I found another interesting scam, this time a guy who claims he worked for Barclays Investment Bank.
What I found interesting is the comment in Reddit:
This guy popped up on my YouTube and it took me a few seconds to recognise him, it was actually his annoying droning voice that made me realise I used to work with him at Barclays. His claims in the ad seemed pretty wild – I remembered him as being totally useless. I googled him and this post came up really quickly.
To clear up a few things:
He was on the grad scheme as a salesperson at Barclays. He never traded at Barclays.
He was on the Rates desk (govt bonds and IRS), so he wasn’t an FX or futures guy whilst employed at Barclays
No successful trader in any product ever leaves a paid trading job to set up as a solo FX trader. It doesn’t make any sense: the margins in FX are so small that you’re much better off getting paid to trade (when Neerav was at Barclays, junior traders were getting £3m bonuses on top of their 6-figure salaries – this came out during the Barclays Libor trials. Comp has changed since, but you’d be out-of-your-mind-stupid to leave a trading job at a bank to set up on your own in 2008). Or, if you’re a really big dog, you set up your own fund, which is very different from trading FX on your sofa.
He was terrible at his job and used to get yelled at all the time by the guy who was training him (Neerav, if you’re reading this, which the comments suggest you will, his initials were ML – I know exactly who you are).
I’m pretty sure he got fired – he wasn’t there long at all – or he may have just left before he was pushed out.
If you’re sucker enough to pay him for investment advice, DM me and I’ll send you my KoFi so you can pay me £££ to read out a paragraph from the FT. that’ll be of more value than this clown.
It seems like more and more fake gurus who want to take our time and money and sell us the dream surround us.
Therefore, now more than ever, we need to be very careful about who we follow and what we do.
The things to look for:
- If something is too good to be true, most probably is a scam.
- If you have a limited time to make a decision, this is most probably a scam. This is the popular offer now or never.
- If the guru hides their taxes, then this is a scam. The people who have a legit business know their value and are not afraid to make the ask. he gurus who don’t have legit achievements and success will hide their prices, and adjust it on the spot when they are sure they can manipulate you.
- Always look for references from other successful people.
- If a guru promise you a new environment with successful people, this is a clear sign it is a scam. Gurus will try to sell to anyone without really validating the people. You will end up in a random group where the chances are others fake gurus will try to sell to you instead of supporting your goals.
Another interesting project I found is a scam tracking excel spreadsheet you can refer to, part of fakeguru.com website: https://docs.google.com/spreadsheets/d/1va_ccK-5d4uOUx2UZG7wy8oSiDHFleqc_dFZxHmkaNA/edit#gid=0