There are master scammers and deceivers who do everything legally and you will never be able to really catch them at it in a manner of speaking. This is where several such certified and seemingly legal and professional organizations bypass laws and ethics while taking people for a ride by subtly scamming them and deceiving them with misleading information. One such company that has come to the notice of several people is The Motley Fool, a company which already has quite a brand name and reputation to protect although how they’ve built a brand is something we may question since their business philosophies are not in the right place at all.
More about this scam company
The Motley Fool Stock Advisor (SA) is the flagship stock-choosing newsletter which is published by The Motley Fool- www.fool.com, widely regarded as a fast-growing conglomerate in the multimedia, finance and investment advisory space. The monthly newsletter is produced by the founders of The Motley Fool, Tom and David Gardner and their analysts. There is an investment strategy that is based on analysis and this is majorly implemented along with the buy and hold style of management as per the company’s website. The newsletter stock picks as per its own claims, have led to the generation of average return performance of a whopping 343%. Now think whether this is ever possible in the real world! Of course, there is nothing to verify these claims as expected. This is more than the 80% of average TR (time-weight return) seen on the S&P ever since the year 2002. The newsletter also claims that it has discovered several future stock stars including FANG stocks which are majorly given the credit for driving NASDAQ and S&P 500 to record highs.
Why The Motley Fool may fool you in the bargain
Innumerable complaint have come up against The Motley Fool and most them seem to talk about the company’s brash disregard for ethics. I guess success does that to people and what these founders and analysts are not realizing now is that one day it will all be gone if they keep alienating people in this manner. One complainant has strongly stated that the company basically comprises of a bunch of fools themselves. This person has been investing in the stock market for quite some time and has already come across multiple such fraudulent firms which give advice. He says that the same is true for The Motley Fool. When they started off, it seemed a good place for sharing of data and analysis. However, later on, it was found that they basically make their money only through the pump and dump method which is shady methinks and also sell this advice aggressively to people to earn their quick bucks. Around 3 weeks earlier, the complainant received an email from The Motley Fool which stated that the company is advertising stuff related to the Rare Double Down. The week after, the company started dispatching emails related to Triple Buy Alert and the first offer had at least 10 mails sent about it in the week before this. In a whole week, their entire offer changed course and 7 more emails were sent about the second offer subsequently.
Eventually, in another week just after the second one which is when the complainant has posted his statement, the offer has changed to reflect Ultimate Buy. This is utterly fraudulent and insane according to the complainant. He claims that the company makes tall claims and ends up cheating people out of their hard earned money. In case the founders are such stock market geniuses, they would have been happy to keep the millions they would have earned themselves. They’re claiming that 39000% profits have been earned by them after purchasing AMZN shares at prices of $3.19 apiece. People earning such big bucks would become billionaires and stop selling such newsletters and advice aggressively.
Even if they would have come out with advice and newsletters, it would have been done for free, had so much money really been made. A profit like this only once can lead to future generations being fully secured. Additionally, if these two founders are such rich people, why are they not listed on any rich list. They can easily turn into the richest men in the world even if 50% of their claims turn out to be true. This complainant had to endure the pain of having lost money invested based on the advice and suggestions given by The Motley Fool. He calls them garbage peddlers and talked of how they have basically gotten lucky only a few times but there is no system or strategy that actually works for people subscribing to their guidance.
He also wrote to the company about stopping the spam emails. These people only end up making big claims and then ruining the investment strategies of people with their fraudulent tactics and unethical business practices. They are only earning via the vulnerable and unsuspecting individuals who are investing money on the newsletter and their guidance. The pump and dump method is used by these people when they are trading. People should not invest in something as worthless and fraudulent as this.
Another complainant notes that he paid up a sum of $99 for getting an annual membership of The Motley Fool on the 12th of September, 2018, through his credit card post witnessing the advertisement online. However, he got a shock when he suddenly saw that he could not read the recently posted article named 10 Best Stocks right now post logging into the account. He received a prompt which stated that Join now for only $99- that’s just $1.90 a week! This was the same as the complainant saw in September when he paid the fee from his credit card. The same message was being shown to him in only 7 months when the payment was for the annual membership. The membership had been terminated in advance without any prior intimation as well. If this is not a rip-off then what is! The client called several times but did not get any response from any number listed on their site and even online. He even sent messages about the issue but did not get any response. Voice messages were also impossible to leave and never got answered. Not keeping a commitment about a one year membership basically amounts to total cheating and scamming of sorts which is not at all acceptable by all means.
Another person writes about buying a subscription to the newsletter released by Motley Fool in October 2016 for a sum of $200 to be annually paid through his credit card. In September, 2017, he notified the company, stating that he did not wish for his membership to be renewed. In a blatant case of cheating, the company still billed the credit card. In February 2019, the client witnessed that the company had once again billed the credit card on the 24th of October, 2018 for a sum of $199 which was fraudulent and amounted to cheating of the highest order. The complainant called and was told that a refund would be given to his card which never happened. He called again and spoke to a person called Kait who found the entire email trail and promised a refund of $400 to the credit card along with sending a confirmation by email. This never took place as well. So this is how these guys are ripping money nowadays.
Another person got a notification from the company about a new wealth builder system and also for watching a podcast that would be streamed on the 7th of March this year. The podcast talked about a brand new Mogul subscription service which came for $3,999 although there was a discount of $1,000 in case one signed up then and there and a period of 30 days was provided for learning more about the program. The complainant states that prior to even getting the credit card charge which came minus the discount promised (which was really fraudulent), he wanted to cancel the subscription since there was no refund/reimbursement of subscription fees from the company. The entire process is really deceptive and designed to actually cheat customers out of money and then keep them tricked by providing useless stuff most of the time.
Another person signed up for a trial membership for a month in May last year. In a month, the company sent an email talking about the membership status providing an invitation which expired at midnight on the same day. The complainant did not act on the same, noting that not responding would lead to the 1 month trial membership being cancelled. However, the entire thing was misleading. The invitation was for another offer as it turned and not responding did not lead to the membership being cancelled. The person paid more than $100 instead of paying $19 for a 1 month membership. The refund was not given by the company which claimed that he had signed up for the automatic renewal facility.
Another complainant was diverted from a Motley Fool article to buy a $99 subscription service that would reveal the 10 best stocks listed on the website. You cannot see the list of stocks until you pay up the money which is not explained prior to you keying in your email address. The Motley Fool will then keep sending one email after another until the person is forced to change his/her email address. This complainant has clearly stated that the advertising being practised by The Motley Fool is completely misleading and fake.
One person got a special VIP offers for buying a 1 year Motley Fool subscription service named Blast Off 2019 in December last year. The offer had a clear statement that if the client did not like the service, he/she could transfer its value to another Motley Fool service. They also had a video advertisement for the service in which they covered a satisfaction guarantee. The cost for the offer was higher than the person really desired so he/she declined it outright. Another limited time offer came in sometime later for buying the same service but for a period of 6 months in place of 1 year at a lowered cost. This was bought by the person and after around 1 month, he/she thought that the value was not being garnered from this service. Accordingly, a request was dispatched to the Motley Fool site for transferring credit from this service to the Rule Breakers service. No response was given by the company. After a few weeks, an email was sent by the person to the company and then there was a confirmation reply but nothing came any further by way of a reply or redressal.
The person called the company and spoke to an employee called Ziad who promised that he would check with his manager and reply soon. However, this never happened. Upon calling again, the complainant talked to Kelly who forwarded the issue to a supervisor called Cait. She responded eventually and through an email, she stated that the 6 month offer did not come with the credit transfer facility which is untruthful but that she would enable the same as a courtesy to the complainant. However, she stated that the credit could not be used for getting the RB service. Over 10 days, several emails were sent to work out the best service for transferring the credit. There was finally a mutual agreement on transferring the same to Market Pass although the client realized that doing this would lead to the Stock Advisor service also being changed which he did not want. He then proposed a transfer of credit to another service and nothing was heard from Cait or any other company representative ever since. The whole system is tailored in such a way that people are deceived into paying up irrespective of what value they get from any particular service.