• Report: #1025923

Complaint Review: Market Authority Inc - Jason Cox

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  • Submitted: Fri, March 08, 2013
  • Updated: Sat, August 02, 2014

  • Reported By: dsmtrader — Ft Lauderdale Florida United States of America
Market Authority Inc - Jason Cox
901 Rio Grande Blvd NW Albuquerque, New Mexico United States of America

Market Authority Inc - Jason Cox Wealth Insider Alliance, Sam Johnson, Ian Cooper, James DiGeorgia, Charles Mizrahi, Mark Messier, Adrian Manz, Andy Man, Mike Ser. John Thomas Pump and Dump Stock Scammers Albuquerque, New Mexico

*Consumer Comment: Thank you so much for exposing this scam

*Consumer Suggestion: Definetely a scam

*Consumer Comment: Sam Johnson

*Consumer Comment: No response to refund request

*REBUTTAL Owner of company: This is Jason Cox responding

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if the US government watched out for the ordinary Joe, Jason Cox would have been put behind bars long ago.

He started out peddling worthless trading systems online with promises like "Turn $1,000 into $3.6M in six months" as Wealth Insider Alliance, some of his gems were: Speed Retirement, Swing Trading Millionaire, Gold & Energy Options Trader, Buyout Trader, Daily Income Trader, Part Time Gold Trader and Macro Millionaire.  Google any of them and you will find plenty of unhappy customers.

He has used a list of aliases including: Sam Johnson, Ian Cooper, James DiGeorgia, Charles Mizrahi, Mark Messier, Adrian Manz, Andy Man, Mike Ser, John Thomas and Geoff Garbacz.

Already the subject of a long running FTC investigation, he found himself unable to continue pushing this trash after the credit card merchants refused to take payments for him due to the amount of complaints and chargebacks his victims generated.  After a short spell with Paypal, who soon dumped him, he came up with his most audacious scheme to date: Passive Income Engine.

This is the classic pump and dump scam with a twist he also charges his victims to take their money!

Mr. Cox gets paid by the pumpers to fill your inbox with spam but also charges these people to receive his junk email!  Hows that for burning the candle at both ends?  

Like all penny stock scams it relies on a line of nave and gullible people being taken in by the hype and B.S. who pay more for the stock than the sucker before them.  Eventually the stock crashes and everyone (apart from the pumpers) gets fleeced.

Example - another email received from him only yesterday:

On 1/10/2013 Market Authority informed you of a huge IR campaign starting for the company ECAU when it was selling at 80 cents. We knew this because we were paid $25,000 to send out the advertisement and we accepted it because we had studied the company and felt like it would be a great trading opportunity. 

The stock reached a peak of 3.61 in 13 trading days and we told our members to take a fast profit on this stock. Depending on how long you held to it you could have potentially made a return of 350%. 

We've been paid $25,000 again by another very large IR firm and they are using direct mail and email to bring awareness to this stock as well.

Stay Tuned for the Ticker Monday morning!

Americans deserve better.  We should be protected from this kind blatant fraud.  It is time to make a stand.  If you have been ripped off by Jason Cox contact the FTC in Washington and write your congressman.

This report was posted on Ripoff Report on 03/08/2013 11:43 PM and is a permanent record located here: http://www.ripoffreport.com/r/Market-Authority-Inc-Jason-Cox/Albuquerque-New-Mexico-87104/Market-Authority-Inc-Jason-Cox-Wealth-Insider-Alliance-Sam-Johnson-Ian-Cooper-James-1025923. 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.

Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report.

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REBUTTALS & REPLIES:
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Updates & Rebuttals

#1 Consumer Comment

Thank you so much for exposing this scam

AUTHOR: Jacob S - ()

OMG!   I am so glad I found this report as I was just about to sign up to Passive Income Trader.  I should have remembered if it sounds too good to be true it probably is.  Thanks guys you have saved me from being “ripped off”.

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#2 Consumer Suggestion

Definetely a scam

AUTHOR: RexS - ()

This program is a complete scam from start to end and won’t make any money.   I have been receiving their trading advice emails after buying another one of their garbage products, which was also worthless.

The 100% winners claim is totally bogus.  They have had quite a few losers over the last few months, but just delete them from the record.  And as their performance is calculated by putting all your capital on each trade you would blow your account in no time flat losing 50% + on the bad trades.

Also the winners are not what they seem, but it takes a bit of working out how to realize how they are gaming this.   They wait until a stock dips and then recovers quickly to send out an email to buy it at the dip price, which is of course no longer available.  Exits are the same, they wait for a spike up and then advise an exit at the top of the spike.  In reality you won’t get half the move they are claiming, but will of course all of the losers.

As for the “60 day ironclad guarantee” – you have more chance winning the Mega Millions than getting money back from these people.   After several unanswered emails I eventually received a reply informing me they were unable to pay the refund due to lack of funds and recommended that I called my bank and filed a chargeback.  If you Google “Wealth Insider Alliance scam/complaint” (this was their previous name) you will find dozens of similar complaints.

When I saw they were offering their program at $9,000 I nearly fell of my chair laughing.  Only it’s not that funny as some poor saps will be sucked in by their lies and BS and lose their money to a scam artist.

To summarize, if you want to pay a lot of money for a system that will lose your cash, and get the run around when requesting a refund, Jason Cox’s “Passive Income Trader” is just what you are looking for.   Otherwise keep your dollars in your pocket.

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#3 Consumer Comment

Sam Johnson

AUTHOR: billlippold - ()

I've considered buying your "Passive Income" program.  So Jason...who then is "Sam Johnson?"

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#4 Consumer Comment

No response to refund request

AUTHOR: Giles62 - ()

I purchased the Ian Cooper Speed Retirement subscription in January 2013 and cancelled it a few weeks later and asked for a refund of my money USD997 under the terms of the 90 day warranty referred to by Jason Cox. I not only didn't get the refund but the advice from Cooper stopped and I have not even been given a response to my repeated refund requests (3 to date). I would advise anyone to steer clear of this company. 

How about it Jason? Where is my money?

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#5 REBUTTAL Owner of company

This is Jason Cox responding

AUTHOR: Jason - ()

This is Jason Cox responding to this Ripoff Report.

It is true that at one point in time our merchant processor froze such a large portion of our sales that we could notimmediately process refunds. In some cases, we told customers to do a chargeback, as the merchant has to pay those and they had our money held.  This is a very small percent of the refunds we've processed.

Our refund rate over three years of business has been consistently around 30 percent, and that is due to our 60-day money-back guarantee that lets anyone get a refund for any reason.

Almost two years ago, we offered a $50 bonus for any customer support agent who could save a customer from refunding by getting them to try a new product. This did not affect our refund rate, so we stopped issuing that.

We have refunded millions of dollars to customers who tried our programs and, for whatever reason, felt it wasn't for them. The other 70+ percent have stuck with their program and continue to buy more programs we put out.

I do not use any aliases. Our business model is to bring experts to the market, thus we have found a number of trading guru's with great track records.

The FTC investigation resulted in no charges because they saw that we clearly refund our customers who ask for refunds. They also found that all marketing they reviewed is backed up by broker statements.  Remember that past performance is not indicative of future performance any time you consider an advisory program.
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