MTI says – Scams,Schemes, Scandals!

“There is nothing crueler than a violation of one’s personal trust or an abuse of someone’s loyalty.” That is how an advertistment in the Sunday Gleaner in Jamaica starts. This AD raises more than just a few eyebrows it warrants serious reflections.

Background

To put everything in perperspective let us set the framework. Market Traders Institute(MTI) founded in 1994 is a sister company to I-Trade FX run by the Maritnezs, Jared, Issac, and Jacob. The MTI claims to be oldest FOREX Trading institution around led by President and Founder, Jared F. Martinez who is widely known as “FXChief”.

When David Smith launched the Olint Foundation in November 2007 according to an observer report, Martinez described the founders of the OLINT Foundation as “ordinary people doing extraordinary things ” and he himself contributed Jamaican 10 million dollars.

I-Trade FX even partnered with David Smith in the GotradeJamaica.com project.

NFA revelations

In addition, I-Trade FX is the subject of a NFA June 30, 2008 complaint that named transactions carried out by David Smith, Ingrid Loiten, Gareth Harris, OLINT TCI and TCI FX as suspicious and cited I-Trade FX for its failure to report the suspicious transactions. It further cites David Smith as a one time principal of I-Trade FX, something David Smith does not deny. (see I-Trade FX and the NFA)

I-Trade Fx is named as a defendant in the F1 investment lawsuit of June 26, 2008 against May Daisy. Ingrid Loiten of May Daisy, as mentioned before, is also named in that NFA complaint.

Later in July 2008, a United States Department of Justice letter, dated July 11, 2008, surfaces allegedly freezing the accounts of, once again, David Smith, Ingrid Loiten, Gareth Harris, OLINT TCI and TCI FX. 

Schemes, Scams and Scandals

Now it would be good if the FX chief and the MTI Team would be a little clearer. The major FOREX schemes we know in to be trouble are OLINT, May Daisy and World Wise. There are other little clubs but most are basically affliates and feeders with no traders for themselves.

This AD therefore, coming at a time when many faithful OLINT investors’ faith is indeed being tried is very curious. With the secretly fearing ‘Olinters’ openly positive, and with rumours swirling that OLINT is fake and analysts pointing to scam and PONZI, this is certainly not what anyone would want to hear.

“Given the recent rash of FOREX Trading schemes, scams and scandals”, ….  “while Jamaicans take greater steps to educate themselves and avoid becoming victims of any more scams.“

Those are very harsh words coming from MTI, given that it could be argued that in many ways they gave legitimacy to many of these FOREX clubs. So what is MTI doing now?

MTI Distancing Itself

MTI sorrowfully opines:

“Many Jamaicans have joined various FOREX Investment Clubs to help them take advantage of the money than can be made trading currencies. Unfortunately, It has been many Jamaicans that have been taken advantage of.”

Is MTI now distancing itself from from the ‘star’? What would possess MTI traders to place such an AD in the papers? Is it that they were tricked? Is it that they were part of the situation and are now trying to separate and say, “It wasn’t me”?

  • Where was MTI when the FSC was saying, be careful who you give your money?
  • Where was MTI when the others were saying, how do you know that these FX companies are not scams?
  • Where was MTI when people were saying, ensure the company you are invested with is regulated?
  • Where was MTI when the FSC were saying ensure that the principals of companies are “Fit and Proper” and licensed?

Another point of Interest is this statement

“At Market Traders Institute, we are not in the business of taking people’s money to trade on FOREX.”

Listen again to David Smith’s Friday July 4, 2008 interview on Nationwide.(David Smith – Interview)

“There is nothing crueler than a violation of one’s personal trust or an abuse of someone’s loyalty”.  We will add, “With Friends Like These, Who Needs Enemies?”

Click here for the  full text of the MTI AD that appeared in the Sunday Gleaner July 27, 2008

Sources:

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MTI AD

Here is the Full Text of the MTI AD that appeared in the Sunday Gleaner July 27, 2008

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There is nothing crueler than a violation of one’s personal trust or an abuse of someone’s loyalty. Many Jamaicans have joined various FOREX Investment Clubs to help them take advantage of the money than can be made trading currencies. Unfortunately, It has been many Jamaicans that have been taken advantage of.

Given the recent rash of FOREX Trading schemes, scams and scandals, MTI is working to help educate the people of Jamaica on the FOREX while Jamaicans take greater steps to educate themselves and avoid becoming victims of any more scams. The FOREX itself is not a scam or a scheme. Without a true education about the FOREX, People can be taken advantage of by some questionable FOREX clubs. At Market Traders Institute, we are not in the business of taking people’s money to trade on FOREX. We are in the business of educating people to trade on the FOREX for themselves.

Market Traders institute is not a club. We are an institution and we are committed to helping the citizens of Jamaica take control of, and improve their personal finances. MTI is trying to correct the misperceptions that many Jamaicans have about the FOREX. While there is tremendous opportunity for profit trading currencies, without a proper education the potential for losses is just as great

Meet Bassilios Hado

As the managing director for Chez Maria Limited, Bassilios Hado works hard for his money, but still see the potential for profits on the FOREX, When first I heard about FOREX Clubs, people trading other people’s money on the FOREX, instead of putting my money with a friend or stranger, I decide to educate myself on the FOREX, After investigation the options from other educational organizations in Jamaica. I discovered that MTI had the greatest integrity. I also learned that MTI was an international organization, teaching people all over the world how to trade currencies on the FOREX

No one cares how much you know. Until they know how much you care.

We are MTI are very sad and sorry that many innocent Jamaicans have been taken advantage of by certain individuals using the legitimate FOREX Market to meet their rouge needs. In an effort to help the citizens of Jamaica recover from FOREX Investments that may have failed, MTI is discounting our educational products and services. We want to restore the legitimate of currency trading in Jamaica. Jamaicans need to educate themselves about the FOREX before investing. Market Traders Institute can help you separate the fore facts from the fiction for yourself. We can help you avoid being taken advantage of. With the right education, you can take advantage of the FOREX.

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MTI says – Scams,Schemes, Scandals!