Products did not performance as described. Did not manage funds as described.
bout 8 months ago a purchase 1 Automatic Trading Software from Platinum Trading Solutions. The sale person I spoke with was***********. I was told that I will get 2 for the price of one. On April 18, 2014 I paid $6995.00 for Fed Swing II , MeanSwing EMD. After calling in completing about the poor performance of the systems,*********** talk me into buying another system. I was told sense I am a member the cost of the system would only $900.00 for Diffusion.
Total cost for the products: $7895.00
In April I invested $15,000.00 in and added a extra $3000.00 in May equaling $18,000.00. By Nov 4, my investment was down to $11,414.54. I called ****************** to close the account and send me a check for the different for a loss of $6585.46 That same day I called ,Nov, 4 Platinum Trading Solutions to spoke with someone about a refund. Yes I did get a return call from ***************** . I did not answer because I was at the doctor's office but I did return his call and left a voice mail.
I like a refund for $7895.00 for 3 each Automatic Trading Software.
1. Fed Swing II
2. MeanSwing EMD
Case # XXXXXXXX BBB of Southeast Florida & the Caribbean
Consumer Info: ******, ****** Business Info: Platinum Trading Solutions, Inc.
4 ******* *** **** ****** *** ** *** ***
********** ** XXXXX ****** ****** ** XXXXX-XXXX
XXX XXX-XXXX XXX XXX-XXXX XXX XXX-XXXX
This is in response to ****** ****** BBB Case#: XXXXXXXX
We at Platinum Trading Solutions have tried to contact Mr. ****** ****** on many occasions with no success. We have called and left messages, yet he has not contacted us back by phone or email. We have diligently pursued ****** ****** as to show him what we are showing you, and to resolve the issue as our reputation has proven. The fact is ****** ****** had called a total of 2 times only, and as he even states, we returned our calls promptly, and yet he seems to have avoided us, and all this taking place before his going to you the BBB. We have continued our efforts as to contact him and therefor now responding to the case. Here are the facts to resolve the issue below;
****** ****** paid a total of $8895.00 in payments to Platinum Trading Solutions for access to our trading systems. First payment 4/18/2014 $6995.00 using 2 payment methods for access to FedSwing EMD Promo, and would be only amount to be eligible for a refund as long as ****** ****** traded the systems for 365 days from the day of funding his account (See Sales Agreement). The second set of charges was for access to Diffusion Trading System on 5/5/14 $900 6/2/14 $900 total $1800 to have access to Diffusion Trading system Which did not include any guarantee.
****** ****** agreed to trade the systems for a minimum of 365 days after which if he did not make a $1,000 net profit in his account he would
quality for a refund, which is stated in his agreement that he signed with Platinum Trading Solutions on 04/15/2014. (See Sales Agreement)
****** ****** stared April 25th 2014 and quit November 3rd, 2014.
He traded for 7 months which is not 12 months or 365 days.
Canceling before completing the 12 months of trading voids the guarantee as stated below in yellow and is not eligible for any refund what so ever.
Client: ****** ****** Jr. Date: 04/15/2014
8. Satisfaction Based Guarantee. Customer shall have the right, after trading the system in a Broker Assisted
account for a minimum term of three hundred and sixty five (365) calendar days, to return the System and cancel the
service provided by Platinum Trading Solutions. Notice of such return and cancellation shall be in writing and
delivered to Platinum Trading Solutions within three (3) days after the three hundred and sixty five (365) calendar
day. If Customer returns the System and cancels the services provided by Platinum Trading Solutions in writing
during the three (3) days provided, Platinum Trading Solutions agrees to refund the initial six-thousand nine hundred
and ninety five United States dollars ($6,995.00) payment. Platinum Trading Solutions agrees to act in good faith at
all times and shall not unreasonably withhold a refund. This guarantee will expire 3 days after three hundred and
sixty five (365) calendar days, or at any time when the cumulative net profits in Customer's account from trades
generated by the system equal or exceed six-thousand nine hundred and ninety five United States dollars ($6,995.00)
during the initial three hundred and sixty five (365) calendar days, or if the clients trading account realizes a net
profit of one thousand united states dollars ($1,000.00) at the conclusion of the 12 month trial. This guarantee is null
and void if customer cancels or suspends trading in his Broker Assisted account before three hundred and sixty five
(365) calendar days have elapsed, or if an account has not been opened, funded and traded within 90 days of this
agreement being signed.
This is a copy of ****** ******'s trading start and stop from the broker at Striker where he opened his account:
From: *********** mailto:******@striker.com
Sent: Tuesday, November 18, XXXX XX:XX AM
Subject: re: reg: ****** ****** jr.
He started on April 25th and quit on November 3rd.
(XXX) XXX-XXXX (XXX) XXX-XXXX
Warning: There is a risk of loss in trading. It is the nature of commodity and securities trading that where there is the opportunity for profit, there is also the risk of loss. Commodity trading involves a certain degree of risk, and may not be suitable for all investors. Derivative transactions, including futures, are complex and carry the risk of substantial losses. Past performance is not necessarily indicative of future results. Please read additional risk matters on our web site, www.striker.com.
You are more than welcome to call the broker at******** in Chicago, (***********) XXX-XXX-XXXX to verify this, we will let him know and give you permission to verify this if needed.
Attached is a full copy of the contract that ****** ****** did with Platinum Trading Solutions.
Let me know if you have any further questions regarding this case.
Remember: "Success is nothing but luck, Just ask any Failure"
Office XXX-XXX-XXXX x 101
Copyright (c) XXXX - XXXX Platinum Trading Solutions, Inc. All rights reserved.
Disclaimer The risk of trading can be substantial and each investor and/or trader must consider whether this is a suitable investment. Past performance is not necessarily indicative of future results.
Futures Trading Disclaimer:
Transactions in securities futures, commodity and index futures and options on futures carry a high degree of risk. The amount of initial margin is small relative to the value of the futures contract, meaning that transactions are heavily "leveraged". A relatively small market movement will have a proportionately larger impact on the funds you have deposited or will have to deposit: this may work against you as well as for you. You may sustain a total loss of initial margin funds and any additional funds deposited with the clearing firm to maintain your position. If the market moves against your position or margin levels are increased, you may be called upon to pay substantial additional funds on short notice to maintain your position. If you fail to comply with a request for additional funds within the time prescribed, your position may be liquidated at a loss and you will be liable for any resulting deficit.
(The consumer indicated he/she DID NOT accept the response from the business.)
My clam for a refund is do to Platinum Trading Solutions, Inc. Breach of fiduciary, Churning, Failure to supervise and Fraud statements toward me..
These violations cause me great damage.
Final Business Response
Dear BBB, Complaint Case # XXXXXXXX Response Date 12/17/14
Our response this this is very simple; there is no fraud, or any type of fiduciary, or fraud statements toward the client, or churning of any kind. Our reputation is very clear as an A+ BBB rated company in business for almost 9 years, and with no such complaints by anyone ever, that we are a good and honest business. To be clear, the customer had his own account at striker, and we have no access or control of any trades in the client's accounts. We are not a Broker, and do not received any commissions for trades, we are not a registered IB and therefore churning is impossible. Also so we are clear; in order to have an account at the Brokerage House, the client had to sign all the risk disclosers, agreements, and contracts as required by law to qualify to have an account through a Registered Clearing House at the Registered IB or Brokerage House, and therefor proves that the client was fully informed of every detail from us to the Brokerage House, and therefor proof of no fraud or any type of alleged accusation by the client, and that the client did know of, and agreed to everything of his own free will with signature.
We have shown proof that the client understood everything in signing the sales agreement, which states everything in the terms and conditions therein (see sales agreement already provided). The client is obviously upset due to his regret in not keeping his end of the signed contractual agreement, to trade the systems for 365 days resulting in no recourse for a refund of any kind. The sales agreement he signed that we have already provided clearly states "that if the system does not net the client at least a thousand US dollars in 365 days trading in the clients account, then the client would be eligible for a full refund of the original sales agreement price of 6995.00 US dollars. The client is being emotional in regret of not following through on his end of the agreement, and making false allegations that are completely not true and also impossible. We as a company have tried to contact the client, and he has not contacted us back as even he has already stated in his first complaint, and is now only frantically trying to make accusations as in some attempt to retrieve a refund that he is not eligible for.
Also to be clear as to the reason of a 1 year contract with the client, is to give the system a fair chance of meeting the guarantee and making the client a return. We have found that a year gives the system the time it needs and has and can produce a return in a client's account at the broker house the account the system is trading in. In fact there have been other client's accounts down through the first months of trading and in the final months of that year of trading, have proven profitable and happy with the returns. Thus the systems returns in their accounts having been met and fulfilling to void the guarantee in providing the client returns. We have all clients commit to a year of trading for this exact reason.
In conclusion and to sum up everything;
1. The client did not fulfill his end of the contractual agreement in trading the system for 365 days and is not eligible for a refund. We have fulfilled every detail on our end of the contractual agreement as provided and proven.
2. There is no fraud or any such Churning. Churning (Churning Accounts) means to trade an account to make extra commissions unlawfully. We are not the broker and have nothing to do with any of the trades or trading in the account. In fact being the system is automated, so there is no physical trading by any person, but only by the computers algorithms, so therefore Churning is impossible. There is no fraud of any kind, everything was in writing and made clear to the client, which we have provided to prove these facts.
3. We at Platinum do not see this as a true complaint to be posted on the PTS BBB page. We have shown documented proof that the client is in no such way eligible for a refund in any way. We have shown that the client is only trying to deceive the BBB with false accusations that are not acceptable in his emotional response in not following with his contractual agreement to trade the system for a year, as we have shown . WE there for pray for Total Dismissal of this complaint from the BBB in good faith of our showing the facts and all evidence in writing in concern with this clients complaint.
Thank You, PTS
Final Consumer Response
(The consumer indicated he/she DID NOT accept the response from the business.)
No Platinum Trading Solutions are not brokers but they are Commodity Trading Advisor.
Commodity Trading Advisor is an individual or organization which, for compensation or profit, advises others as to the value of or the advisability of buying or selling futures contracts, options on futures, retail off-exchange forex contracts or swaps.
Providing advice includes exercising trading authority over a customer's account as well as giving advice based upon knowledge of or tailored to customer's particular commodity interest account, particular commodity interest trading activity, or other similar types of information.
To verify go to:
All advisers and brokerage firms have a fundamental responsibility to deal fairly with investors. All sales efforts are judged based upon the ethical standards of Financial Industry Regulatory Authority (FINRA) rules that also play a crucial role in setting industry wide standards.
REGULATION OF TRADE, COMMERCE, INVESTMENTS, AND SOLICITATIONS
517.301Fraudulent transactions; falsification or concealment of facts.
(1)It is unlawful and a violation of the provisions of this chapter for a person:
(a)In connection with the rendering of any investment advice or in connection with the offer, sale, or purchase of any investment or security, including any security exempted under the provisions of s. 517.051 and including any security sold in a transaction exempted under the provisions of s. 517.061, directly or indirectly:
1.To employ any device, scheme, or artifice to defraud;
2.To obtain money or property by means of any untrue statement of a material fact or any omission to state a material fact necessary in order to make the statements made, in the light of the circumstances under which they were made, not misleading; or
3.To engage in any transaction, practice, or course of business which operates or would operate as a fraud or deceit upon a person.
DECEPTIVE AND UNFAIR
501.204Unlawful acts and practices.
(1)Unfair methods of competition, unconscionable acts or practices, and unfair or deceptive acts or practices in the conduct of any trade or commerce are hereby declared unlawful.
(2)It is the intent of the Legislature that, in construing subsection (1), due consideration and great weight shall be given to the interpretations of the Federal Trade Commission and the federal courts relating to s. 5(a)(1) of the Federal Trade Commission Act, 15 U.S.C. s. 45(a)(1) as of July 1, 2013.
501.2077Violations involving senior citizen, person who has a disability, military service member, or the spouse or dependent child of a military service member; civil penalties; presumption.
(1)As used in this section, the term:
(b)"Mental or educational impairment" means:
1.A mental or psychological disorder or specific learning disability.
2.An educational deficiency that substantially affects a person's ability to read and comprehend the terms of any contractual agreement entered into.
(c)"Military service member" means a person who is on active duty in, or a veteran of, the United States Armed Forces.
1."Active duty" has the same meaning as provided in s. 250.01.
2."Veteran" has the same meaning as provided in s. 1.01.
(d)"Person who has a disability" means a person who has a mental or educational impairment that substantially limits one or more major life activities.
(b)False information and advertising generally.Knowingly making, publishing, disseminating, circulating, or placing before the public, or causing, directly or indirectly, to be made, published, disseminated, circulated, or placed before the public:
1.In a newspaper, magazine, or other publication,
2.In the form of a notice, circular, pamphlet, letter, or poster,
3.Over any radio or television station, or
4.In any other way,
Platinum Trading Solutions has unfair BUSINESS practices.