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Fibo Live Review: Is FiboLive.com a Scam?

Fibo Live Review: Is FiboLive.com a Scam?

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The owner of Fibo Live claims that he is a “financial advisor” that managed $300 million dollars and also helped the top 1%. On top of this, he also claims that he is offering financial advisory service which is fee based. His name is Derek Schimming.

All of this requires registration with FINRA or Financial Industry Regulation Authority. According to FINRA, they have no record of any person named Derek Schimming. It appears this is yet another ripe fantasy. Derek Schimming wants to teach you the secrets of Fibonacci and live trading Forex in his trading room. However, no audited record of prior Forex trading success is posted.

Derek Schimming claims to be the former Principal and Managing Partner of All-Tech Investment Group. According to the National Association of Securities Dealers, FINRA, and the Securities Exchange Commission…this company was banished and barred from any securities affiliations or doing business with any United States citizens. All-Tech Investment Group was the subject of dozens of investor lawsuits alleging fraud and securities violations. Thousands of people lost their life savings in the All-Tech day trading scheme, and one person in particular went bonkers and killed his family and many of All-Tech’s employees in a mass murder. If you’d like to make money by relying on a profitable trading tool, check them out on this page.

Fibo Live Review

What is Fibonacci Live (FiboLive.com)? Fibo Live is a live Forex day trading room owned and operated by a person named Derek Schimming. The company is offering a Fibonacci trading software product, trade mentoring, and financial advisory service.

The company recently concluded a live webinar with Online Trader Central. Yes, that Online Trader Central…a company that sells webinars for about $1,000 a pop. Valforex has reviewed dozens of webinar presenters of Online Trader Central — none have been complimentary.

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The FiboLive.com website appears to also offer “Financial Advisory” services and “Global Asset Management.” These financial management services are described as US Equity Growth Portfolio, Corporate Bond Income Portfolio, and Independent Investment Research. The company describes its services as “Professional Fee-Based Asset Management.”

You must be licensed to offer an investment service

According to Derek Schimming, the owner of Fibo Live, he describes himself as a licensed financial advisor, in the top 1%, and managed over $300 million dollars. However, according to Finra.Org, they have no record of any person named “Derek Schimming.” Nor does Finra.Org have any registration for any asset management company named Fibo Live or Martini Ltd.

Valforex.com, in addition to using the online search portal, also called the Finra hotline to see if they could shed any light on “Derek Schimming.” Finra, which is the regulatory body in charge of registrations for all financial advisors located in the United States gave a clear warning to avoid any entity claiming as such, but can provide no evidence.

FINRA confirmed that their records, dating back to the 1970’s have absolutely no record of this supposed financial advisor. It appears that Derek Schimming is a fictional character, or perhaps he is a financial advisor in Jamaica? The birthplace of Bob Marley? Regardless, I have serious suspicions regarding the legitimacy of this Derek Schimming.

This owner of Fibo Live has a shady history

On the website of FiboLive and Derek Schimming, he proclaims that he was the managing partner and Principal of a company named All-Tech Investment Group.

Valforex was able to track down information on All-Tech Investment Group. None of this information is good. In fact, the All-Tech Investment Group, according to the multiple state regulators was accused of fraud and misappropriating investor funds. There were also dozens of individual lawsuits filed against this company that spans various state courts.

And the biggest disappointment is that All-Tech Direct was permanently banned by Finra and the Securities and Exchange Commission (SEC) for a plethora of investor violations. In short, this company was not only sanctioned hundreds of thousands of dollars, but was summarily expelled from any doing any securities-related business, in any capacity.

Perhaps this is why Derek Schimming is now offering “educational services” to the Forex crowd — because Forex is not under the regulation of the Securities and Exchange Commission. However, Forex is under the regulatory framework of the NFA or National Futures Association. This agency also has no records of registration for any person named Derek Schimming or Fibo Live.

Another reason why Derek Schimming is perhaps now offering Forex related products and services is that he probably cannot open a securities trading account in his own name. Surely these sorts of affiliations and securities violations would set off a triple alarm in the compliance department of any US registered broker-dealer. None of this looks good. Unfortunately, the history of All-Tech Direct is even worse than this article can describe.

Mark Barton bought into the All-Tech mumbo jumbo — hook, line, and sinker. He purchased the educational products and opened a day trading account with his life savings. His life savings was about $350,000.

Several months later, Mark Barton had lost everything. In fact, he lost more than everything. He now owed All-Tech money in margin debt. As incredible as this sounds, even after Mark Barton lost all of his money, All-Tech lent him yet more money to lose.

On July 29 1999, Mark Barton had enough. He had enough of the broken promises and shattered dreams of this “day trading” nonsense, and the lies and distortions of All-Tech. He went into his garage and took a claw hammer from his toolbox. He next walked into the house and proceeded to bash his wife’s head until her brains spilled onto the kitchen floor.

Our best advice for you

We thank you for reading this detailed piece of the Fibo live website. We have uncovered a lot of dirty concerning the owner of this website and what he does to innocent victims. The SEC banished his company but despite this fact, the owner of Fibo live is still here again selling the usual products and services. If you don’t want to fall into this trap, we advice you to stick with credible trading products. 

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