Complaint Review: Velez Capital Managment - New York New York
- Velez Capital Managment 130 West 42nd St, Suite 450 New York, New York United States of America
- Phone: 212-221-3715 X16
- Web: www.teamtrading.com
- Category: Brokerage Companies
Velez Capital Managment Team Trading, Sold My Risk Capital New York, New York
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Oliver Velez White Knight or Con Man/Scam Artist?
I joined Velez Capital Management (VCM name changed to Team Trading) as an independent trader in May of 2008. I put up the risk capital required to get margin of 20 to1 ($5,000 at the time) and paid $0.0045 per share in commissions to get access to their Proprietary Trading Chat Room and get 100% payout of any profits on a monthly basis. I also paid a monthly fee for the trading platform and data was included in the monthly cost of the platform. (The commissions were high in comparison to what the Prop Traders were given - $0.02 per 100 shares - but I felt the higher commissions were warranted with access to the Proprietary Trading room). I thought that was a pretty good deal but whether it was is not my issue.Later in 2008 I paid $1,995 for the VCM 2 Day Training course (the price of this course has doubled since then but the course material remains the same). With that payment I was entitled to free retakes of that training course for life and would be able to pay for the remaining 5 Day Training course at a later date and become a full fledged Prop Trader, should I choose to do so. That would entitle me to free retakes of the entire 7 Day Training course for life and I would also trade $50,000 of Mr. Velezs money at extremely attractive commission rates ($0.02 per 100 shares) without putting up any risk capital. I never got the chance to take the 5 Day course (the company closed its doors see more below) but I did retake the 2 Day Training course almost every time it was offered (usually monthly).
I have little issue with the
trading methods Mr. Velez teaches (although Mr. Velez seldom taught the 2 Day
course always had a personal problem or some other excuse for not being able
to teach - the other instructors were very good however). The instruction was usually very good and
with free retakes for life and access to the Proprietary Trading Chat Room, I
could always get my questions answered.
The one major negative I had with the program was the trading platform
it had continuous charting problems and the trading servers were up and down
like a yo-yo; not a very reliable trading platform when compared to others
available at essentially the same price.
Again I have little issue with any of this.
The issue I have is Oliver Velez and his partner Charlie Vaccaro (silent
partner when I joined). Out of the blue they shutdown their business March
22, 2010 - no prior notice, no access to account information, no responses to
emails, no telephone calls returned/accepted, no ability to trade, no
Proprietary Trading Chat Room, no free retakes for life and my risk capital
is inaccessible and probably gone (embezzled). Independent traders and
Prop Traders (traders that have paid up to $12,995 for a 7 Day training)
totaling somewhere between 1,000 and 1,500 were literally left in the same boat
in the dark, no explanation, no trading and no money.
Basically one day everything
was fine and the next there was no sign of Velez Capital Management (or Team
Trading as the name was changed). Vaccaro is missing in action - he
hasn't surfaced. Oliver Velez, on the other hand being the consummate
salesman is again promoting another trading program venture similar to the one
he and Vaccaro just shutdown (different name and now he is suggesting it is
totally legal which implies what he was doing initially Velez Capital
Management/Team Trading - wasn't legal). (In promoting his new trading program
not really new, some minor tweaks and a name change Mr. Velez says any
trading group offering 100% payout of profits is not legitimate. I wonder what that says about VCM).
I have been monitoring Oliver's new trading room (it was free until April 12,
2010, and he is/was heavily promoting his new project iFundtraders (website
at www.iFundtraders.com) except
this time he doesnt want anything to do with independent traders. He also wont honor his commitment to provide
free retakes for life for the 2 Day Training.
He simply refuses to address the issue and also claims to have no
knowledge of what happened to the risk capital of the Independent Traders.
Mr. Velez will gladly sign up new Prop Traders to the tune of $12,000 for his training course and, oh yes, you will get free retakes for life (Apparently Mr. Velezs definition of for life means until he decides to no longer honor that commitment) and trade Mr. Velezs capital just like before.
Is Oliver Velez a White Knight looking after the best interests of his traders as he claims or is he just one of the many con men/scam artists that make their fortunes by bilking unknowing traders? You be the judge but be forewarned, if you ever shake his hand, count your fingers before you leave his presence.This report was posted on Ripoff Report on 04/17/2010 07:01 AM and is a permanent record located here: https://www.ripoffreport.com/reports/velez-capital-managment/new-york-new-york-10036/velez-capital-managment-team-trading-sold-my-risk-capital-new-york-new-york-594062. 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. READ: Foreign websites steal our content
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