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Review 11/9/2009
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My mother is another victim of this company. On October 31, 2008, she was persuaded by sales representative Daniel Davidson of Spyglass Equity Systems to purchase, for $6995, the rights to use the Trade Tech Analytics system. This system is different from the Flatiron system mentioned in other reports, but it is similar in that it involves day trading of index futures based on a computer program. The Sales Agreement that my mother signed with Spyglass included a 12-month "Performance Based Guarantee" that I am confident the system did not meet. When I recently attempted to contact Spyglass about a refund based on this guarantee (as the Sales Agreement stipulated), I discovered that the company's website is down and its phone number is disconnected. When I tried to contact the company by email (at support@spyglasseq.com), my message got bounced back.
My mother is an 82 year old widow on a fixed income who is now suffering from clinical depression. Needless to say, the trading systems pushed by Spyglass were completely inappropriate for her. (Unfortunately I was not around in October 2008 to protect her from the predatory telemarketers who sell these products to whomever they can.) My plan was to file suit against Spyglass for financial elder abuse if I was unable to get a refund based on the performance clause, but now that the company has disappeared, I see little hope that my mother or any of the other victims who purchased trading systems from Spyglass will ever see their money.
Additional Information:
A search for "Spyglass Equity Systems" on Google turned up an official citation against Spyglass by the FCC because of telemarketing calls to numbers on the Do-Not-Call Registry (see: www.fcc.gov/eb/Orders/2009/DOC-292991A1.html). Apparently Spyglass was pushing its trading systems very aggressively. The FCC citation includes the names of the following Spyglass officials: Preston Sjoblom (president), Richard L. Carter ("contact"), and David Turner.
UPDATE (12/07/2009): The $6995 that my mother paid by credit card for this investment system was not charged to Spyglass but to the Trade Tech Institute Inc. Ronald C. notes below that the two companies used to have the same business address. The Trade Tech Institute (www.tradetechinstitute.com) is still in business (at a different address). However, it refused to honor the performance guarantee my mother had and even denied her the right to track the performance of the system like she was able to do (in principle) via the Spyglass website. Jack Gold of the Trade Tech Institute claimed that Spyglass had no connection to the Trade Tech Institute beyond selling their system.
UPDATE (6/1/2010): As already mentioned, the Trade Tech Analytics system sold by Spyglass was developed and operated by a company called the Trade Tech Institute. Earlier this year (2010), I filed a complaint against the Trade Tech Institute with the Los Angeles Department of Consumer Affairs. The Trade Tech Institute responded by claiming that the Trade Tech Analytics system had a PROFIT of $8942.50 between 11/3/2008 and 10/26/2009, the one-year period (approximately) of my mother's performance-based guarantee. This claim seems absurd to me, but I do not have access to trading records to dispute it.
Also in the response from the Trade Tech Institute, I received week-by-week performance results of the Trade Tech Analytics system. Over most periods they show a profit, which I find hard to believe. If any of you still wish to pursue a refund of your purchase price ($6995 or whatever) to use this system, and if you have trading records to substantiate your losses, I hope you will get in touch with me. You can reach me here or at: tradetechscam@yahoo.com
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