Market Traders Institute

I was told by Matthew Mocorro while he was presenting me the Ultimate Trader’s Package i.e. a product of Market Traders Institute that the package is supposed to make money.

And I was assured that if anything doesn’t go as per it is told, the buyer can get a refund anytime he/she wishes to! It is to be noted that the primary reason for buying MTI’s UTP is because I thought they would refund me the money anytime I asked them to.

The buyer has to claim the refund in 60 days of its purchase which is one of its terms of agreement. The package is available for $5000. As I was not willing to pay the whole amount upfront, I decided to pay it in installments.

For such transactions, MTI uses Financial Holdings to finance its buyers. For which Financial Holdings charges its buyers $725 in the name of “tuition assistance”. This dates back to April 2011.

The day after completing their formalities, I came across an article that claims how Jacob Martinez and the Institute have been sued by an American businessman.

I was so curious and wanted to know about the details that were involved in that case and wondering whether the same would/could happen to me!

For satisfying my curiosity, I searched on the Internet about such instances. Reading on ForexPeacyArmy.com, I found that this product and the institute had so many negative reviews that the positive ones seemed negligible.

Now getting a confirmation from other websites too, I grew very skeptical about this product and so I called the company representative to find an answer for all of those. After getting upset by reading the negative reviews about the package on Internet, I called the company representative that was very excited and was boasting again and again about, how his company had never done injustice to anyone and always given refunds to its unsatisfied clients.

He was still claiming the same and informed me that I could get a refund within two days if I claimed for it. This claim of his turned out to be a lie.

I realized that he was telling a lie to me after talking with another employee that was senior to him. I even had a talk with the manager who promised me to get back to me within some time, who eventually didn’t.

When I again called him, he acted on the telephone as if he had forgotten about our talk. After reminding him, he said that getting the refund was not as easy as the other chap from his company had said, it is. He said that MTI has its own unique policy for refund, which goes like:

The student acknowledges and agrees that no promise or guarantee for success or profitability has been made between the Company and Student. Student acknowledges that he/she is entitled to a refund on the Ultimate Traders Package and MTI 4.0 Charting for a period of 2 calendar months from the date of purchasing The Ultimate Traders Package and MTI 4.0 Charting, less shipping and handling charges provided the Student meets the following criteria:

Students must show proof of trading with the Company’s trading methodology. All trades must be executed on a Live Trading Account, using the Company’s Traders Checklist and Traders Worksheet, which is provided with The Ultimate Traders Package. Student must complete all four (4) phases of The Ultimate Traders Package:

Phase 1 – Completely Review UTP Education

Phase 2 – Attend a Phase II Online Class

Phase 3 – Attend Mentorship and Activate Charts

Phase 4 – Attend the 2-Day Onsite Class after having paid for the UTP in full.

Only after assuring that these phases are completed, is when the head office of MTI is informed to refund the money paid for the package. Of course, none of these phases or criterions were mentioned to me before the purchase, either verbally or in writing.

The presenter named Mr. Mocorro has been found many times, telling a lie to the webinars attendees. MTI’s reputation about which it boasts on its website is all a lie.

They are hardly reputable. After the company’s director changes, everything has been compromised including the reputation that it carried before. And on the name of that, dishonesty is been served to its buyer now.

MTI brands itself as an educational institute, I would like to know, which college or educational institute, denies giving refund to any student, who comes up to the institutional authorities and says that he/she does not wish to study in their college anymore for any reason? If other educational institutes do not do it, how can MTI do it? And if it is doing it, should it term itself as an educational institute? After this I did not leave hope and wrote to Mr. Harper in a letter, this is what I wrote to him:

I am writing this letter to inform you that I do not wish to associate with your company, Market Traders Institute in any way–educationally, professionally, or otherwise.

Furthermore, I am also stating in writing that I wish to have my loan contract with Universal Account Servicing LLC canceled and reversed/voided, per statement on the Authorization Agreement for Prearranged Debits which states:

This agreement will remain in effect until Universal Account Servicing, LLC receives a written notice of cancellation from me, or until I submit a new authorization form to the Billing Department.

I have underlined this statement in red for you to reference in the copy of this agreement. I have not attended orientation or any of MTI’s classes or downloaded any of MTI’s software or purchased any products from MTI. You and your company, MTI, cannot lawfully force me to abide by your refund policy without legal consequences.

Because you and MTI’s representatives lied to me about how easy it was to get a refund and in fact did not review the refund policy when asked prior to my signing the agreement, you and your MTI representatives have knowingly deceived me. Furthermore, official court documents also state that MTI and its owners Jacob and Jared Martinez have been cited as co-conspirators in a Ponzi scheme. I have enclosed additional documentation concerning Martinez’s criminal dealings.

To make matters worse, your customer service representative Jorge Magana said to me that he evades paying taxes to the IRS by not claiming his earnings because they were made on the international market.

I wonder just how much of MTI’s profit is made internationally by the Martinez family or any of MTIs employees that the IRS does not know about (even though it is based in Florida, a state of the U.S.A.)?After reading through the court documents, it is evident that MTI is under suspicion of being involved in wire fraud and money laundering, under the auspices of Jacob and Jared Martinez.

Suspicion is more than enough motivation for the IRS to launch a full-scale investigation of MTI if it has not already done so. Such financial crimes go well with tax evasion as appropriately mentioned by Mr. Magana.

To summarize, it is clearly evident that MTI and its owners, Jacob and Jared Martinez, are under legal suspicion to have been involved in illegal financing schemes, as shown by the civil and criminal lawsuits in the official court documents.

The statement made by Jorge Magana is a verbal admission of committing the crime of tax evasion itself.

MTI’s customer feedback on various sites that review MTI was full of complaints about being ripped off and of MTI’s dishonest business practices, especially with regards to your refund policy.

It was duly noted on that same website that in February of 2009, multiple fake positive reviews were submitted.

Mr. Harper, I have tried multiple times over the phone with you and your MTI representatives to process a cancellation of the contract or refund. I have spoken with Brian Thomas, Joshua Martinez and you over several hours to resolve this situation.

Once again, I will not go through with the unlawful stipulations in your refund policy and wish to part peacefully and without any trouble from your company.

If you and MTI would like to dissolve this relationship peacefully and without further trouble in motivating me to contact agencies like the BBB and the IRS (this would just be the beginning of course), it would be in your and MTIs best interest time-wise and otherwise, to dissolve the contract and utilize your time-consuming efforts in trying to retain me upon another individual who is more willing to comply and go through your educational course.

I await your reply and hope that you will seriously consider the consequences of your final decision. It is evident that MTI and MTI’s owners are already in quite a bit of legal trouble. I would not want to add to that burden by any means unless of course, you wish to enforce upon me MTI’s refund policy procedure.

A wise decision could save all parties a whole lot of time and trouble. A certified (USPS) letter was physically mailed to Mr. Harper along with articles and the credit agreement from Universal Group. After this letter was mailed, Mr. Harper called me on Wednesday, May 4, 2011, to discuss the refund.

Even though I had not attended any orientation or received any materials from them, MTI wanted to charge me 7% of the $5000 to cancel my contract. I told Mr. Harper that even if I wanted to pay them (which I no way would ever do), I could not at this time because of my financial situation.

The conversation was extremely short and Mr. Harper said that he would get back to me on Thursday, May 5. I did not hear from Mr. Harper on Thursday. Then on Friday, I receive an email from MTI stating that I would have to comply with their refund policy by going through their program.

On Saturday, I receive a letter from Universal Group that I will be charged on 6/1/2011 for $211.83 per loan agreement. I have already taken steps to ensure that none of my money will go to MTI or Next Step Financial Holdings.

Despite these actions, however, my credit report may be at risk due to MTI’s refusal to rescind and cancel the contract. I also sent a certified letter (with articles and copy of agreement) to Universal Group stating the following:

I am writing this letter to inform you that I do not wish to associate with Market Traders Institute in any way, educationally, professionally or otherwise and have sent a written notice to Mark Harper, manager.

I have enclosed a copy of the letter that was faxed (May 2, 2011) and physically mailed to Mr. Harper, manager at MTI. Furthermore, I am also stating in writing that I would like to have my loan contract with Universal Account Servicing LLC canceled and reversed/voided, per statement on the Authorization Agreement for Prearranged Debits which states: This agreement will remain in effect until Universal Account Servicing, LLC receives a written notice of cancellation from me, or until I submit a new authorization form to the Billing Department.

I have underlined this statement for you to reference in the enclosed copy of the agreement. I have not attended orientation or any of MTI’s classes or downloaded any of MTI’s software or purchased any products from MTI. However, MTI has a refund policy that was not fully disclosed to me prior to my signing on with them (and UGA). MTI’s representative lied to me about how easy it was to get a refund he said I could just call and cancel.

Apparently, in order for a customer to get a refund, they cannot simply call or write a request for a refund/cancellation. The customer is actually forced to go through with the program which takes longer than two months and shows that he/she is unsuccessful. Only then will the customer receive consideration for a refund.

This refund policy does not give the customer enough time to complete all the requirements for the consideration of a refund and also forces the customer to go through with the program, without considering a customer’s unique circumstances. In addition to being blatantly lied to by MTI’s representative, I found a plethora of negative news concerning MTI and its owners Jacob and Jared Martinez. Listed below are the links to official court documents that state that MTI and its owners Jacob and Jared Martinez have been cited as co-conspirators in a Ponzi scheme. I have also enclosed two additional news articles (hard copies) concerning Martinez’s criminal dealings.

After reading through the civil and criminal case court documents, it is evident that MTI is under suspicion of being involved in wire fraud and money laundering, under the auspices of Jacob and Jared Martinez. On one website that contains reviews of MTI’s services, the customer feedback amounted to complaints about being ripped off and of MTI’s dishonest business practices, especially with regards to their refund policy. It was duly noted on that same website that in February of 2009, multiple fake positive reviews were submitted.

Jason, I have tried multiple times over the phone with MTI’s representatives to process a cancellation of the contract or refund. I have spoken with Brian Thomas, Joshua Martinez, and Mark Harper for several hours to resolve this situation.

Once again, I will not go through with the unlawful stipulations in their refund policy and have requested a written request for cancellation to MTI, in addition to this written request to Universal for a loan cancellation. This situation must be remedied in the right way I have not cheated the company in any way; I have not cheated UGA in any way; in fact, it is MTI who is trying to cheat me by forcing me to go through over two months educational programming with them before they can even consider giving me a refund/cancellation. After reading all the extremely negative reviews and complaints on MTI’s refund policy, I do not trust MTI one iota to keep their word.

Additionally, MTI and its owners are implicated in illegal activities such as wire fraud and money laundering. So, I ask you, Jason please review all the documents cited in this letter and see for yourself why I cannot and will not do business with MTI.

Please cancel my loan contract with MTI as stated in the Authorization Agreement for Prearranged Debits which states: This agreement will remain in effect until Universal Account Servicing, LLC receives a written notice of cancellation from me, or until I submit a new authorization form to the Billing Department.

This is my written notice of cancellation to UGA. Please cancel this loan as I will not do business with MTI. It appears that UGA does not honor their own agreement which states that This agreement will remain in effect until Universal Account Servicing, LLC receives a written notice of cancellation from me, or until I submit a new authorization form to the Billing Department.

I have provided a written notice of cancellation. I will contact Mr. Harper again on Monday, May 9, 2011, and see what he has to say. I will also contact Jason from Universal Group (to whom the letter was addressed).