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Investor Beware!!!
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During the week of January 5, 2009 I received a sales call from Spyglass Equity. The salesperson was selling their trading system signals, to be traded by a futures broker. He represented the systems as having genereated triple digit percentage profits in the last year. He guided me through the profits and "trade" records of the systems on their website www.spyglasseq.com. The numbers were fantastic. But it is unclear if they are actual trading results. The "small print" seems to indicate that the results are hypothetical. I was strongly encouraged to buy the system signals at the time of the phone call, ($7000). I did not do this and did some research later. Here are some of my findings;
- The website domain registration is hidden by a proxy company, meaning that we don't know who registered the spyglasseq website. Not illegal, just odd.
- News data on their website seems to be from Bloomberg, but is not attributed to Bloomberg, leading one to believe that it is written by a staff member. Perhaps a copyright violation, and in my mind, at the least, unprofessional.
- The toll free number for the business (800-731-0697) was, on Aug 10, 2008 according to GOOGLE also the phone number for a business called programtradingsolutions.com, out of New York. The website domain for this website was registered by a Eugene Beigelman of New Jersey. Mr. Beigelman has been disciplined by the SEC for "churning" customer accounts.
- On the follow up call I asked if he knew Mr. Beigelman, the person who was found to be "churning" customer accounts. They said that he did know him but did not say anything about the relationship to Spyglass Equity.
- Another website, www.thetradetechinstitute.com and Spyglass Equity share the same business address. Both also have the same unattributed Bloomberg newsfeeds on their websites.
This company and their product may be the greatest thing in the investment business. But I smelled smoke when I started looking around...Investor Beware!!!
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