• Report: #24840

Complaint Review: Wall Street Underground

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  • Submitted: Wed, July 17, 2002
  • Updated: Thu, February 19, 2004

  • Reported By:Chicago IL
Wall Street Underground
9003 West 51st St. Merriam, Kansas U.S.A.

Wall Street Underground Commodities and Securities fraudulent & deceptive ripoff company with a guarantee that failed. Merriam, Kansas

*Consumer Comment: DELIVERED AS PROMISED

*Consumer Comment: Why ask for a refund when profitable trades were given as promised?

*Consumer Suggestion: No Shills Allowed...

*Consumer Suggestion: No Shills Allowed...

*Consumer Comment: Wall St Underground-The only truthful Analyst

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The Wall Street Underground also known as WSU or eWSU is a paper and ink newsletter written by a man who calls himself Nick Guarino. It is a free newsletter which promises enormous returns if you follow his commodities and stock recommendations.

But first you must send him $5000.00 to access his secret web site and receive his current recommendations. It doesn't have current recommendations nor a history of his trades or a trading system. Everything he wants to say is in his free newsletter. Don't subscribe to any of his offers.

Once I realized I had nothing to gain from the secret web site I asked for a full refund as the guarantee stated. I subscribed in August of 2000 and have been asking for a refund since September of 2000. It is now July of 2002. I have been promised a refund by check but it was a lie.

No one at the Kansas address has a last name nor a title. Nick Guarino never appears there. They have no email either from their web site or at their physical address. Personnel changes as frequently as they drop your phone call on hold. Mailings are done by bulk mailing companys. Nothing on the surface leads to a recognizable company with responsible personnel.

I am an experienced trader. Nothing here can help you to learn to trade or be successful at trading. There is no system no science no method nor any advice of real value. It is easy to short markets but not easy to win consistently. Look somewhere else.

William
Chicago, Illinois

This report was posted on Ripoff Report on 07/17/2002 08:57 PM and is a permanent record located here: http://www.ripoffreport.com/r/Wall-Street-Underground/Merriam-Kansas-66203/Wall-Street-Underground-Commodities-and-Securities-fraudulent-deceptive-ripoff-company-w-24840. 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:
0Author 5Consumer 0Employee/Owner
Updates & Rebuttals

#1 Consumer Comment

DELIVERED AS PROMISED

AUTHOR: Efrhen - (Venezuela)

I ordered his newsletter for $150 a year or so.
I got this booklet on how to make millions on the coming stock Market Crash.That was back in 2000. In the coming months and years a saw his predictions unfold as the markets imploded from the Nasdaq highs we all know to two bits in 2002.
I did not have enough capital to trade the index futures so I tried using stock options but through the complexities in option trading I just managed to lose my limited capital.
I never got his 5000 service because I could not afford it but whatever information I got from him was sound,solid and useful
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#2 Consumer Comment

Why ask for a refund when profitable trades were given as promised?

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

Whether Wall Street Underground uses deceptive practices to "lure" people into spending $5000 on their subscription is not really at issue (and it is true that WSU probably extends into the questionable in terms of the hype). What is at issue is that William, like many others who complain about the WSU, want a refund beyond what Nick and WSU have offered.

Most of the promotional material that I have seen from WSU involves Nick's personal guarantee that he will refund your money if you don't make $X amount trading his recommendations. Never have I seen any of their guarantees say "If you are not completely delighted" or "If you don't like what you see", etc.

William hasn't told us if he actually made any trades in the month before he asked for a refund, but my guess is he didn't actually meet the qualification of that type of guarantee. That he claims to have been promised a refund that he hasn't received, well, that is another issue.

William also mentions that on the web site there were no recommendations or records of past trades. Since I have followed WSU and have been on the site, I can say that William must be blind. There is a huge (and, in my design opinion, obnoxious) green button that says, "HOT TRADE". This takes the user to a section that gives Nick's specific recommendations. Not only that, but the page is cumulative. He just stacks the new stuff on top of the old. The trades go back about a year, with a link at the bottom to go to past "Hot Trades". Then there is a button on the main navigation bar that says, "Current Recommendations". So, I don't really see how William is able to claim there were no recommendations or history of past trades.

In regards to his claim that there is no "trading system," he is correct. But again, I must ask if he truly read any of the other material that he saw that made him want to subscribe. Nick is not a systems trader, nor a technical trader. In fact, he goes to great lengths to explain that he is a fundamental trader, making decisions and recommendations based on the fundamentals in the market. William claims to be an experienced trader. If so, he most certainly should know the difference between a trading system and making trades based on fundamental analysis. Reading the promotional hype that I receive from various newsletters, it is easy to identify the basis for most of these guys' trading advice, be it systematic, technical, or fundamental. As far as I know, Nick has never claimed to have "a secret system", just his own analysis of information.

So let's review. William wanted someone to tell him how to profit in the markets so he subscribed to WSU. He received what he paid for, which was access to Nick's site to get his detailed recommendations (although as an "experienced trader" I am not sure why he need this to be done for him). For whatever reason, William decided not to take the trades (reviewing the archives shows that Nick made 3 hot trades during August 2000, when William subscribed).

In the time that I have followed WSU (and that is basically during the time that William has been hoping to get his five grand back), I have personally seen people more than double, triple and quadruple their accounts. I saw someone take and account of $150K and run it as high as $1 million with Nick's trades.

Realistically, no one is right all the time, and no one is right forever. Maybe Nick has been lucky. Maybe the people that have followed him and made money were lucky. But that is, in my opinion, not the issue. The issue is that Nick guaranteed his trades would make money. Bottom line, they did. If someone sat on the sidelines and didn't take the trades, how can they say, "Well, I had the information I asked for but I didn't take the trades. I want a refund because I didn't make any money." To that I have to say, quit your crying and move on, but don't blame someone else for your own inadequacies.
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#3 Consumer Suggestion

No Shills Allowed...

AUTHOR: TheFraudChick@aol.com - ()

The State of Kansas Attorney General's office is currently looking at the practices of the Wall Street Underground. If you have information about your experiences with this company, you may forward them to:

Office Of the Attorney General
120 SW 10th Street 2nd Floor
Topeka, Kansas 66612-1597
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#4 Consumer Suggestion

No Shills Allowed...

AUTHOR: TheFraudChick@aol.com - ()

The State of Kansas Attorney General's office is currently looking at the practices of the Wall Street Underground. If you have information about your experiences with this company, you may forward them to:

Office Of the Attorney General
120 SW 10th Street 2nd Floor
Topeka, Kansas 66612-1597
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#5 Consumer Comment

Wall St Underground-The only truthful Analyst

AUTHOR: M - ()

Let me start by saying that I am not a subscriber to the "Wall St Underground"; only because I can
not afford $5000. However, I have read many of
his newsletters as a friend of mine has subscribed
to his page for many years. true. he does not have
a track record and doesn't tell you what to invest
in...but that's not what he is about. Basically,
he is telling you for the past 2 yrs not to
invest in anything with the exception of gold
oil and the euro. He has been telling you about
companies "Cooking the books" lon before enron
and said there are about 500 more companies out there just like enron. He is saying "Analyst are
dirt" true.....do you own homework. He has been
preaching this when the nasdaq was at 5000!!!!!!!
He said to short DOW if it went to 10000 and again
if it climbed to 10600....he was right on!!!
Believe this guy...these bear rallies are self
made by manipulation of certain stocks to give
some of these clowns a chance to get money back.
There are only 30 stocks to the DOW...and these
30 stocks can be easily manipulated to make investors think "its over"....its not!!!!
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