• Report: #1100991

Complaint Review: Market Authority

  • Submitted: Wed, November 20, 2013
  • Updated: Wed, November 20, 2013

  • Reported By: Sam — Burbank California
Market Authority
901 Rio Grande Blvd NW Albuquerque, New Mexico USA

Market Authority Market Authority Inc - Jason Cox, Sam Johnson, Ian Cooper, James DiGeorgia, Charles Mizrahi, Mark Me Pump and Dump - Stock Scam Albuquerque New Mexico

*Consumer Comment: Title Inaccurately Names James DiGeorgia

*Author of original report: No commentary available on Passive Income Trader website

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These folks offer a variety of investment newsletters, all boasting huge returns as examples.  The pitch for the Passive Income Trader newletter offers a long list of penny stock trades that averaged 25% gains each, and suggests that all one need do is wait for text-message trade alerts, act on them, and the subscriber will see similar performance.  

I was tallked into a trial period for this service after attempting to discontinue a suscription for another service run by Market Authority.  During the trial period, it became obvious that this company is merely exploiting the age-old pump-and-dump scheme.  

The first trade alert issued resulted in a 100% loss, as trading of that particular equity was halted immediately by the stock exchange.  Clearly, Market Authority did not do their due diligence, and recommended to their subscribers a worthless ticker with no company behind it.

Following that fiasco, they began issuing "paid announcements" which were merely broadcasting of stock promotions.  This is information widely available for free, and certainly is not worth the high price of the subscription.

Then they started issuing almost daily "buy" alerts on a wide variety of micro-cap stocks, all of which performed abysmally. This is NOT the service that is advertised.  This is a scam.  One need only look at the charts of the stocks to imagine where these charlatans got in on a stock and where they issued a "buy" alert.

I wrote and called to cancel my subscription, but was NOT issued a refund.  The fact that Market Authority refuses to refund my money is indicitive of the kind of people they are and the kind of ripoff they are running.  I suggest you run in the opposite direction.

This report was posted on Ripoff Report on 11/20/2013 02:10 PM and is a permanent record located here: http://www.ripoffreport.com/r/Market-Authority/Albuquerque-New-Mexico-87104/Market-Authority-Market-Authority-Inc-Jason-Cox-Sam-Johnson-Ian-Cooper-James-DiGeorg-1100991. 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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Updates & Rebuttals

#1 Consumer Comment

Title Inaccurately Names James DiGeorgia

AUTHOR: Cuda - ()

I read the submission while researching James DiGeorgia and saw his name in the title, but nowhere in the rest of the review is he named.  I also researched the "Market Authority" Passive Income Trader investing service named and he doesn’t appear to be a current member, but was unable to determine if he was a past member.

If he’s not a past member, it’s unfair to lump him in and makes everybody’s research that much harder.

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#2 Author of original report

No commentary available on Passive Income Trader website

AUTHOR: Sam D - ()

Log into the P.I.T. website, and you'll find that clicking on the "Commentary" link merely takes you back to the homepage (gee, one wonders why), and that clicking on the "Track Record" link gives the follwing results:

GWBU 25.00%
VLNX 25.00%
PRTN 25.00%
TAGG 18.18%
SVEN 25.00%
FARE 25.00%
ECAU 13.10%
SWVI 25.00%
GOFF 17.54%
XUII 25.00%
ARTH 24.77%
PCWT 13.24%
PWEI -94.12%

 -94.12% for PWEI is generous, as many investors lost 0, since trading of that ticker was halted by the exchange, and when it was lifted weeks later, one would be extremely lucky to find a buyer.  This chart also does not include recent Buy Alerts, 3 of 4 resulted in losses.

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