Mike Douglas and MTA Online SCAM

This is a discussion on Mike Douglas and MTA Online SCAM within the Educational Resources forums, part of the Commercial category; You're absolutely right. The whole thing is just a very basic form of sales. It's absolute nonsense. Get numbers through ...

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Old Jan 19, 2017, 4:56pm   #353
 
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You're absolutely right. The whole thing is just a very basic form of sales. It's absolute nonsense. Get numbers through the door and take commission from brokers. I don't have problem with this business model, I get it, all companies do the same. I have a problem with the way they conduct themselves and their claim to be transparent is laughable.

It's obvious they don't make a penny through trading. They claim to have a wealth of knowledge and their results 'speak for themselves'. I literally have no idea what these results are and you'd never find a single verified track record for any of these clowns. They just post the odd good winner on Facebook or Instagram and believe me, they milk it. It all goes extremely quiet or hostile when the inevitable string of losing trades occur. After a loser the 'apprentice' traders are made to feel like they have done something wrong and that the majority of clients are up on their accounts.

Any educator worth listening to should be published/FCA regulated/asked their opinion by major print or broadcast networks. Surely?

The sad thing is, they will continue operate as they have a huge target market. It's not nice to say, but they prey on the lesser educated masses. They are sold a dream. Easy money is all they desire. They are told they can become self sufficient traders even though the majority start with £1000. It's just not achievable.

Barely any of them actually do any research into the industry they are entering and what it takes to become a full time trader, therefore, they are easily manipulated by MTA.
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Old Jan 24, 2017, 12:53pm   #354
 
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Does anybody know if MTA get a cut of the spreads on each trade that the apprentices place along with the joining fee the broker gives them?
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Old Feb 27, 2017, 2:31pm   #355
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Interesting Facebook post from Mr Travis today: "Our company is MTAKEOVER LTD - search companies house, not MTA trading. (YES, were authorised to trade)"

This is presumably in response to the fact that there is, coincidentally, a business called 'MTA Trade' listed on the FCA register with a notice advising they are an unauthorised firm. Matt then makes the claim that MTAKEOVER Ltd are "authorised to trade", which is technically not incorrect - he can, of course, trade with his own money; but, MTAKEOVER Ltd are NOT authorised to trade client money, or even handle client funds (as of 27/02/2017, they do not appear on the FCA register).

He then says: "You're [who?] now being investigated for a huge criminal case or using false information and lies to discredit and well organised and profitable company" (sic).

Aside from the fact this sentence is barely coherent, it's genuinely laughable - not least because libel is not criminal. Whether MTA is well organised is obviously a matter of opinion, and we don't have sight of company accounts to know whether the company is profitable, although I have no reason to doubt it isn't.

Does anyone have any insight into why they split out MTA Live Limited and MTAKEOVER Limited? Does anyone have any dealings with the new company that might be worth feeding back?
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Old Feb 27, 2017, 2:52pm   #356
 
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Quote:
Originally Posted by ctrl View Post

He then says: "You're [who?] now being investigated for a huge criminal case or using false information and lies to discredit and well organised and profitable company" (sic).

Aside from the fact this sentence is barely coherent, it's genuinely laughable - not least because libel is not criminal. Whether MTA is well organised is obviously a matter of opinion, and we don't have sight of company accounts to know whether the company is profitable, although I have no reason to doubt it isn't.

Does anyone have any insight into why they split out MTA Live Limited and MTAKEOVER Limited? Does anyone have any dealings with the new company that might be worth feeding back?
Matt is well known for making outlandish statements which make him sound big and scary. There is no criminal case, he is just scared himself and hitting back with an empty threat. The problem with MTA is that they have this strange cult like following. I have been in the whatsapp groups and some people really seem to worship Matt for whatever he does. He could give 3 straight useless loosing trades and they still will say how great he is and their belief for him is never stronger. So he can make these threats knowing his cult will back him up.


With regards the company name change, I believe it all started when Mike Douglas parted ways with Matt. Matt then had to change the name to an unpronounceable word. (What was he thinking with mtakeover?) He used to always talk about having 'money coming out his earholes' from clients/investors that his apprentices were to one day trade if successful. Then he suddenly stopped saying this; presumably for the reason you stated above.

It's always very funny how every 6-8 weeks they have to deal with more and more disgruntled customers. Somehow its never their fault and this growing number of people are all wrong. Surely their days are numbered.
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Old Feb 27, 2017, 8:36pm   #357
 
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All of Matt and co's recent posts are in response to posts by this page, the Stockbible - https://www.facebook.com/TheStockBible/

Stockbible recently published a negative review of MTA/ Mtakeover. The review is not actually very well written nor does it even come close to exposing the full scale of Mtakeover's dubious practises, but the comments on the page are extremely revealing as there is finally a Facebook forum where people can post problems with MTA without MTA being able to delete the comments. Several people claiming to have paid £5,000 directly into Matt's bank account for courses then they never received the training they paid for. And a significant number of people unhappy with the quality of training they received from MTA, or kicked out out of the groups for questioning the legitimacy of the operation.

You will also see on the Stockbible page a copy of a letter from MTA's former broker, LCG, stating that MTA's introducing broker agreement was terminated due to MTA's deceptive advertising material being in breach of contract.

MTA are no longer in the Shard, their rented office there was emptied a month or two ago. They do not currently have a London office, despite what they may claim.

Hopefully a journalist with a bit more clout and investigative ability than the Stockbible will pick up on the story soon and finally give these guys what's coming to them.
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