us when we had questions, always held our hands if we needed it. Spent a few extra minutes answering questions etc....

My husband and I nearly doubled our demo account in less than a month.... When we were trying it on our own, we were always losing money in demo.

I personally before signing up for the program talked with some former students and heard their testimonies... Lets just say I was more than impressed and would recommend this program to ANYONE!

Very happy to be a student of Stellar Forex Consulting Group.

Kaye - Colorado
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Some needed Clarification

AUTHOR: Pili13 - (USA)

"Real" Trader from TX,

You present a lot of interesting information in your post, but maybe you should have done some REAL research before making statements against SFCG that just aren't true. Most of those were addressed by a previous post, I would like to take a closer examination of the holes in your story. Mainly, your claim and insinuation that FXCM somehow discourages Forex coaching or doing business with SFCG. Here is a quote from your post: "Please take a look at this site and read what a broker has to say about forex trading. The following is a quote directly from the broker you can check the source out by going to www.fxcm.com (scroll to the bottom where it says Investment Myths"). " Unfortunately, and I'm not sure exactly how, you posted something completely different than the actual article you refer to. The real article, which will follow below along with the exact link to the article, has absolutely nothing to do with any of your comments. So basically, you are making unsubstantiated claims against a company and then don't have anything to back it up. Good job!! Here is the link to the REAL article: http://www.fxcm.com/investment-myths.jsp
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Nice report without any substance!!!


Let me set the record straight! Usually when people want to know exactly what is going on with any particular question or subject, they try to communicate with both sides and formulate an opinion. Obviously this report did not represent my side. I never got a call from this "trader" from TX who seems to know so much about how this all works (Wonder if you're a competitor?"). Your journalism in this matter is as good as NBC or CBS--you present what you want for a compelling argument without highlighting the other side. In the words of Rush Limbaugh, you're kind of like the "drive by media."
Although I'm not contesting all the elements of your report, I am contesting some as you have not presented all the facts and you certainly have no clue how Stellar Forex Consulting Group's role is in this whole process.
We have many successful traders in our organization. I have testimonials coming in all the time and that's probably only from a small percentage of the people we actually train. I have been involved in trading since 2002 and have taken several courses myself. I know what's out there and I know that our prices for one-on-one training are in line with our competitors. You would be blow away at what I've paid for forex courses and seen what I've gotten! So don't try and tell me that our course is not worth the money. In fact, I will give you some training for free just so you can see for yourself. You're certainly opinionated without having any knowledge of our company, so why not experience it for yourself as that is what I'm offering you. Just let me know if you're willing to do it.
What's unfortunate about this situation is that some of the marketing that is done to create forex leads may be what's hurting Stellar Forex Consulting Group. When someone purchases our packages, they are contracting with the company that sold them the package. We have simply contracted with the companies that sell our services. So there are 3 companies involved here: Lead Company, Sales Company and Fulfillment. We have no control over the lead company nor the sales company. What we do have control over is our fulfillment company and have bent over backwards to make people happy even when some individuals were overpromised certain things.
As far as what we have control over, we strive to do our best to stay updated and competitive with the latest technologies and strategies as the forex market is constantly changing with market conditions and economics. We strive to provide excellent customer service and support and make everyone's experience a good one.
So when considering SFCG as an option for forex training, these are the facts that we hope people will consider when selecting a forex mentoring company.
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#6 Consumer Suggestion


AUTHOR: Nancy - (U.S.A.)

So how were YOU ripped off? If you want to rant and rave and warn people, start your own blog. This is NOT the place for that.
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