ED Magedson – Founder
Luxman Trading Concepts4712 Admiralty Way #185 Marina Del Ray, California United States of America
I entered into a contract with Luxman trading Concepts on March 9, 2009. The agreement both parties agreed to stated that If the program I bought into did not show a profit by the benchmark trading system used by Luxman, I will receive my total refund of $6000 back. Half of the refund at the six month mark from the first day of the next following month of my initial entry (which puts the official start date as April 1, 2009). The remainder of my refund paid back to me at the seven month mark, again from the official start date of 04-01-09. This puts the six month mark at october 1, 2009 and the seven month mark at November 1, 2009. On those dates I sent a registered letter requesting my refunds according to the contract.
During the course of the seven months, the Freedom E-MINI trading system did absolutely lousy. It did not come close to performing as promised by Ward Thompson and James Kennedy. But no worries, right? I mean I had a contract that promised my money back.
I have sent numerous e-mails and left phone messages dating back to September 2009, requesting information on when I can expect my money back, for which they do very much owe me. I abided by the contract all the way. It appears that James Kennedy and Ward Thompson, and others at Luxman are purposefully avoiding paying me back my money. They are in violation of the contract. I did finally receive a call from a person at Luxman on Nov 2nd, 2009 ( I believe he was acting as Luxman's legal person or maybe their accountant. Anyway, this person told me that he would be mailing me a full refund that very day. So far-nothing. Just more of the same - stalling and apparently false promises from that group of people representing Luxman.
I might note that the only reason I received a call back was because of a personal e-mail I sent to my Broker (Pacific One Group, a California company), which by the way was set up by Luxman to do my trading. I mentioned to Jay Herbert, President of Pacific One Group that I am unhappy with Luxman's apparent fraudulent tactics and I will pursue a course of justice in due time. Somehow, this private e-mail to my broker (Pacific One Group) got back to Luxman. Otherwise, I am sure a representative from Luxman would never have called me. Again, this call from a Luxman representative who illegally read my personal mail intended for Jay Herbert, President of Pacific One Group only resulted in yet another false promise from Luxman. It is odd how Luxman ignored all my e-mails and phone calls requesting information on my refund but all of a sudden someone from luxman felt compelled to call me only because someone, or people, at Luxman illegally read my personal mail-sent to someone else.
These are the type of people I and others have to deal with just to get our money back, which they have absolutely no right keeping from us. When someone has possession of someone else's money against the stated objection of that person, is not that thievery? At the very minimum it is arrogance and an attitude of above the law mentality on the part of Luxman Trading Concepts and their charges to continue with their unlawful possession of someone else's money.
Luxman's whole guarantee of money back is so geared towards them it is laughable. They told me that the slippage is no big deal, very small, and the Trade Station platform they use is almost on the money with actual trades which will take place in my actual account. They were not even close for many of the trades my broker placed for me. Most of my trades were not the same as the Luxman Trade Station platform trades placed by Luxman as the official gage of the system's performance. Beware! My losing trades were almost always more than their losses and my gains were almost always less than what their gains showed. It was such an unlevel playing field that they had me on. And still, I somehow managed to show a loss according to their Trade Station platform!
so I triggered my refund request according to the contract when the time came. Luxman is stalling me. Just go to a site like the Better Business Bureau and read the complaints! It is no wonder the BBB gives Luxman an "F" grade!
This report was posted on Ripoff Report on 11/20/2009 10:25 AM and is a permanent record located here: http://www.ripoffreport.com/reports/luxman-trading-concepts/marina-del-ray-california-90292/investment-brokersluxman-trading-conceluxman-trading-concepts-luxman-b6357htm-526307. 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.
If you would like to see more Rip-off Reports on this company/individual, search here:Search Tips
In order to assure the best results in your search:
Advertisers above have met our
strict standards for business conduct.