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Omar: There are many of us who would like to make more money or supplemental income and there are many legitimate ways of doing so but then there are those who take advantage of the fact and try to exploit naive individuals on social media to giving them their hard earned money to trade or quote unquote buy signals from them that in reality don’t make them any money Omar Rahimi went down to a few professionals in the world of finance to get their opinions on this
Jeremy: My name is Jeremy Vargas and I work for one of 4 market making firms on the floor of the New York Stock Exchange I work for GTS, there is Citadel Point 2, and Vertu. My job as a market maker is constantly maintaining 2 sided market. We use a lot of technology and we have worked with algorithms and we also provide that human touch because of my career i got a lot of questions about you know trading in general and you know people always want to know like what stock to pick and things like that and we have seen a big presence of a lot of people that claim they know the markets and they know how to how to trade and they want to sell signals and subscriptions to people and so my answer them usually just stay away from it because being on the floor i really learned that there’s no there’s no actual secret to trading on there’s no actual answer is no real group that’s going to tell you what to do when to buy want to sell and So what these people are doing is they’re pretty much taking peoples money and they’re not really buying or selling or the training on demo accounts and there are showing one side the place to buy or sell side and they’ll show you which ever ones in the profit and so it’s really messed up situation ’cause you got people that are really trying to actually be successful in trying to make a secondary income and instead of making more money than actually giving away a little that they have
Omar: here we have the opportunity to get a first hand account of someone who fell victim to one of them apps
Omer: so an old friend contacted me one day and he invited me to what I thought was a networking event you know really friendly kind of threw me off a bit but I agree to go anyway ’cause you know he’s my old friend and so he took me to his office there’s a little office space with like 10 other people and he played a presentation on a small little TV about their forex training course and it was presented kinda well I wasn’t really informed I didn’t know much about the market anyway they had a speaker over there who claimed to be a traitor against us I don’t know much about it and I was kind of sold because you know I was given like an opportunity to see like money yeah so after finding out that it was a scam I contacted my friend that put me on to the whole thing and he told me that the whole company was going out of business and I couldn’t get a refund because the company is going out of business and I couldn’t get a refund
Omar: We have an opportunity to speak to another professional in the industry name Syed Farooq, he runs his own investment management firm
Syed: So I run a hedge fund which is basically an investment firm where I invest other peoples money in our funds proprietary money using multiple strategies in the stock market and form global asset classes and it all really all started a few years ago when I purchased started trading some family members and friends and relatives money in the stock market and decided to go ahead and make it formal. These MLM companies are causing a lot of harm because they’re pushing the younger crowd to false dream with a lot of false advertising they claim that they can provide really high returns in the stock market or the currency market with their signals which are have unheard of accuracies if they sell these courses and they sell these signals at absurd prices which is really bad because the younger crowd they don’t have a lot of supposedly income and I know someone personally a cousin of mine was almost tricked into spending $1000 for something that is a complete complete scam. It also harmed me when I was coming up because of my age people thought that I was somehow associated with these scams because a lot of people doing these are early late teens early 20s and that made it a little more difficult to prove myself.
Omar: These MLM companies can cause harm in more ways than one from targeting young people looking to make some money to people within the industry trying to make a name for themselves so I urge you all to be vigilant when being solicited for money especially on social media from Baruch college this is Omar rahimi