ED Magedson – Founder
Luxman Trading ConceptsMarina Del Rey Ventura, California United States of America
Luxman Trading Concepts claims to be able to automate investment decisions and shows wonderful profits but when your trading account is run down to nothing and the system fails to make a profit you are supossed to have your initial subscription fee returned. When there is no communication by the company about the promised return of your fee (1/2 is to come back at the end of six months if no profit has been made and the rest at the end of seven months) and you try to contact them, you run into an endless list of no returned phone calls or no response to your emails.
If, as is my case, Mr. Kennedy does finally call you back because you have threatened to go to a lawyer with a class action complaint, he will tell you that you signed away your right to file a class action but not to worry, they will send you a check in a month. When the month comes and goes and no more response is made to your contacts you are left wondering if the whole thing is just a ponzi scheme to role over money from people who are being taken advantage of.
And we are talking about a signicant investment of $6000 or more dollars plus the money you put in a trading account. So even if the subscription fee is ever returned you have still lost thousands of dollars and their false advertising and empty promises continue to be promoted to others so the cycle can continue.
This type of rip off is a tragic example of American investing being turned against the little guy. Of unethical people making a living off the pain and loss of those who had hoped to find an honest way to improve their investing experience. This type of business, if it can be called that, should be outlawed!
This report was posted on Ripoff Report on 09/21/2009 10:22 PM and is a permanent record located here: http://www.ripoffreport.com/reports/luxman-trading-concepts/ventura-california-/luxman-trading-concepts-rip-off-ponzi-scheme-doesnt-return-guaranteed-subscription-f-498499. 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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