Still another lengthy time, day trading instructor bites the dust. On September 13, 2016, the United States Securities and Exchange Commission eventually stepped in levied a $1.5 million dollar fine on Manual E. Jesus, aka Manny Backus that the”stock trading whiz kid” and his turd-blossom partner in crime, Robert C. Joiner. Apparently, the promises of 100% winning commerce ratio and yearly”100% verifiable 774% yearly returns” were total and complete crap. Their firm, Wealthspire, is a scam from top to base. Apparently, in accordance with the SEC, neither of those ass clowns have a trading accounts, nevertheless purport and promote such amazing investment yields that could make Bernie Madoff blush. Avoid.
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Thanks for reading today’s review about Wealthpire
Wealthpire website is a day trading and swing trading educational company. Along with supplying educational products, the organization also supplies several trading advisories which focus on stocks, options, penny stocks, and Forex. The expense of the services can start at $300 annually for shares hints, and as large as a few hundred dollars each month for your live day trading room expertise.
The Wealthspire”About Me” page lists the creator for a individual named Manny Backus, headquartered from 3435 Ocean Park Blvd, Suite 107-334, Santa Monica, CA 90405. An overview of teachers or personnel of Wealthspire comprises Manny Backus, Robert Joiner, David Becker, and Tim Biggam.
A deep search, using Archive.org, reveals that Wealthpire came online in late 2006. During the deep search of Wealthpire, using Archive.org, I discovered that Manny Backus claims to be a World Chess Champion, a chess prodigy from the age of 5, and a world class investor and multimillionaire. In fact, he states that because of his masterful skills at playing chess, this gave him the edge that he needed to earn millions of dollars trading the stock market. And now that he has earned as much money as he will ever need, he wants to give back to the trading community and help his fellow man.
In addition to claiming to be a World Champion Chess player and a multimillionaire, Manny Backus also claims to be a genius with an IQ comparable to Albert Einstein.
Complaints from TradingSchools.club readers
Since 2015, TradingSchools.club has obtained over 20 complaints from readers of different Wealthpire services and products. The genesis of those complaints arises from the assumed performance yields according to Manny Backus to prospective subscribers. Simply speaking, Manny Backus enjoys to create incredible promises of victories, but when the contributor starts trading, they move to eliminate money. Wealthpire customers assert that losses are not listed, while profits are hyped. Wealthpire has offered many distinct services and products through recent years. A deep search shows the following sites, Which Are now largely shuttered and the origin of several complaints:
It appears that the main marketing channel for Wealthpire is list sharing between various trading vendors. For instance, CyberTradingUniversity.com aggressively list shares with anyone and everyone that has a list of people that are interested in purchasing day trading products. Cyber Trading Univesity knows that once a person purchases their products, and then discovers how worthless the product actually is, they will cancel their monthly membership and look for a new product to purchase. And so Cyber Trading University attempts to “pimp-out” their list to companies like Wealthpire, in hopes that they can squeeze the customer for more money.
Suppose someone like Fausto Pugliese of Cyber Trading University has milked his list of 25,000 email subscribers to its full potential. He has nothing more to sell because everyone on that list now realizes that he is a complete and total fool that never made a nickel at trading, and so Fausto contacts Wealthpire and say’s,
Hi, this is Fausto the Fraud of Cyber Trading University and I have a bunch of suckers on my list. Why don’t you create some testimonial videos of how awesome your live day trading room is? And I will anonymously send out the promotional video of how much money you are making, and we share the profits from anyone that purchases your bullshit products.
Wealthpire responds, “OK Fausto Pugliese, I have a live day trading room that is as worthless as your live day trading room, let’s get these suckers to spend more money, and experience yet more financial misery. And so Wealthpire creates the following video, that is used to market the brand new, live day trading room, which we will name FirstHourTrading.com”.
Of course, this video is nothing more than a fraudulent promotional piece created by Wealthspire. It has been created to appeal to the former subscribers of Fausto Pugliese’s live day trading room.
As you can see from the above example, trading vendors are slick and crafty at “list pimping”. Have you ever signed up for a free trial of a trading service, and then several weeks later, you begin receiving promotional emails from a trading service that you have never heard of? List pimping.
Who is Wealthpire?
A rabbi once told me, “no lie lives forever”.
If you think about that statement, it’s pretty much true. You can only tell lies for so long before they begin to catch up to you. With trading vendors that defraud and scam their customers, their normal mode of operation is to shut down a website and quickly create a new website. Usually with “new” names, addresses, etc. But every once in a while, they get sloppy and people begin to complain to the authorities, like the SEC, CFTC, State Securities Regulators, FBI, or even lowly TradingSchools.club. And then the shit starts to hit the fan…with Wealthpire, the shit has definitely hit the fan.
On September 13, 2016 the United States Securities and Exchange Commission dropped a turd sandwich on Wealthpire. Apparently, and of little surprise to me, Wealthpire.com is nothing more
than a fraud. They hit the company with a $1,500,000 fine. Apparently, there is no such person named “Manny Backus”, instead the real person is named Manuel E. Jesus. And he co-operates the company with a person named Robert C. Joiner. Both long-time trading scammers offering up all sorts of huff-puffery. After an exhaustive investigation by the SEC, it turns out that neither of these clowns has ever earned a nickel at trading. In fact, neither individuals were ever actually taking the trades that they purported to make to subscribers of their services. Its was all a fraud.
A short and condensed briefing by the SEC can be found the following link: Wealthpire Fraud
For those that enjoy a longer read, and a more refined detail of the Wealthpire scam can read the official SEC report:
Wrapping Things Up
Another day, and yet another fraudulent trading educator that claims to make millions of dollars at trading, but in fact does not even trade. Sadly, the list of frauds, fakes, and phonies grows by the day.
The one upside is that TradingSchools.club has begun to actively recommend that readers aggressively contact the proper authorities and get complaints filed as soon as possible.
TradingSchools.club is now getting traction with regulators and criminal investigators on the State and Federal level. We have been aggressively reporting frauds that we discover, and have developed direct contacts with various agencies. But we need clusters of complaints in order for the legal authorities to expend the necessary resources to close down the frauds. The following are a few handy links that can help you find justice.
Frauds relating to Futures trading, Forex trading, Binary Options, (advisories, educators, live trading rooms).
In addition to filing with the above civil authorities, ALWAYS file a complaint with the FBI. We have noticed that dual complaint registrations the contain a civil (SEC, CFTC) and a criminal filing (FBI), filed in conjunction can speed up the process.
Once your complaint is filed, you will be contacted by an investigator. The complaint will not be ignored. In particular, the CFTC is very good and thorough at investigations. But the caveat is that multiple complaints from various individuals need to be filed. Once multiples of complaints start pinging their internal systems, then they take a closer look.
Don’t be intimidated by a trading educator, or vendor. TradingSchools.club has received multiple tips from individuals that were threatened with personal harm if they spoke to authorities. If this happens, then immediately file a report with your local police department AND the local office of the FBI. I have had to do this multiple times with various shady online characters.
Don’t be intimidated into not telling your story on the TradingSchools.club blog. Many times, a trading educator will find a lawyer to draft scary letters, titled Cease and Desist letters in order to intimidate the person into not talking. TradingSchools.club has received dozens of these letters from various lawyers, and they are all promptly filed in the nearest trash can.
Well, that’s it for today. Thanks for reading. And dont forget to leave a comment below.