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Thread: russ whitney

  1. #1
    Join Date
    Mar 2006
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    1

    russ whitney

    has anyone followed through with his seminars or classes. is he selling info that could be found for free, is it a scam?

  2. #2
    Join Date
    Apr 2006
    Posts
    9

    Re: russ whitney

    THIS POST IS LONG BUT I PROMISE YOU WILL BE BETTER OFF READING IT BEFORE YOU LINE RUSS WHITNEY'S POCKETS WITH YOUR MONEY.

    I got taken for $200 last year with his bogus Teach Me To Trade program. I've communicated with people who got scammed out of thousands more, so in a strange way I actually consider myself lucky. Here's how it works (I understand his real estate courses operate in similar fashion):

    You first receive an invitation to a free local seminar which lasts about 3 hours. During that time an arrogant slimeball named Andy Tanner (I'm sure there's a few of them nationally) demonstrates software that analyzes stocks and then gives you either a green thumbs up, a red thumbs down, or a neutral yellow thumb. He professes that if you couple that ingeniously simple program with the knowledge you'll receive at an upcoming three day workshop costing $200, you'll be well on your way to a lifetime abounding with financial freedom.

    The workshop begins with an inspiring rags-to-riches tale by David Gengler (again, I'm sure there are a few other sloths playing this part for Whitney, and I apologize for insulting sloths). He tells of his dire monetary straits of just seven or eight short years ago, and how he begged for and borrowed $100,000 to be educated by Teach Me To Trade. He is now a millionaire many times over. Of course it won't cost you $100,000; the price has been drastically reduced because of TMTT's desire to reach and help (scam) as many people as possible. More on that in a bit.

    While he earnestly gives his rehearsed, transparent spiel to the captive audience, 5 or 6 goons, or closers dressed in cheap suits and costume jewelry patrol the room. They are laughably referred to as "Success Coaches." One of the first lessons is that the software you received at the free seminar is virtually worthless. It only performs fundamental analysis and therefore much research still needs to be performed before investing in a particular stock. Don't despair! This software, on sale today for only $2700, will pick all the best prospects for you! Then, only some minor technical analysis is required on your part to determine if the stock is worthy of investment. I reckoned the balance of the three days would be spent learning how to perform said technical analysis.

    Being a complete stock market novice at the time, I was amazed at how much knowledge I gained (I've since found the same information, and then some, in a book I purchased second hand for $8.83). However in depth the material seemed at the time, it was ultimately just the tip of the iceberg. Despite Mr. Gengler's claim that at the conclusion of the three days we'd be ready to "paper trade," I didn't know where to begin, especially without the magic stock-picking software (which would undoubtedly be valued at millions if not billions of dollars if such a program could actually be effectively applied).

    Thankfully, TMTT came to the rescue again. They offered additional courses, each three days in length, covering such topics as chart reading, options, covered calls, incorporation, real estate investment, live exchange floor trading, asset protection and more. These courses, if you signed up immediately of course, would be reduced from the $100,000 Gengler claims he paid to somewhere in the $10-$50 thousand vicinity, depending naturally on how many you chose.

    Next you are coached on how to come up with the necessary funds. Their two main tactics are borrowing from friends and relatives and/or increasing your credit limit (they even provide a script with which to work from when contacting your creditors) and then maxing it out with cash advances. This is grossly irresponsible, absolutely reprehensible advice. Never invest in anything with scared money. It hardly gets scarier than owing banks tens of thousands of dollars you are unable to repay while simultaneously putting your loved ones in hock. They justify these highly dubious practices by claiming that armed with all this new expertise you'll be knocking down big bucks in no time. They offer an unverifiable claim that 97% of all students who sign up for their "Platinum Level" course plan (roughly $25,000 in tuition) make enough money within their first year of investing to pay off their newly incurred debt and profit to boot.

    Eventually, everyone gets called out of the room and speaks individually with one of the closers. They push the classes and software hard. They offer to throw in for free the software and one year's worth of newsletters along with various other nonsense if you sign up for certain levels of training. And wouldn't you know it, they ask how you fared with your credit card companies the night before and how high you were able to get that credit limit. This line of questioning strongly implies that they will settle, within reason, for whatever amount of cash you were able to muster.

    They parade around a few plants (they are so obvious their appearance and presence would be hilarious if it weren't so despicable) and unfortunately, baited and hooked suckers who signed up. These people are congratulated and lauded while everyone else is put down as lazy, afraid and negative. On the last day, between slide shows of Gengler's mansion-in-progress in Utah, you are broken down into groups and asked to quickly analyze charts and spot trends using the knowledge you gained. Of course no one understands anything significant at this point, so the information seems overly complicated and confusing. The rapid fire pace of the exercise lends to the orchestrated chaos. They are obviously trying to hammer home the idea that you MUST enroll in additional courses if you ever hope to succeed.

    You are bid farewell with a warning that if you don't sign up before you leave you will have missed the boat on these prices. They were good for the three days only, so don't think you're going to call back in six months when you've gotten the money together and get the same rates. Supposedly your name and personal information is stored in their data base and you never qualify for the three day workshop or the reduced fee again, yet I still receive invitations for the seminars and workshops from them. Go figure. Something tells me so long as my 200 dollar bills were green they'd have no trouble accepting them from me a second time. Or a tenth time for that matter.

    Additionally, Tanner and Gengler among a few others seem to play prominent, recurring roles in TMTT's correspondence and infomercials. In one of the invitations I received recently, Gengler is pictured as "David G." from Utah beside a quote stating, "I made $10,000 in a three week period." On TMTT's web site testimonials page, David G. from Utah is quoted as saying, and I'm paraphrasing but the general message is the same, "I worked for four years as a broker for two of the huge Wall Street firms and I learned more in a few weeks from TMTT. I made $10,000 in a three week period." Either that's a world class coincidence or it's the same David G. from the mailing I received. Funny, in three days at the workshop he spoke at length about many of his life experiences yet he failed to mention even once his four year stint as a stock broker. In fact, he told us he went from an unemployed, penniless loser directly into the saving graces of the TMTT family and had been trading with their precious system ever since.

    Of the people I've communicated with who did sign up for the extra courses, none made any significant money. One man spent $13,000 on classes and made a whopping total of $900 several months later despite following the software and the technique to the letter. Another, after thousands invested and weeks of trading, finally made a few hundred dollars on one swing trade only to see it wiped out by two subsequent trades using the same methods. One poor girl got taken for $18,000, never made a dime, and was jerked around while TMTT supposedly searched for a mentor to work with her. Of course the mentor never materialized and her cries for help were eventually altogether ignored, but only after they advised her to transfer her heaping credit card debt to a lower interest account. How helpful. Others say the additional courses were used much the same way as the workshop in that they basically existed only as vehicles to get you to sign up for even more courses. Each course was partnered with more expensive software that was passed off as essential for the course material to work. Nobody, save for one admitted TMTT employee, ever rebutted these or any other negative claims or offered evidence to the contrary in support of Whitney or TMTT. I guess those people in that 97 percentile are quite shy.

    Finally, I've since discovered from numerous reputable sources that TMTT's assertions that they can thoroughly and completely impart all the wisdom needed to confidently trade such complex and risky endeavors as options and covered calls in two separate three day courses is comically insane. The purported notion of going from a completely broke novice to a self employed Wall Street power broker in weeks or months is equally ridiculous. I should have known that all along. On some level I think I did, but I took a shot in the dark anyway in spite of my protesting senses. I'm a couple hundred bucks lighter in the wallet for my troubles.

    Don't throw your good money after mine. Please stay away from TMTT and all Russ Whitney offerings. There's lots of valuable information out there and not much of it, if any, is worth paying thousands or even hundreds of dollars for unless you are truly getting live, step-by-step instruction from a qualified mentor. You can be a successful investor but it takes dedication, hard work, discipline, trial and error (especially error) and persistence. Good luck and thanks for hanging in there through such a lengthy post. I sincerely hope it helped.
    Last edited by 18Chief; 04-27-2006 at 01:32 AM.

  3. #3
    Join Date
    Apr 2006
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    613

    Re: russ whitney

    Long read ya, but a good one.

  4. #4
    Join Date
    Aug 2007
    Posts
    1

    Re: russ whitney

    I feel bad for the many people who have been ripped off their money from Russ Whitney, Inc. in one way or another through his many different education training programs...I hope Russ Whitney, Inc or whatever creative company he's created go belly up and people get their money back...My wife and I were lucky...Basically from everything that I've seen out there and on the BBB website, STAY AWAY from anything affiliated with Russ Whitney...My wife and I attended the free preview training. The speaker Yanni Glykas was sharp, however turned out to be a jerk when we didn't hand over money to them. We were met with a condescending attitude and he was short with us after that...Not exactly someone on the up and up...These guys are just money sharks...Don't waste your time and certainly not your money on these clowns...You could tell them you just buried a family member and had to pay funeral expenses so you don't have the money right now, they would probably look at you and say so what, you don't have the money? That's because you work a dead end job for losers. That was the impression my wife and I both got from Yanni Glykas on behalf of Russ Whitney, Inc.

  5. #5
    Join Date
    Nov 2006
    Posts
    346

    Re: russ whitney

    Thank you 18Chief for an excellent post. I was at the exact same Russ Whitney seminar, the same transparent tactics, the same goon squad of pitchmen, only this time it was a real estate scam they we selling. It deeply saddens me that there are enough gullible people out there to make the Russ Whitneys of the world wealthy, P.T.Barnum was an optimist.

    I see a lot of people comment that Whitney and the like might charge too much for what they teach you but insist they quality of the "education" you receive is worth it. That is a dangerous misconception. Their first and only priority is to upsell you into the next package, be it a boot camp or the lousy telemarketing script reading fraud the call "mentoring." If the true facts about the difficulty, profit potential or risk of loss from using their system might in anyway discourage you from buying their products you can be sure that they will spin, distort, dissemble and out right lie about it just to make a sale. This is the real trap.

    Google the name Casey Serin if you need a perfect example of what can happen when you take a gullible idiot with a decent credit score and send him to a Russ Whitney seminar. They made it all look so simple, they pumped him full of half truths, pumped him full with enthusiasm and made him feel that with the education he purchased from them (about 30k worth) he couldn't fail. He went out to flip properties, bought 8 houses in 4 states in about six weeks. He sold one of them and the lenders took the rest. Casey Serin is still a gullible idiot but his credit score is the least of his problems now, among the many fine skills he learned from Russ Whitney was how to justify committing mortgage fraud to yourself in a way that made it seem not so bad. Too bad the judge that will be trying his case never went to the same seminar.

    So, not only does Russ Whitney and the rest of the seminar cowboys charge way too much for the information they sell you but their information is critically flawed and if applied without common sense it can bankrupt you and/or land you in jail.

  6. #6
    Join Date
    Feb 2007
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    512

    Re: russ whitney

    there's nothing but bad pr for whitney all over the web.

  7. #7
    Join Date
    Feb 2011
    Location
    Delaware
    Posts
    4

    Re: russ whitney

    russ whitney now hides behind this new company http://tigrent.com/brands.html and 2 of his bs trainers got nailed by the SEC http://www.sec.gov/news/press/2008/2008-39.htm
    read this....scam scam makes me sick

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