363 inquiries | Commodities Brokers and Dealers
(323) 348-4766
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BCA's Summary and Analysis:
Complainants allege the trading system purchased from the company failed to produce the results as represented at the time of purchase. Other customers complain the company fails to honor their money back guarantee or that they receive repeated calls from telemarketing agents trying to selll them a trading system. ~~The company responds to some complaints by stating they do not warranty commission returns by issuing refunds or by agreeing to remove the client from their marketing database.
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Company Info
CTI Group, LLC offers the sale of automated trading systems.
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Licensing
As of our last verification July 20 2010 we could find no evidence of license with Commodities and Futures Trading Commission NFA and the US Futures Exchange.~~With certain exceptions Federal law requires all persons businesses or organizations that wish to conduct futures related business with the public to apply for National Futures Association Membership or Associate Status. ~~To check or verify registration of your broker advisor or dealer you may contact the NFA's Information Center. They can be reached by mail at: NFA 200 West Madison St #1600 Chicago IL 60606-3447 by phone at 312-781-1410 pr 800-621-3570. You may visit their website and obtain the same information at www.nfa.futures.org/basicnet or by email to information@nfa.futures.org. The website contains registrations from the Commodities and Futures Trading Commission NFA and the US Futures Exchange.
Agency: Commodity Futures Trading Commission/CFT~Description:
~ On January 24 2014 the U.S. Commodity Futures Trading Commission (“CFTC”) entered a Consent Order for Permanent Injunction (“Order”) against CTI Group LLC Cooper Trading (collectively “CTI”) Stephen Craig Symons (“Symons”) and James David Kline (“Kline”). The court’s Order stems from a CFTC Complaint filed on May 11 2012 that charged CTI Symons and Kline with the sale of two automated Trading Systems known as the Boomer and Victory Trading Systems in violation of the Commodity Exchange Act and the Commission’s Regulations (“Regulations”).
~ According to the CFTC Complaint since at least August 2009 CTI by and through Symons Kline and others made false and misleading statements and omitted material information when soliciting clients to purchase subscriptions to CTI’s Trading Systems that ranged between $5 000 to $6 000 including; how long CTI had been in business CTI’s experience developing and marketing Trading Systems the identities and professional experience of CTI’s personnel (who used fictitious names when communicating with clients) the track record of CTI’s Trading Systems the past profitability of CTI’s Trading Systems the transaction costs associated with trading via CTI’s Trading Systems and the risks associated with trading futures contracts via CTI’s Trading Systems. CTI’s salespeople including Kline made false statements to clients and prospective clients about CTI’s purported money-back guarantee and Symons and Kline are liable for all of CTI’s violations because they controlled CTI and actively participated in CTI’s unlawful conduct.
~ The Order requires CTI Group LLC and Cooper Trading to pay $10.175 million in disgorgement and a $10 million civil monetary penalty. Symons to pay over $3.150 million in disgorgement and $4.5 million civil monetary penalty and Kline to pay over $275 000 in disgorgement and a $1 million civil monetary penalty. The Order further imposes permanent trading and registration bans on CTI Symons and Kline and prohibits them from violating the anti-fraud and disclosure provisions of the Commodity Exchange Act and CFTC Regulations as charged.
As in any business transaction the the BBB advises that all obligations rights and limitations should be understood before a contract is signed. Consider the exact nature of the contract its terms recurring fees commissions and other charges margin calls and any obligations to take delivery of the commodity. Any representations by sales representatives should be spelled out in writing. ~~The purchase of precious metals including gold and silver coins bullion bars and ingots for investment purposes should be considered speculative. Because of the volatile nature of the commodities markets the purchase and sale of commodities involve a high degree of risk and are not suitable for most persons. Such transactions should be entered into only by persons who understand the nature and extent of their rights and obligations and are aware of the risks involved. ~~Be cautious if you receive a phone call from a stranger offering a get-rich-quick investment. Determine if the soliciting company is properly registered with the Commodity Futures Trading Commision (CFTC) and the National Futures Association a Congressionally authorized self-regulatory organization for the futures industry. Call the CFTC's Office of Public Information (202-254-8630) for facts about any possible legal actions taken against a firm or its principal officers or write to the CFTC Office of Public Information 2033 K Street N.W. Washington DC 20581. The National Futures Association may be contacted at 200 W. Madison Street Suite 1600 Chicago IL 60606 800-621-3570. (800-572-9400 for Illinois residents
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