About
If you are a lawyer or otherwise have expertise and interest in collection cases such as mine described below and you are based near Hartford, Connecticut, please get in touch (easiest way is to comment on this article). Motion to confirm arbitration award was won in New York, and I’m ready to proceed with collection in the local state. See http://dockets.justia.com/docket/new-york/nysdce/1:2009cv04138/344873/ .
This blog is about my dealings with Gregory Spear and his company Independent Investor, Inc (probably better known through it’s product, The Spear Report http://www.spearreport.net/) located in Bloomfield, Connecticut in the US. It’s about how he first (anonymously) stole from me, how he was unsuccessful in making use of what he stole then managed to recruit me to enter into a contract with him to write quant-investing software systems (software known as “screeners” and “backtesters” used by investors/traders to find and test investing strategies), how he failed to compensate me for my work, how he sued me, how I was forced to defend myself and how I won.
Before proceeding, here’s a list of company-, product- and/or site-names I believe he either has, or is currently, operating. I’m posting this now based on reports I’m getting that he is at his old ways again (which is not good if you consider becoming a customer):
- http://www.spearreport.com/ It seems he has abandoned this domain, and it currently points to a generic financial template site. What used to be found here now seems to be marketed at http://www.spearreport.net/ and http://www.spearreportpro.com/ . The product is still marketed as The Spear Report published by the same company Independent Investor Inc.
- http://www.daytraderhotline.com/ After barely being updated for the last year or so, it seems to have come back to life. The product is marketed as DayTraderHotline and the company is Independent Investor, Inc. It promises to teach you how to become a successful DayTrader. Please consider how Gregory Spear himself tries to make money.
- http://www.spearsetfanalyst.com/ Similarily to his daytrader venture above, this has also been quiet for some time, but recently sprung back to life. It’s being marketed as Spear’s ETF Analyst, again published by Independent Investor, Inc.
- http://www.spearcapital.com/ This is an older site, and for some reason the one he is using when he is trying to upsell his other products to current and/or previous customers of his. It’s also where he according to his own words, “provides comprehensive investment advisory services to individuals and institutions”. It’s being marketed as Spear Capital Management, Inc, and probably by a company of the same name. Let me give you a small hint; it’s a very tiny business of his, and despite his legendary web design skills, you should consider this before even considering listening to his advice. Make sure you read my story below first.
- I think it’s also worth mentioning that http://www.dickdavis.com/ - Dick Davis Investment Digest – lists Gregory Spear and The Spear Report as one of their “experts”, so either they have made a mistake in their source selection, or I fear they have another agenda than providing good advice to honest customers. Take care.
- Another one worth mentioning is http://www.getfolio.com/ – GETFOLIO The Mathematical Investor – who puts Gregory Spear and The Spear Report in their “guru” category. I have also heard that GETFOLIO manage their business similar to how Gregory Spear manage his, which may very well be why they list him as a guru. Words like bait-and-switch, paranoid, unpleasant, made-up numbers and un-candid were mentioned. Sounds very familiar. Again, take care.
There’s a couple of reasons for going public with this; one is that I do not currently have the funds to keep chasing him around the US courts system. Even after winning the case and awarded more than half a million USD, it’s still virtually impossible to collect this in the US. After Mr. Spear “sued me” (filed for arbitration in this case), I was forced to spend more than $150.000 defending myself, and I know that Mr. Spear will use every trick in book to drag out any attempt of me collecting the final award. There’s a limit to how long I can keep paying US lawyers hundred of dollars per hour to chase him around. That’s not to say that I have given up. When my financial situation improve I will definitively make sure this “adventure” will run it’s full course. If you either got the legal skills or finances and feel the urge to contribute, I’m all ears!
Reason number two is the lessons for fellow entrepreneurs about the dangers of entering into contracts in foreign countries, about contractual arbitration clauses (which I will never sign again) and about how being ever so polite, about how being ever so willing to take a loss (not getting paid) still will not be sufficient to stay out of harms way when dealing with people like Gregory Spear. It’s about how securing yourself with a limited liability company under certain circumstances may not keep your personal assets safe.
Reason number three is about getting even. I’ve thought long and hard about whether I should go public with this case or not. There are certainly arguments that could be made that maybe he would be more willing to pay when/if he succeeds with his company. Well, let me tell you about Gregory Spear… (keep reading this blog) – If you link, tweet or whatever, you are definitively helping me getting even. Thanks in advance.
If you want to ask questions, and/or want to give advice, feel free to use the comments to do so. If something interesting comes out of the discussions, I will write them up as separate chapters.
Chapter 1: Background
Chapter 2: Hello, I’m Gregory Spear
Chapter 3: Getting started
Chapter 4: Trouble ahead
Chapter 5: Work, work, work
Chapter 6: The Breach
Chapter 7: Filing for Arbitration
Chapter 8: Emergency Arbitration
Chapter 9: Arbitration, main round
Chapter 10: Victory
Chapter 11: Web site reshuffling
Daytraderhotline.com LLC and website
Upcoming articles:
Collection, bankruptcy protection
Arbitration, Limited Liability Companies, Corporate Veil Piercing
to be continued…
I’ve only started to read your message (i.e., have not yet read Chaps. 1-10), but I am already outraged at what Spear has done. Of course he’s not the only rogue in this business, but he’s the one that’s hurt you. I’m not sure that I’m in a position to help in any substantive way, but if there’s some small way I can help, don’t hesitate to ask. (the worst that can happen is my telling you that I cannot do what you ask)
henri
Marius (or Keelix as I like to call you)
You are very articulate and the article is an entertaining story in itself. I am impressed that in addition to being a very talented programmer, you can write so eloquently! I wish your success in your future endeavors. A guy like Spear cannot go far in life.
Tex
Bra Marius få det ut på nett. Jo mer informasjon du sprer av denne karakter desto vanskeligere har motparten til å tjene på ditt arbeid. Få registert den i søkemotorer og indexsering av siden din – da finner andre dette ut så forsvinner saken fortere.
Jeg har lenge fulgt desicion moose, han ble kopiert og videresolg (opprinnelig gratis tjeneste). Når han truet med å legge ned siden, fikk motparten så mange sinte mail at han stengte siden etter 12 timer
Keep on the good work
Marius, I was wondering if you have pursued this Spear cretin any further? I liked Jon’s recommendation of placing a lien on his home (which might never bear fruit in your lifetime) or selling your claim to a professional collections agency which would more likely guarantee someone is hounding him relentlessly.
If you need a witness feel free to contact me
interesting story. I’ll have to read more in these links…