Market Traders Institute

MTI lies to you about getting a refund and make you purchase UTP

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).

Is Market Traders Institute a scam?
Market Traders Institute is a scam and a bad service provider as per the report filed on dirtyscam.com. They are not aggressive towards their customer satisfaction and complaint grievance.
Is Market Traders Institute legit?
First Market Traders Institute is not a legit business owner or provider. You must take necessary precautions/measures before buying or using their services.
How many reviews are submitted by Market Traders Institute’s consumers?
There is/are 2 review(s) posted about Market Traders Institute and it indicates that the severity of the scam is Extremely High.
Where is Market Traders Institute located?
Market Traders Institute is located at 400 Colonial Center Pkwy #350, Lake Mary, FL 32746, USA. You can contact Market Traders Institute by dialing +1800-866-7431 or visit their website www.markettraders.com before filing a lawsuit. We are no way affiliated with better business bureau or yelp reviews platform.
How much monetary loss is incurred by Market Traders Institute’s customers?
According to the report(s), US $10000 was the total loss incurred by Market Traders Institute’s customers.

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2 reviews on Market Traders Institute

  1. Repo Man

    Horrific Exploitive Management, Bad Faith, Super Overpriced Fatally-Flawed Products, Great Potential…

    Yes, a very long review. But a person should think long and hard about getting involved with MTI. Once this Company realizes they have milked you for all the easy money they can extract from you, they disappear.

    Re: Complaint of Market Traders Institute

    Market Traders Institute
    Mr. Jared Martinez – CEO and Founder
    Market Traders Institute
    3900 Millenia Blvd Suite 200
    Orlando, Florida 32839

    [email protected] CEO and Founder
    1-866-787-8558 Main telephone
    [email protected] General Contact
    http://www.markettraders.com

    This complaint is about Market Traders Institute (a.k.a. MTI) of Orlando, Florida. MTI sells trading education, trading software, and systems for largely for new traders. Over the last six years, MTI has sold me a list of software and training that ranges from super over-priced/ over-hyped/ undelivering/ with potential to be something great in the future….; to absolute garbage. The charting software Ultimate Charting Software (UCS) that I have lifetime subscription for, that has been grandfathered into a web based SmartTrader platform. The UCS cannot be used long enough to analyze even one currency pair without it crashing and needing restarting many times a day.

    The newer SmartTrader platform that nearly all the Company’s Expert Advisers (a.k.a. EAs) (on SmartTrader platform called SmartScripts) are connected to is no better. Even when run within MTI-recommended high-end ten core Contabo VPS (Virtual Private Server), it is unworkable. The browser/ server/ other limitations do not permit even one SmartScript to be run in full. Let alone it be a platform portal for all trading as it is designed and marketed for.

    None of the SmartScripts/ EAs can be kept running for any amount of time. One of them, the American Breakout Strategy, which I have manually traded, done the automated SmartScript, and done extensive back testing for is engineered backwards. Results have been sent to MTI Staff including MTI Coaches and product developer Ted Devan. No response from any of them.

    Most disturbingly, besides the super-high costs and non-working product, is the deaf ear, inaction, questionable intent and bad faith of the MTI Company. When a person spends $7,495 for their introductory program and lifetime use of their platform, they are committing financially as well as emotionally for a long-term Client-Company relationship. Likewise when MTI Students spend the “introductory price” of $1K-$3K for each of their systems products to be used with their platforms, MTI Students again expect them to work. And deliver every bit as well as they are billed to work and priced at. Most sold with claims of being able to make like 1,500 or more pips a month. Thus billed to pay for themselves in short order. Under a month with a sizeable account. Instead MTI products have erased 100,000s of pips from my accounts.

    Even if not quite as great as advertised, if it took a couple months to be seeing very positive returns, it would not be such an issue. There are many variables outside the MTI Company control that influence client success. While there have been minor improvements to the platforms, these issues have been on-going for years. The platforms are still not capable of using for live trading or using MTI EAs and SmartScripts on them. And while MTI will not/ cannot fix their platforms, nor will they address these fatal issues that Clients continue to address to them, like clockwork every month or so MTI releases another EA/ SmartScript system for a few thousand dollars. Systems that are worthless when the already-released systems still do not work.

    For comparison, there are thousands of similar products on the market most ranging from free to a few hundred dollars each. Making MTI products some of the most expensive and hyped on the market. MTI products come with short-term money-back warranties that are meritless as the platforms they are to be used with have not worked properly for years.

    I am very adept with computer technology, downloads, setups, basic coding, et al. My home computer is Windows 10 Pro, 32G SSD RAM, two separate 2T backup hard drives (higher-end than 99%+ of personal computers in the market). I am using a higher-end VPS than probably 95%+ of MTI Clientele. Which raises the question – who if anyone do MTI products work for? Besides working to line the pockets of MTI Management?

    The supposed ” MTI Expert Traders and Staff” headed by MTI Founder Mr. Jared Martinez (known in the trading world as FxChief) and largely his family, who if they are all they are marketed as are undoubtedly trading six to nine-figure accounts where everything is just a tax write-off whether or not it works or is of any use. While it appears MTI Expert Traders appear very competent and do clear presentations, they trade larger time frames (swing trading) for the most part. Beyond being able to see what traders who have large accounts of their own, and their own money, their strategy is of little use for newer traders who must seek proprietary funding. Meaning that trades must be closed at end of week. Making working systems that can be automated that much more important. It appears from what he has said, that Mr. Jared Martinez alone is likely making over $1 Million most weeks just trading. And MTI is likely bringing in notably more most weeks selling their expensive non-working systems.

    Most people today are not in such a position for six-to-nine figure income and tax write-offs. On the contrary, people (self-included) are very much stretching (often going deep into debt) to obtain these products and expect them to work. Nor are most able to wait years for working product. Nor when investing this kind of money be in a position to just walk-away. People often come into this business after having being put through very hard times (job loss, divorce, major life changes, et al). No different, I am lucky to make $1K-2K/ year. I do not get unemployment, welfare, PUA, stimulus check (even as an American), etc. Which makes MTI’s behavior that much more troubling. If MTI Company heads are trading much of the money that people send them for these products, they could be doubling the money every year or so without much trouble just trading it.

    MTI Chat support is friendly with generous hours. But can only fix what is fixable and what MTI Management permits. Which is extremely limited at best. When dealing with MTI Education Coaches (that each MTI Student are assigned to), MTI IT, and MTI Management about the fatal issues of Company products and their need to either offer assistance to fix the issue or offer refund, they disappear. MTI Staff are really good as sweet talking and playing peoples’ emotions, but on delivering working systems – they are gone. The harder MTI Staff is pushed to deliver solutions, answers, resolutions, the more evasive they become.

    MTI also does a lot of sanitation of its online presence. Deleting negative reviews, and blocking MTI Students from their online support pages who post objective on-going issues rather than glowing reviews. Glassdoor.com reviews of those who have worked within the Company mirrors the response I have had with numerous other traders I have personally met who have dealt with MTI. MTI appear pathological sales people, and little else.

    The many traders I have personally met who instantly recognize the Market Traders Institute/ MTI name all have the same reaction. This instant look on their faces is one that they are about to vomit. With comments of, “Oh no, you didn’t get yourself messed-up with them, did you?” or “Ugh! Don’t just walk away – RUN….!!!” or “They’re predatory salespeople and little more.”

    In Summer 2020 I had to come to terms with the fact that I had spent the last few years doing little more than endless reinstalling, trouble-shooting, and trying to get MTI systems to work. Going deep into debt doing it. In July 2020, I sent Mr. Jared Martinez – MTI CEO a Registered Post WITHOUT PREJUDICE letter addressing all the issues that had been addressed to him and others via email (attached). This went unanswered. Since, after requesting a different MTI Coach, I have been bounced around between a few other MTI Coaches and Admins trying to get some headway on my ongoing issues. Again with no avail. Here now approaching Spring 2021 nothing has changed, no response or answers from MTI.

    I have acted in the highest level of good faith, I have offered repeated product improvement feedback, and have given the MTI organization more than ample time to deliver or offer some sort of resolution or way forward. I have been exceedingly patient and tolerant (probably way too much so). As much as I work to be a facilitator and give a Party every chance to come to the table, the MTI organization has turned-down those opportunities. Whether it just being a tax write-off for them, not caring, or for any other reason, I cannot be held hostage by MTI anymore. At this point I believe I am in the right to ask for refunds, cost of interest, and a token towards my time. This is not even taking into account years of lost earning potential. I am also asking to have my full access to the MTI Official SmartTrader Facebook and other MTI Facebook pages restored.

    It was my hope I would not have to write this review. Forget making pips, the rate MTI Management is going, they may soon may find themselves in prison making licence plates and pennies. I have heard MTI CEO and Founder Jared Martinez state many times that he wonders why some traders find success rather readily, and others do not. Should he actually read his emails, his letter mail, or the online reviews of his MTI Company, he should wonder no more….

    Do yourself a favor and AVOID MTI!

  2. Paul H MEESE

    very good educator, trade ideas are more often losers than swinners

    signed up for several packages, tunnel trader , smart money alerts, on both occasions the majority of trade recommendations are very hit and miss, the last 12 trades on smart money have turned $1000 into $390, certainly not the 97% win rate that josh proclaims, again with tunnel trader , videos shows win after win after win, not the reality when you live trade
    Unfortunately this seems to be the norm these days,

Reviews:2
Reported Loss :10000 $
Severity of Scam :Extremely High
Reported by : Anonymous
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