The Hunt for the Next 10 Bagger

[John Q Trader]

The question is if you like loosing all your money in some foreign country with no recourse.

If you absolutely must open a ScamTrader account, make sure you do so with a credit card. You can only deposit a max of $5k that way, but its the ONLY way you will get an account. If you do a bank wire, your money will magically disappear. Unhelpful SureTrader customer service will deny receiving it. SureTrader's bank will neither confirm nor deny the wire transfer and will tell you to contact SureTrader. It seems Scotiabank is privy to SureTrader's game and will not get in the middle by confirming the wire transfer when SureTrader denies it. Bahamas authorities will side with their banks and companies, and US authorities cant help you so you are lost. Its really an amazing thing in this day and age that things are so lawless and crooked. The only thing you can do there is hire a Bahama attorney and sue, which will cost you more money. Most dont and let it go because they would end up spending more than they lost, and who knows what kind of Kangaroo courts they run in the Bahamas. If you simply deposit by credit card, and they dont credit your account you can file a fraud claim with your credit card company and recover your money.

Keep in mind that none of this will help you actually get your money back. Suretrader barely has enough money to stay in business it seems based on this article, so they are not going to let you cash out if they can help it.

http://www.tcnhd.com/hott/news/2014/02/01/bahamas-police-investigate-wire-fraud-against-international-investor/

This is all going to get real interesting in the coming year because all of the SureTrader affiliates like Tim Sykes and Nathan Michaud have pumped SureTrader because they get $100+ for everyone who signs up for an account through them. Never mind the fact that none of them actually use the dumb thing. The inner circle uses CenterPoint. Legally though, they profited from a fraud and are liable and about the only ones you can sue in US court if you got snookered by SureTrader.