Just been convicted for fraud and theft. Wants us to believe that he owns a stock trading brokerage, a prop trading firm, will fund our trading accounts for between $30k to $100k if we pass a paid test, selling a trading system 88% accurate and nearly zero draw down, a trading room with no track record, complete nonsense from top to bottom. Must avoid.
User Review( votes)
Thanks reading today’s review of Templeton Trading. What is Templeton Trading?
Templeton Trading, a prop trading firm, describes themselves as the following:
We provide brokerage services for traders looking to trade U.S. Stocks but don’t have $25k to meet the PDT rules. We noticed this is a huge issue for traders within the U.S. and outside, therefore we offer U.S. Equities accounts with minimum deposit of $2k.
So what exactly does this mean? Some readers might not be conscious, in the USA, if a dealer executes four or more day trades within five business days, then that individual is regarded as a”day trader”. This individual would then be asked to keep a $25,000 balance in his broker. Its a helpless, dumb, idiotic rule which has been birthed in reaction to the Nasdaq bubble which burst from the year 2000. Congress was trying to repair the issue of more speculation in stocks, and legislate away monetary bubbles. Evidently, it didn’t work. Just a few short decades after, another bubble made in the home market, which naturally invisibly to the stock exchange, and we understand how that bubble stopped. Which in theory seems terrific. No issue.
There are not any such PDT principles in many nations. In reality, there are lots of organizations across the globe that can take your cash, and a few will even allow you to get up to $20,000 in stocks, effectively enabling a margin of 20 times the present balance. From the point of view of United States financial authorities, they’re protecting US citizens in the horrors daily trading, but in the point of view of the genuine citizen trying to speculate, the authorities may go fuck themselves.
Pushing Activities Offshore
How are United States citizens responding to the day trading rules within the United States? They look for opportunities elsewhere. They are simply opening stock trading accounts in places like Guatemala, islands like Bermuda, funny sounding countries like Swaziland. Most of these countries have little to no financial regulations, court systems rife with corruption, and economies based upon an agrarian lifestyle. Most of these countries are not even aware that a stock trading company is operating from within their border. In fact, most of these stock trading companies have no actual people on the ground in these countries. They are just using an address of a random office building, placed inside of a credible looking website, with an 800 number.
As you can see, this type of situation opens a consumer up for all manner of fraud and deception. If a person sends their money to one of these places or people, and the money disappears, then what? Well, I will tell you…the money disappears. How often? All the time. Nary a week goes by that someone emails me, warning me to stay away from a certain person in Canada, or Bulgaria. And how a company with a website just disappeared overnight, along with their $3,000 trading account. What does a person do? Do they pick up their iPhone and call 911? Do they go onto the internet and search for the SEC of Bulgaria or Lichtenstein? Good luck with that. The money just disappears.
The Veneer Of Legitimacy
Right after a person loses their funds with a one of these offshore prop trading firms, they usually look for answers. Where did they go wrong? How could they have been so gullible? How could someone just take their money and disappear? The firm had such a nice looking website, with pictures of people sitting behind trading screens doing things that look like trading, looking important, looking official. These images convey a sense of trust and importance. But are these really the images of the actual firm, where they deposited their monies? Or are these just images scraped from a website named, hedgefundspaces.com, a real estate company that specializes in renting office space to hedge funds. With Templeton Trading, all of the images on their website have been randomly scraped from various websites, including hedgefundspaces.com.
Another issue I hear from people that get fleeced, are that they trusted the company because of the implied credibility that comes with a relationship with a reputable software provider. What does this mean? For instance, on the Templeton Trading website, there is a link to download and immediately begin using Sterling Trader. By simply having these images and a download link, a person is lead to believe that if a reputable company such as Sterling Trader is willing to allow imagery and download links, then this company must be credible. However, this could not be further from the truth. Anyone can simply scrape images and provide links to the Sterling Trader free download. In fact, Sterling Trader, and every other trading software provider is more than happy to get as many people downloading their software as possible. Some of the free downloads, which are all for demo accounts, might eventually turn into paying customers at $200 per month.
Ninja Trader enables anyone to just download and use the application at no cost. Every individual that downloads the program needs to offer a name and email address. Ninja Trader then promotes companies like Templeton Trading to put a connection with graphics on their various sites, and consequently, Ninja Trader then boosts these firms with complimentary webinars. Ninja Trader suggests credability. But this couldn’t be farther from the truth, Ninja Trader Brokerage does absolutely no vetting at all, Ninja Trader offers an open platform for businesses like these to perpetrate wholesale fraud. Ninja Trader is in effect a co-conspirator since their monetary interests are satisfied with the fraudulent firm. The fraudulent company would like to market the trading system, and Ninja Trader would like to market brokerage services and applications. In my view, the fast growth of Ninja Trader includes an immediate and indisputable significance with continuing fraud inside the trading area. Even though there are a few legit suppliers, the huge bulk are cheap hustles encouraged by Ninja Trader. Should you have a glance in Templeton Trading, you’ll become aware of the way Ninja Trader is all about about. Within this quid pro quo relationship, Ninja Trader supplies the viewer and Templeton Trading supplies that salesmanship.
Diving Deeper Into Templeton Trading
So who is Templeton Trading? How long have they been in business? Who runs this company? So many questions. Let’s dig in.
The first thing that I noticed about Templeton Trading is the imagery. Rather, the scraped imagery of traders. But we will give them a pass for this. The next thing I looked for is a physical address. Templeton Trading shows an address in both New York and London. The New York address is listed as: Third Avenue, Manhatten 10017. Ok, Third Avenue in Manhatten. I have been to Third Avenue in Manhatten, where on Third Avenue? Third Avenue in Manhattan is lined with massive sky scrapers. How do we find this “Risk Management Office”. And so I call the phone number with a 315 area code (315-636-0022), which happens to be in Syracuse, New York. Everyone knows that Syracuse, New York in relation to Manhattan is like comparing a goldfish with an orca whale. And to make matters worse, the 315 Syracuse phone number is a free Google Voice number that anyone, anywhere on the planet can easily obtain. Regardless, I call the number and leave a message. I want to open my account!
Sometime later in the day, I receive a phone call from a person named Mandeep Singh Athwal. I asked Mandeep a few questions about himself. He explained that he is the floor manager of Templeton Trading in the United Kingdom. That in addition to being a full time professional trader, Mandeep is also a lawyer and holds a masters degree in Law from the University of Wolverhamption. This of course sounded great to me. Lawyers tend to be honest and avoid risky activities. So we continue our conversation and I asked more questions. Like, on the first page of his website how he claims that his traders at Templeton Trading have already grossed over $7.9 million dollars in profits since 2014. He exclaimed that its all true. Of course, as he is telling me this, I take a look and see that the Templeton Trading website has only been up since November 2014. Have a look here.
Notice how his “traders” have made $2.5 million in only 9 months, vs $7.9 million only two months later? Was $2.5 million not enough? Did he get a better response from $7.9 million? Of course, as I am sitting on the phone with Mandeep and listening to him give his sales pitch, I could not help but think what a bunch of nonsense. Nope, I just let Mandeep continue working himself further into a hole of lies and deceit that even the best magician could not work himself out of.
Next I asked Mandeep, that after I send him my money, how do I verify that my account exists and my trades are being placed? Mandeep replied, “No problem, all of your trades are cleared through and executed with a company named Clear Pool Group. I then told Mandeep that this is great to be able to verify everything. I next tell Mandeep that I am going to be calling Clear Pool Group to verify this relationship, and that their relationship with Mandeep does in fact exist. He then replies, “Great, the name of my company at Clear Pool is listed as Tower Hill Trading and Great Point Capital. Immediately, alarm bells start ringing in my head. Tower Hill Trading and Great Point Capital? These are two of the biggest names in prop trading out of Chicago. The president of Great Point and Tower Hill is a very well known and highly respected individual named Doyle Olson.
And so I next call Tower Hill and Great Point Capital, leaving a message with the risk management department. The next day I receive a personal phone call from Doyle Olson, the president of Tower Hill and Great Point. It turns out that Mandeep’s story was pure nonsense. Doyle explained that his company is a Finra regulated entity and they simply do not accept accounts in this manner. Doyle was quick and thorough in explaining every detail of his prop trading operation. Doyle Olson is a heavy hitter, with a company that has been around a very, very long time. He is not involved with Mandeep in any way, shape or form. Doyle was very firm and quite surprised that anyone would attempt this sort of representation of his companies.
More About Mandeep Singh Athwal
Of course, this whole supposed relationship with Tower Hill Trading and Great Point Capital just made me more curious about this Mandeep, the lawyer from Wolverhampton, England. And so I decided to do a quick search using Google’s United Kingdom specific search engine. It turns out that Mandeep is actually a bonafide lawyer. Unfortunately, in 2012, Mandeep was convicted of fraud and stealing money. You can read a quick excerpt here.
As I sat and read the story of Mandeep, I could not help but feel a little sorry for him. It turns out that Mandeep has a bit of a gambling problem and that he had gotten himself into about $150k in debt. He was 29 years old and decided to skim a little here and there. He stole about $50k before the authorities finally caught onto the scheme. What is most shameful about this young man’s life is that he invested so much time and energy into getting a masters in Law and becoming a lawyer. But the gambling addiction and conviction ruined that career.
Now Mandeep supposedly owns a prop trading firm, which of course is pure fantasy.
More False Promises From Mandeep
In addition to Mandeep offering a prop trading firm, and an educational experience at a cost of $2500…Mandeep will also give you money to trade. Yes, you are reading this correctly…Mandeep wants to fund your trading with his money. How does this work? Mandeep has a trading challenge. If you pay Mandeep anywhere from $160 to $350 per month, and pass a trading combine, then Mandeep will give you between $30,000 and $100,000 to trade equites or forex. Have a look, amazing stuff folks:
Mandeep’s Amazing Opportunities Continue With Omega Trading Signals
Our great and generous Mandeep also has another wonderful offering that I need to mention. Its called Omega Trading Signals, that can be found here. What the heck is this? In a nutshell, many of Mandeep The Magnifacent’s students would love to have a live trading room where they can copy Mandeep’s trades, using Mandeep’s money, to also become successful traders just like Mandeep.
This past week, our good friends at Ninja Trader Brokerage helped Mandeep promote his many trading products and provided him with a free webinar. For an hour, I sat through and watched Mandeep talk about his secret trading system named “Black Panther and Snake Line”. Of course, no details of how this system has performed in a real trading environment, nor are there any performance results listed anywhere on Mandeep’s Omega Trading Signals website. We are expected to just trust him and his amazing “Black Panther and Snake Line” trading system. In fact, the system is described by Mandeep as “highly classified, 86% accurate” and not for sale. One of the people at the webinar asked Mandeep what was the worst draw down that the system has ever had, Mandeep quickly replied that his trading system had never, ever experienced worse that a $295 dollar draw down. Really? $295 drawdown? I just sat in my seat, recording all of this nonsense on Camtasia, thinking to myself, does anybody really believe this stuff.
Another person wanted to know whether Mandeep was willing to sell his system. Mandeep then replied that he might be willing to sell the system, but only after several conditions had been met. The first condition is that a person needed to be a paying subscriber for a minimum of 5 months at $249 per month. And then after 5 months, Mandeep would assess whether this person was “worthy” to purchase the system. He actually uses the word “worthy”. And that in addition to being worthy, a person also needed to be, “not too greedy”. He explained that persons being too greedy and making too much money with his system would not be allowed to use his system. Seriously folks. Camtasia does not lie.
In the end, what do we know? The gist is that Mandeep Singh Athwal, a lawyer, has already been convicted once for fraud and theft. Now, after ruining a law career, he has decided to open his very own trading brokerage. Unfortunately, none of this brokerage nonsense can be verified. He has already been caught attempting to use the identity of Doyle Olson’s respected prop trading firm in Chicago. He is offering a trading education at $2500. He is offering his super secret Black Panther and Snake Line trading system to only those that he deems worthy and not too greedy. A trading room at $249 per month. And probably worst of all, is attempting to convince people that he will give them between $30,000-$100,000 if they pay him a monthly fee and pass a trading combine.
This guy is pure BS. Thanks for taking the time to read today. Sorry about this being yet another depressing review from yet another trading charlatan, offering yet another prop trading opportunity. Please do not forget to leave your comments below. Even the haters will find that their voices are heard.