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Report: #504984

Complaint Review: Nick Guarino - QC Quebec

  • Submitted: Tue, October 06, 2009
  • Updated: Tue, January 29, 2013
  • Reported By: grouaaso — phoenix Arizona USA
  • Nick Guarino
    kottura ltd des laurentides blvd #217laval,
    QC, Quebec
    United States of America

Nick Guarino - wall street underground - wall street insiders The individual lied to me, did not perform his job and cost me a fortune.He now started another service and in my opinion, is going to do it all over again. QC, Quebec

*Author of original report: Response to Bones Paxton

*General Comment: really??

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I am here to tell you about my experience with Nick Guarino and his Wall Street Underground. I know there was a lawsuite against him and he was shut down. Unfortunately, I was never informed of this and lost out on any compensation. However, he is back under another name " Wall Street Insiders" and in my opinion, is using the same tactics to lure unsuspecting individuals into the same trap. When I was first solicited by him back in 2001, he sent out a big letter envelope that said "Read This Or Go Broke". Then he sent a second one a week or so later saying the same thing. Then, a few weeks later he sent a 3rd one which he said his wife made him send this because he was soooo concerned about us all losing all our wealth and he needs to give these people one more chance to join his Wall Street Underground  service and become wealthy in the comming wipeout. He is back at it again!! I just got a 3rd solicitation for his Wall Street Insiders service, and it says on this last solicitation that this is his 3rd attempt to get me to join his service and just like in baseball, 3 strikes and you're out. Talk about Deja Vu. Anyway, let me give you a history on my previous experience with Nick Guarino. I got his solicitations back in 2001 and after his 3rd one, telling me how his wife had begged him to give us one more chance because he knew what our fate would be otherwise, I joined his service. He also claimed he had connections and knew exactly how these Wall Street Insiders worked and what they were up to. His first recommendation was to sell all real estate. He screamed this from the rooftops.He claimed real estate was going to lose 80% or more of it's value. Now his first few trades I participated in went well. I made some decent money about the first year or so. At first, he seemed real sincere. He use to tell us on his Current Recommendations that he was participating in all these trades he recommends and that if we lose money, he will be losing money. He told us this over and over and I'm sure it gave most of the subscribers a sense of security. I know it did me. Anyway, things started going south in 2003. He had just got us out of a sucessful oil, gold and stock market trade over a few months or so. Then he got us shorting oil in early 2003. Oil at the time was about $27 a barrel. His recommendation was to pick up one short position every dollar higher or lower. He said if oil goes over 33 dollars a barrel, we'll get out of the trade with some Huge loses. Well, you know what happened to the price of oil. When oil passed $33, he came on his current recommendations and told us he was bumping up his loss perameters a couple of dollars, which to me meant 35 to 36 dollars a barrel. The next thing I knew, oil was over 42 dollars a barrel. then it started to pull back a little. It dropped back into the upper 30's. Nick came on his current recommendations and told us to do whatever it takes to stay in this trade and for those of us who were knocked out of the trade to get back in it. You see, he always told us NEVER to speculate with more than 10% of your liquid assets. However, he came out with this current recommendations that told us to forget everything he ever told us about that, and to do what ever it takes to get into this trade. He said it was the greatest gift we could have ever been handed. He said, and I quote, " Mortage the house, Raid the kids colledge fund, Beg borrow or steal every penny you can and get into this trade. You all know what happened next. Oil went to 50 dollars, then 60 dollars, then 70 dollars, then just before my subscription expired in late 2005, oil was near 80 dollars and he still had us in the trade. I know that when oil was approaching 70 dollars a barrel, he made a sarcastic comment that he was going to short oil to a 100 dollars a barrel if he had to. It would have been interesting to ask him what his recommendations were after oil passed 100 dollars a barrel and continued to soar. Anyway, that was not the only trade that went south in 2003. He got us into the stock market trades. He started shorting the dow at 9500 in 2003. You know what happened with that. It went to over 14000. He said he was going to throw in the towel at 10500 with some huge losses. When my subscription expired in late 2005, the dow was well into the 11000 range and he was still in the trade. He also had us into the S and P trade and the nasdaque trade. On the S and P trade, he got us in at the 1000 level telling us to short one position every 10 points higher or lower and that if the S and P gets up to the 1150 to 1160, level, we were going to throw in the towel and take some humungus loses!!! Well, as my subscription expired, the S and P was well over 1300 and he still had us in the trade, not giving us any guidance. All he talked about was the oil trade. There are a couple of other trades he had going on at the time and they were also doing bad and he left us all hanging. There was one euro trade he got us into that basically made Chump Change for us.Other than that, they were pretty  much all losers. I looked into his archives at the time and I can assure you that anyone who participed in all of his trades after 2003 pretty much lost any profits that had made with him over the past 4 or 5 years if not longer. Also, another interesting thing, after all these trades he had us in went south big time, all of a sudden on his website, a whole bunch of disclaimers started appearing that had never been there before. The disclaimers stated that Nick stands by his recommendations and MAY paticipate in some of the trades. Also, look what happened to his real estate recommendation. He claimed in 2001 that real estate was going to wipe out. Did it?? Well yes, after we had the biggest real estate boom in history. I had a commodity firm from Florida call me up about 3 years ago and told that my name was given to them and I was a wall street underground subscriber. I guess at the time old Nick was in trouble and was doing everything in his power to get cash, including selling names. I also had a commodities firm in California call me also. Anyway, I was told of a person who sold ther home back in 2001 as per Nicks instructions and a few years later this home was resold  for an unbelievable amount of money because of the real estate boom in that area. Anyway, back in June 2006, Nick had a broadcast on Radio Free Wallstreet. He claimed in this broadcast that they had manipulated the housing market and that we probably were not going to have a real estates wipeout afterall. Well, you all see what's happened since. Also, when gold went over 600 dollars an ounce 3 years ago, he started screaming from the rooftops to sell gold because it is going to wipe out Gold is currently well over $1000. Do I believe gold prices are going to crash??? ABSOLUTELY. But I think gold will probably soar to the stratosphere before it does. And the thing about it, you got all these people who sold their gold at 6 to 7 hunded dollars listening to this guy, and if gold goes to 3000 dollars an ounce and then crashes, this guy will be jumping up and down saying I TOLD YOU SO!!!!! Just like he did with the real estate market. Anyway, His first solicitation I got last spring about his new service. His whole solicitation was about how gold was going to crash and how to make allot of money off it. Since then, gold is up well over 100 dollars an ounce. Now in his last solicitation I just recieved this week, he does not really talk about gold. Now he's saying the stock market is going to wipe out and if you follow his advice, you could turn a few thousand dollars into a few hundred thousand and possibly a few million. Anyway, he is chargind $5000 a year for this or $7500 for 2 years. I got a feeling he will be in another lawsuite in a couple years or so and then, he'll just change the name of his service and do it all over agian. I hope this letter can help prevent that and at least alert people about this guy. If this letter keeps just one person from getting screwed by this guy, It will have been worth it.

This report was posted on Ripoff Report on 10/06/2009 06:20 AM and is a permanent record located here: https://www.ripoffreport.com/reports/nick-guarino/qc-quebec-h7m4m2/nick-guarino-wall-street-underground-wall-street-insiders-the-individual-lied-to-me-d-504984. 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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#1 Author of original report

Response to Bones Paxton

AUTHOR: grouaaso - (USA)


Hello there Bones. I found your comment quite interesting and also comforting.
Yes, I do admit being an idiot and moron or what ever other degrading
words you or anyone else can come up with to describe me. However, I
take huge comfort in knowing that I am not alone in my foolishness as
you so admitted in your comment. You claimed you joined the WSU as a
subscriber also just for entertainment and food for thought. WOW!!! You
had 5 grand just laying around to spend on something just for
entertainment and food for thought? I guess you must have so much money
that you can spend 5 grand on something you call me a greedy idiot for
spending my 5 grand on, pretty much knowing that you're not going to
make any money off of it. Now I know what you're going to say. You're
going to say that yes I joined and got burned, but I didn't go Wah Wah
Wah about it. Well I'm not going Wah Wah Wah about it either. I'm just
trying to let other people know about my foolish idiotic mistake so they
don't do it also. BTW, sometimes going Wah, Wah, Wah gets results
because there was a class action law suite filed against him and a huge
judgement was ruled against him. As far as your comment about him being
50/50 on his predictions, I went through his archives all the way back
to 1995 and yes, from then up until 2003, you are correct. As a matter
of fact, I think his track record may have been even better than that.
However, from early 2003 to mid 2006, which is when I believe he shut
down and fled, His losses were more like 95%. I wasn't so much
complaining about him being wrong on his recommendations in my post, I
was complaining about him not doing his job and keeping us posted on
each individual trade. I don't know if you remember him on his last Free
Radio Wall Street broadcast in June 2006. He said that it looked as if
we were NOT going to have a housing bust after all. Right at the peak of
the housing market. Also at that time, he was telling everyone to start
selling their gold. Gold BTW was around $670 an ounce. Well fast
forward to the time of my above comment. His new Wall Street insiders
Group was telling us over 3 years ago, when gold was $1000 an ounce that
it was going to crash big time. Today it's at close to $1700 an ounce.
Also back then, when the DOW was at around 10,000, he was telling us the
market was going to wipe out within the next 30 days or so. Well you
can see for yourself, it's over 3 years later and the DOW is pushing
14,000. http://www.kitco.com/market/  Well anyway, this has been a real
treat for me responding to your comment. I hope I hear from you soon. I
really enjoy the correspondence.












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#2 General Comment

really??

AUTHOR: bones - (United States of America)

What an idiot. A guy sends you some sunshine in the mail and you send him thousands in the mail to make you rich beyond your wildest dreams. Surely your greed wasn't at fault. I too subscribed to wall st. underground and used the information contained in it as entertainment and food for thought. over a few year span, Nick was right maybe 50/50.  There's no free lunch. Nick's a business guy. He played on your ignorance and greed like any salesman. blame yourself....
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