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Money Systems Online Complaint - MoneySystemsOnline.com Forex Scam

Review by No Victim on 2007-02-27
2248 MERIDIAN BLVD.,SUITE H., NEVADA -- MoneySystemsOnline.com Forex Pyramid Scam

I first learned about their foreign currency trading opportunity through libradio.com. Libradio.com hosted a show with the owners of MoneySystemOnline.com. The individuals spoke about their online Stock Options Trading and Currency Trading business. The owners of MoneySystemOnline.com informed listeners of significant profits with a guarantee 25% returns from your small, low or no risk investment due to their cd software program with color arrows that will lead to profitable foreign exchange trading. After the show I immediately went to their website. I was impressed with the information on their website, that I sent them an e-mail wanting to know when they would be conducting a seminar in the Los Angeles area.

They also offered webinars but I thought going to a live seminar and seeing a practical hands on approach would help me understand how to use these trading techniques they were speaking on. The only e-mail I received directed me to the webinar subscription. Several weeks later I received an e-mail from the MooneyTwinsNetwork.com inviting me to a FREE Introduction Stock Options Trading and Currency Trading Seminar. The seminar would be in Inglewood, CA about 22-minutes from where I lived in West Hollywood, CA. The seminar was presented by Daryl and Dwayne Mooney from the MooneyTwinsNetwork.com but featured their guest, owners of MoneySystemsOnline.com, Eric Goodman and Avery Smith live in person. I called and signed up immediately. On October 24, 2006 I was very excited about attending this FREE Introduction Stock Options Trading and Currency Trading Seminar, which would be held that evening. I attended their 2hr. introduction seminar and right from the beginning I became skeptical of MoneySystemsOnline.com business due to several disturbing things that took place during the seminar.

The seminar was conducted at an apartment. The apartment appeared to be a three bedroom. One bedroom was the actual studio of LIB Radio. There were not enough chairs. There were about twenty people in the living room and fifteen people crammed into another very small room. They insured us that we would be able to hear and see the presentation on the T.V. that was also in the room near the kitchen. The T.V. screen stayed blue and it was very difficult to hear the person speaking. It was poor ventilation. This was poorly planned due to major technical problems that was never fixed through out the seminar. The two gentleman that were the owners of MoneySystemsOnline.com took turns speaking about their Stock Options Trading and Currency Trading cd software they were selling. They did a horrible job at explaining Stock Options Trading and Currency Trading to us but focused more on the up sale of this cd trading software . One of the individuals even admitted to us that he was not good at explaining this Forex trading to us but if we just followed the colored arrows on the cd trading program, that we too would be guaranteed to make a profit that would yield high returns and no risk of money lost.

They offered several different packages which started at $1,000-dollars and went up to $4,000-dollars. If you were not able to purchase any of these packages then they also offered a program that paid you for recruiting other individuals to MoneySystemsOnline.com. I found their sales tactics to be of high pressure efforts to convince the eagerly naive novice and to entice other individuals who couldn't afford their cd software trading system into a residual trap. Eric Goodman and Avery Smith never spoke of their own personal credentials within Stock Options Trading and Currency Trading. They never spoke of where they gained their knowledge nor how long they have been trading. What company(ies) did they work for or what license, if any do they possess? How long has MoneySystemsOnline.com been in business? Who created or where did this trading cd software come from?

As the seminar was coming to an end, Dwayne Mooney from the MooneyTwinsNetwork.com made a comment that left me speechless. Just when I thought I had seen and heard enough of this Stock Options Trading and Currency Trading seminar, the gentleman passed around two baskets and asked the attendees’ to give a donation to Eric Goodman and Avery Smith the owners of MoneySystemsOnline.com. He informed us that most people pay thousands of dollars to attend a seminar like this, and that we should put in the basket $20-dollars are more but nothing lower than $20-dollars. I was insulted because if you wanted to charge, than you should have and allowed people to pay to attend. The seminar was FREE and I've never been to a FREE SEMINAR that passed around a basket to collect money as if we were in church and these individuals were guest pastors.

When I got home I began to do more research on MoneySystemsOnline.com and found many complaints from other individuals about them. Their website doesn’t post any names when clicking on the contact us button. On their website MoneySystemsOnline.com is claiming to be conducting business in the state of Nevada as a corporation. Their only form of contact is an 800 number but actually MoneySystemsOnline.com is conducting business from their home in Nashville, Tennessee.

This is what the United States Commodity Futures Commission (CFTC) WARNS: Consumers need to take special care to protect themselves from the many types of Forex Trading/Trainers of Stock Options Trading and Currency Trading FRAUD being perpetrated in today's financial markets. Foreign currency trading scams often attract customers through advertisements in local newspapers, radio promotions as well as (via Internet Radio), or attractive Internet sites. These advertisements may tout high-return, low or no risk investments in foreign currency trading, or even highly-paid currency trading employment opportunities. The CTFC urges you to be skeptical when promoters claim to have a trading software program that will earn high profits by using their trading software program. Individuals and companies that fraudulently solicit other individual to their "get-rich-quick-schemes," are not registered with the CFTC and are also unlicensed individuals who may operate "Pyramid Schemes" in which little or none of their own money is ever spent. They may operate the scam and appear to look like their actually making money but the only one who is really making money is the con artist who seeks to exploit others for their own financial gain. Their victim’s or normally from their own ethnic group.

Tactics Used By Forex Pyramid Scam Artist
1) Claims that they have made high profits from their proven system they've created.
2) Promise Little or No Financial Risk.
3) Not Registered an Unlicensed to teach or advise other individuals.
4) Most scam artists like to talk a lot, so you don't have time to think of, and ask difficult
questions.
5) Affinity Group Fraud. Many scam artist victims are friends, apart of a social group or
ethnic identity to gain their trust. Knowing, that it's human nature to trust people who are like you.
6) Many scam artists hate questions and will be evasive and as vague as possible. They
will be reluctant to refund or offer any compensation in any way. This is a huge RED FLAG. They will be pushy and use high-pressure sales tactics, the goal being to
separate you from your money as quickly as possible.
7) The companies main focuses is charging for monthly subscriptions, continuous training and recruiting.
8) So-called investment seminars. Yet often the only people getting rich are those running the scheme. Making money from admission fees, the sale of trading systems,
pamphlets, cds, etc.
9) Scam artists are not listed in any regulatory agencies database.
10) Out-of State Companies in which you are Unfamiliar with.

My observation, is that Eric Goodman and Avery Smith from MoneySystemOnline.com are trying to create an illusion of a successful cd trading software system that they used to render financial freedom, when all the money is really coming from their Forex Pyramid Sam. Investing in Stock Options Trading and Currency Trading is serious and should never be taught by the novice or unlicensed trainer. The individuals from MoneySystemOnline.com do not have over 20-years trading in the currency market. They are not registered as a Commodity Trading Advisor nor hold any credentials. I will be reporting your business to the law enforcement agency and all major regulatory agencies. MoneySystemsOnline.com, your employees and any affiliates, (Libradio.com and MooneyTwinsNetwork.com) that act as counterparties by perpetrating this Forex Pyramid Scam will be subject to an investigation. All of the regulatory agencies will be made fully aware of names, websites and address's on who is perpetrating this Forex Pyramid Fraud.
Comments:2 Replies - Latest reply on 2007-02-28
Posted by Anonymous on 2007-02-28:
I can't think of any legit investment that offers high yields with no risk of money lost. Huge red flag. The only way to possibly make any money in foreign currency trading is to invest millions. Sure with only a few thousand dollars one could a profit but only a very small one after fees and taxes. Guess who really makes the money, those who sell these trading schemes. It's like those real estate deals advertised on late night TV. If I was making that kind of money I'd not be advertising it anywhere. Why should I open the door to competition?
Posted by SAJ on 2007-02-28:
As PassingBy stated, there is no such thing as a guaranteed return in any legitimate investment. It's been said a thousand times, but here it is again: If it sounds to good to be true, it probably is.

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