In the past week–the CFTC put the “pimp-hand” on Mark Slobodnick of PureTick.com.
Who is Mark Slobodnick? For those who have been around the Futures trading educational scene for a while…you should know Mark Slobodnick.
Mark got his start scamming ‘mom and pop’ investors back in 2007, while he was a so-called Futures trading educator at a company named PureTick.com.
Mark the”mind moderator” of this live trading room, would sit on his plump ass all afternoon, and feign to make winning trades.
The’sheeple’ in the live trading room reliable Mark. Plus they paid a hefty price. Usually, an upfront fee of several thousands of dollars and a monthly subscription fee to see that turd blossom demonstrate his supposed trading greatness.
Former ‘BigShot’ super trader that never was.
The scam started off innocent enough. Honest folks would show up to the live trading room and Mark would tell all sorts of stories about his former glory. Some BS about how he was a big shot, former floor trader on the CBOT and how he made millions of dollars buying and selling SP500 Futures contracts.
The only thing true about his story was the part about being a former floor trader. Which he was. However, there is much debate whether this turd blossom ever earned a nickel at trading.
And besides, if he made millions of dollars as he claimed, then why was he peddling a live Futures Trading room for table scraps? It does not add up.
Anyway, scamming ‘mom and pop’ for a few bucks each month for his trading room grew stale and tiresome. At some point, he decide to just steal whatever these poor folks had in their savings accounts.
And so, with his partner in crime, a royal douche bag named Richard Carter, they spent $10 at Rocket Lawyer and created an LLC named Blue Guru Trading LLC.
Guaranteed Investment Returns? Nope.
This so-called’prop trading’ firm was designed to deliver 8 percent annual, guaranteed interest payments, and 50% of whatever profits these bumbling fools could create from trading Futures contracts.
Ultimately, and until December 2017they raised a total of $1,763,848 for their ridiculous investment scheme. What exactly did they do with the cash?
A total of $1.2 million has been deposited into a trading account, where they immediately lost $501,000 day trading the Dow and SP500 mini futures trades. $62k was paid in agent commissions, and Mark fraudulently paid himself $45k for its pleasure.
All the time, both Slobodnick and Carter proclaimed to investors who’Another winning day folks! As anyone with eyeballs can see, we did it live and also for all to see.
In real time, in the live trading room, the customer thought they were watching the work of trading maestros. They thought that it all looked so simple and amazing. Amazing profits, all they had to, was log into the live trading room and their retirement concerns were a thing of the past.
Little did they know, neither of these bumbling idiots had a clue how to profit. It appears that their only proficiency was losing massive amounts of investor funds.
At some point, and naturally so, these poor investors wanted to pull their money out. To pay for things like putting their kids through school, or building a new chicken coop in their back yard, or the unlimited fried shrimp at the Red Lobster. And this of course is when the shit hit the fan.
Investors simply could not get their money back. When they asked, they were met with some of the most amazing stories that even a Hollywood screenwriter could not imagine. Truly rediculous, absolutely pathetic, and 100% fraudulent.
On about January 2018, the CFTC had seen enough and immediately froze the assets of both of these idiots. The insanity had finally ended. And of course, the website they used to promote their scam mysteriously disappeared like a fart in the wind.
One can only imagine how those poor investors must have felt on that day. They faithfully awoke that morning, attempted to visit the PureTick website and were met with a blank screen. Oh, the horror.
Finally, on December 6 2018, the CFTC lowered the final boom:
- $1.4 million restitution
- $1.4 million disgorgement
- $4.2 million civil monetary penalty.
Considering that these morons had to borrow money to trade, then you can imagine the chances of the victims recovering any of their lost funds. Sorry folks–the markets are cruel. But they are especially cruel to the naive, the greedy, the gullible, and the just plain stupid.
I don’t want to call the victims stupid; that would only bathe their losses with yet more pain. But this is just a ridiculous.
The moral of the story…
There’s nothing wrong with subscribing to a live Futures trading room. Some sellers do actually try to help. And some of these trading rooms provide a little bit of companionship and camaraderie from the lonely task of staring at a computer screen.
But, as I have discovered, from composing hundreds of trading reviews…this is the exception, and not the principle.
Whenever a trading vendor claims to have earned millions of dollars trading, there’s not anything wrong with requesting some kind of verification. If they can’t, then they likely setting up you for a fantastic fraud. And Grandma’s jewelry.
And most importantly, don’t ever let anyone day trade Futures on your behalf, especially in some sort of ridiculous scheme where they offer a monthly percentage guarantee and a percentage of the potential profits. Why? Because if they were truly a success at day trading Futures contracts…they would have no need for your money.