Breakpoint Trades Inc — unethical behavior
I started to subscribe to BreakPoint Trades back in 2014. I paid for six months, and I found their service to not be very helpful in finding viable trades for me, so I canceled my service. I rejoined in 2016 to give it another chance, and I had saw that they were selling their SPY Pro system for an undisclosed amount, along with some futures mechanical systems for various futures markets. I inquired about them by email out of curiosity.
Matt was the one that responded, and he did so with performance reports of his ES System that were almost unbelievable (over 90%). The cost of the system was many thousands of dollars. With the purchase of the system, he will update the purchasers periodically with short video analysis of the market conditions, update the system with improvement, install it remotely on your trading computer, and also send emails when trading signals occur, just in case you are not sitting at your trading computer at the time (this is helpful when traveling).
I purchased the system in August of 2016.
Everything was fine for the next six months. The system was making money, as most systems do when you have a raging bull market. I let my BreakPoint trade subscription lapse because I was not trading stocks and it had no value to me. Matt first wrote me that it was a requirement that purchasers of his system be subscribers. I did not see the point, but subscribed anyway just to not make any waves.
In September of 2017, he started pitching the purchasers of his ES System, which is a reversion to the mean system, to buy an additional system for the ES which is based on breakouts. He gave me a price in the four figures, but still well below the other ES System. I told him I would think about it for a few days.
The stats were good and I got back to Matt a few days later. He put on the hard sales pitch bragging about the performance, but told me he will not send me the system for the price he quoted. He said he was selling to other members for 25% more, so he cannot honor what he told me and have to charge me the higher price, and can I tell him my credit card number please? I responded that the price was too high and that I will pass and just trade the ES System. He seemed OK with it.
So in October 2017, he sent an email to his ES System and the new ES Breakout system purchasers that he was going only send notifications to users that that purchased the respective systems. After this email, I didn't received any updates or trade notifications.
In November 2017, I sent an email to Matt asking why I am not getting updates. He said he checked his records, and there were two customers that were receiving trade notifications for the last year or so for the ES System who did not actually purchase it, and I was one of them. He was oh so polite, and even told me how much money I should have made for my "free" signals.
I went to my bank's website and downloaded a copy of my canceled check to him for the system, and also the email we exchanged when he made the sale to me. No response. A few days later I sent a follow-up asking him if he received my email. No response. A week later I tried one more time, and with the email I sent a photo of his ES System running on my trade computer as proof. No response.
So I have been abandoned. I find his behavior extremely unethical. And to think he is starting a hedge fund to handle other people's money. I hope they read this first!
I still cannot figure out why he would do this other than because I backed out of buying the Breakout system after changing the price.
You might want to ask yourself if you want to do any kind of business with Matt or the company.