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I notice this operation does a lot of advertising. Does anyone have first-hand knowledge?
Originally posted by bill

I notice this operation does a lot of advertising. Does anyone have first-hand knowledge?

"RS of Houston" has been around a pretty long time. I have no first hand experience with the service.

With that said, I do remember a CFTC judgment against the organization/company.

I dug up a link to the CFTC finding...
Complete cons.........the best part of that report is one of these idiots did not have a trading account and the other never managed to make more then $55.00 in a year.

However, Schoemmell's account statements demonstrate that he suffered aggregate net trading losses in his trading accounts in each year that he traded (1992 through 1999). Student testimonials reprinted on respondents' web site noted that students thought Schoemmell's purported successful use of the methodology for his personal trading was important in deciding to take the course.

Further, although Schoemmell closed the last of his futures accounts in October 1999, the direct mail promotional brochure, sent in December 1999 or January 2000, continued to claim that Schoemmell was trading futures according to the Workshop methodology: "My name is Ron Schoemmell. I've been trading the futures markets for more than a dozen years. It's how I make my day-to-day living -- and by any measure you wish to apply, I do pretty darn well at it." That statement was false.

Schoemmell also claimed in the course materials provided to students who took the Workshop that he had made profitable trades on certain specified days when, in fact, his trading records demonstrated that he either failed to trade, or made no profit from trading, on those days.

As to Thorkelsson, the brochure sent by respondents to current and prospective students in December 1999 or January 2000 claimed that Thorkelsson was a successful trader, which was not true; his trading in seven futures accounts (three of which were traded on behalf of a family-owned entity) reflected net overall losses for each year between 1993 and 1999, except in 1996, where his single active account that year showed a net annual profit of $55.

Looks like these people got a small fine and a slap on the wrist only to go back in business under the same name and not skip a beat. The CFTC is a paper tiger. No wonder the industry has so many scam artists.
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