The Lonely Trader

trading forex and futures with a few more people to talk to than before

Lee Young is now LeRoy Young

Posted by The Lonely Trader on July 13, 2009

Lee, you’ve been a very busy boy now, haven’t you?! You even have a bank of FX in Williamsburg, VA, as a client. This bank says it is satisfied with its returns. I didn’t know there were any “banks of FOREX” in Williamsburg. I’m very curious to know the name of this bank…but I know how people who invest with you like to keep things confidential.

I recently discovered your LinkedIN account. Looks pretty good man. Congrats on your appointment as the principle of Young Capital Management. Does it comply with fraud provisions of federal and California securities laws? I have no idea how you have time for this, in addition to your duties as Manager at the San Diego Currency Fund and as the founder of the Currency Café. (You always were a little highly strung, so I suppose you could do it all.) I had no idea you opened a new fund. I see you’ve discontinued your blog as well. These are hard times for honest people, so I can imagine what it must be like for you. Along with your currency exchange — it isn’t really an exchange, now, is it? — and your new Twitter account, you must be very busy, indeed, so I can see how the blog would be low on your list of priorities. I’m very impressed with your performance on your new Twitter page. It rivals your performance at your old Twitter page, but I miss the screenshots of your earnings on the DBFX retail platform. In fact, unlike your other Twitter page, you show anything but screenshots of your trading. Can you show me the broker statements? Is this a live account? Or is it still the demo account? Your description on the VFlyer sounds very professional. One of these days I’ll have to describe what your business is actually comprised of and how your “model” really works.

I was disappointed that DBFX chose to ignore my emails and telephone calls to them about your games. They were simply not interested. So I reported you to the NFA and I am thinking about mentioning DBFX as well. I noticed from the defunct blog page that you were once in Arlington, VA. You know, I know quite a few people in Arlington. Will have to check up on your history there. You seem to have purloined recommendations from Mac McWhirtir and Khris Thetsy on LinkedIN. Good for you. I wonder what you helped them with. I’m very curious about that. Maybe I’ll give them a call. I’m also going to give the Chamber of Commerce in Solana Beach a call, as well as the BBB in San Diego. I figure they should know what you’re up to. And I think the weight of all the people you’ve burned here in the San Diego area will be much, much heavier than the pile of BS you’ll try to leave on the Chamber’s compliance desk. But I could be wrong about that!

Your other victims may have chosen to let you go on your merry way. You know me better than that. You know where I’m coming from, right? My recommendation to you is this: If you intend to do business as a money manager, a currency fund, or as a “currency café”, you should do it in a more discreet way — so that I cannot find you…because if you’re at all lazy about hiding your identity, I will find you. M’kay?

I’m still waiting for that proof you told me you would provide. Oh, and by the by, I’m contacting the National Student Clearinghouse about your attendance at UT Knoxville. Than I’ll talk to the Dept of the NAVY about your claim to be a former Naval Aviator — you said you flew Hornets, as I recall.

Cheers

Related Posts:
Lee Young: Epilogue
The Lonely Trader has been duped

23 Responses to “Lee Young is now LeRoy Young”

  1. I noted to Trader Gav: do we tell this guy that the first name “LeRoy” is not an appropriate name – alias or not – for this type of con? All I can think of is Bad, Bad Leroy Brown, who I would never consider as a money manager. But maybe that’s just my own strange hangup with “LeRoy”. Does his belt buckle say “LeRoy” on it? Just asking.

    So tell me: based on your observation is he an out-and-out scammer, or someone trying to build something legit, but working under false pretenses and gross misrepresentation to do it because it’s easier/quicker/faster/more lucrative/only possible if he does it this way? Not that any distinction here changes the verdict on what he does.

  2. He’s both. It depends on who you are and what he thinks he can get away with. With me, he was the latter only because he knew I wouldn’t fall for what he did to other people before me. But with guys like David (see previous “duped” post), he actually tried to take money from them under false pretenses — which qualifies as a scam. Some people didn’t get all of their money back. He took thousands of dollars from people meant for trading and used it to pay his rent. Smells like a pretty bad attempt at a ponzi scheme to me. He is a smart guy. He sizes up his “client” and then adjusts his approach. Though not smart enough, apparently, because everyone with any money at all has caught on. He was at one point trying to break into cap intro circles in the area. I am acquainted with one who is pretty pissed off at Lee for wasting his time and embarrassing him to boot. Lee has only little fish to fry now.

    There is another guy that was with him who probably knew what he was up to and was hoping to build something legitimate. Lee made a lot of promises to this guy. But he got burned in the end and is now about to lose his house. He’s got a wife, kids and a couple of dogs. True story. (If I were in a position to help him, I would. So while I am going for Lee’s jugular, I’m not an altogether heartless bastard. LOL!)

    This guy Lee leaves a trail of wreckage behind him wherever he goes.

  3. Alan said

    The saga continues…I find this fascinating…

    In analysing this situation, based solely on what LT has told us, and realising that my views are worth even less here than they are in the market, the way I see it is below…with more questions than just answers to get others views on what I understand are the key points.

    The trouble is that because FX is light on regulation, as long as he puts his disclaimer up that FX is high risk and is not suitable for all etc etc etc he is kind of complying…of course, this does not cover taking actual money from David in that way.

    However, I do feel that by not disclosing to investors that the “track record” with DBFX was a demo account he is misleading people there and this is deceiving investors, therefore it constitutes a scam right?

    Basically the Currency Cafe set up reminds of a “Long Firm” as in the novel by that name.

    It also reminds me of a Market Maker (who shall remain nameless…) that set up a great “shop front”, pulled in a load of cash investors and then pulled out. They technically and legally did nothing wrong, all risks were disclosed and minimal regulations were complied with etc etc, but in the end it was a slick operation to take cash out of the local area. This was sharp business practice but not fraud.

    But not disclosing the DBFX record was a demo account, and giving the impression that he is something he is not )i.e. that he is a veteran, successful, FX trader and money manager), and fabricating a setup there at currency cafe, san diego currency exchange and all those other things, all to facilitate recruiting investors, well that is fraud right? Regardless of whether he makes money for some investors or not, its still fraud, if it was not fraud then Madoff would be a free man right?

    But, at the end of the day (not sure what that means exactly but its something my Father always says when he is trying to tell people that they have lost the battle before they started so just leave it be) I really cannot see what can really be done to stop Young from continuing in this way, other than making the “world” aware of him so that as few people as possible get hurt/taken.

    One last point…will someone tell WordPress that the English language, you know, the one that was invented by the Brits, actually uses an “S” in analySe, and realiSe…just because the yanks cant spell doesnt mean that we should be forced into using a “Z”…or is that a “Zee”

    I shall now go for a nice cup of Twinnings to relax….

  4. Banker said

    I too am fascinated by this saga. It really bothers me when someone takes advantage of someone else and although we are only hearing one side of the story it certainly looks as if Mr Young is (at the very least) dancing on the edge. At the very least, very interesting reading.

    And I think the correct spelling is “Zed”

    Banker

  5. In fact, English predates “Britishness”. In other words, the Brits weren’t the Brits when English developed. The Brits just happened to be calling themselves Brits when they were speaking English.

    And I’d like to remind you that not only did the Americans beat the British in the War for Independence, we also contributed more words to the English language in the modern era than were originally there before we fought and freed ourselves from His Majesty’s Lexicon.

    We have added very important words like “cankle” and “infotainment”, among many thousands of others. So if we want to spell “analyze” with a “z”, I say we have earned that right! ;)

    In all seriousness, Lee has done much worse to more unsuspecting people. He has outright stolen from them. Read David’s story in the original “duped” post. I don’t doubt for a second that he’ll do it again if he thinks he can get away with it. And he had students in his trading room who have busted their accounts with him — students who do not have the financial resources to afford it. One of them is an “intern” from a local college. (I’m not kidding. Lee is “mentoring” a college intern.) It’s sickening.

    Anyway, yeah I feel responsible for doing my part to make sure as many people know about him as possible.

  6. Alan said

    Aha yes I knew my comments would stir up some good old Patriotism!

    My military history is not a patch on yours LT but it is debatable that America would not have secured its independence without the FRENCH!! Yes people, the French sided with America, and as the Spanish and Dutch were also allies of the FRENCH, they all fought against the British! So the way I see it, the British gave independence to America before it became FRENCH! So mon petit fromage, we actually saved you from speaking a minority language!

    Banker, yep you are right, “Zed” it is!

    But seriously though Jay, putting ethnic differences aside for a moment, I do believe you are doing the right thing and laying the Moral code on Leroy, hence why I am replying to this thread to keep it “out there”. It really is the only way.

    Just have to finish up with a few words that GW inveneted(sp)for us all, remember these?

    “misunderestimate,” “hispanically” and “subliminable.”

    Thank God for America….God Save the Queen.
    (;-)

  7. Touché old chap. Touché. In case you need help pronouncing: Too-Shay. Not sure if GW’s malapropisms made it into the dictionary yet, but hey man, this is the United States of America where anything can happen.

  8. DM said

    Hey Jay…..Sorry I’ve been MIA…had to take some vacation time up to Alaska…Just got back and would love to catch up. Hell, I’ll even buy the beer this time. You know I’m just as committed to this mission as you are. Good crusaders are hard to find. Let me know if there is anything I can do to help!

  9. VAman said

    http://pacer.psc.uscourts.gov/

    http://www.sdcourt.ca.gov/portal/page?_pageid=55,1056871&_dad=portal&_schema=PORTAL

  10. VAMan said

    check out “Lee Young”, “LeRoy Young”, “L Young”, “Kelroy Young” at the sites provided above. FL, CA, VA, Where else?

  11. LOL. VAMan, I’ve been hitting your links with those states, as well as MD, NV, TN, and WI. Currently looking up his wife, Chantal Young. I’ve got his date of birth and his hometown, as well as his relatives. This guy has a trail of evictions (unlawful detainers) from FL to CA! My bet is he hasn’t paid rent since 2003. But that’s just speculation. He is also listed as the defendant on several other civil cases — many of them here in the San Diego area involving other businesses.

    Thanks for the links. I’ve also purchased a background check on him. And that didn’t yield nearly as much information as your links did.

    You da man.

  12. Alan said

    This is great work.

    A few songs come to mind for the theme of the movie of the book that could be written…

    Hungry like a Wolf…

    Heading for the border of Mexico…

    Running with the night…

    Any others??

  13. Gawd dude you’re so eighties. Like, ew…

  14. Alan said

    Yep well I reckoned it would be a low budget flick for a niche audience so thought it would be more cost effective to dig up some old crap.

    Stand & Deliver!

  15. VAMan said

    I’m thinking more like the CHER classic

    “Gypsys, tramps, and thieves”

  16. And the Old Fart Award goes to….

    VAMan!!!!!

    I would say “Old Gay Fart”, but that song was written before gays discovered Cher.

  17. cafesurvivor said

    Don’t forget his squidoo lens….

    http://www.squidoo.com/thecurrencycafe

    Like a bad penny, Lee just keeps turning up…glad to see someone is spending the time and effort to make sure he has to keep running.

  18. This is hilarious. I just left a comment on that page. Thanks for the heads-up.

  19. Alan said

    Michael Jacksons “Smooth Criminal” for runner up prize maybe?

  20. DM said

    So I’m a very forgiving person and had a couple 100k lying around that I wouldn’t mind burying in my backyard, soaking with gasoline and lighting a match to. So I thought I’d give Lee (Mini Leroy Madoff) Young another shot. I mean he did earn a cool 4 or 5 million didn’t he? So I called up the west coast Currency Cafe trading floor at (858) 523-9109. Guess what….”do do do, we’re sorry this number is disconnected or no longer in service please hang up and dial again.” Damn Lee is tricky to get a hold of to give my money to! I know, I’ll try the cell at (760)805-6432…”The person you are trying to reach is no longer accepting calls at this time, please call again later.”….WTF? For a big time money manger this guy sure is hard to get a hold of. Oh well….Guess I’ll have to keep my money and put it to a better use. Looks like the screws got a little too tight, I’m thinking they still aren’t tight enough!

  21. I’m thinking the NFA gave him a call…I filed a complaint with them. It’s not like they could punish him or anything. Still, maybe a telephone inquiry was enough to scare him off. Or at least to scare him out of Solana Beach. I’m sure he’s still lurking around Carlsbad somewhere. It’s also possible that the cap intro people he was hustling left some unkind messages on his VM. Or maybe he saw you in town…?

    As of July 20, he’s still schlepping his fund. I got a chuckle when he referred to gold as an asset…if you buy spot XAUUSD at 100:1 leverage.

  22. cafesurvivor said

    Looks like thecurrencycafe.com is now no longer an active website. I’d heard from another former Cafe regular that Lee was “out of town on business” a few weeks back, at least that’s what he claimed when he called them. I’m guessing he may be out of this town and looking for another town to steal some residential and business rent and set up a new business. Anyone been by the retail location lately? I went by in mid-July and it was still open but haven’t found myself in Solana Beach in August but would love to know if it has been shuttered as well. Thanks to the Lonely Trader and the rest of you for keeping the heat on Lee, one less forex scammer is always welcome in this world.

  23. Cafesurvivor said

    UPDATE: Found myself in Del Mar in late August for a day at the track. After a great day watching the horses, I thought I’d go check on our intrepid FOREX longshot Lee Young. I looked inside the Cafe and all the furniture up front was gone, the bookcase with the telephones on it was gone, so was the TV that was always on. Looked like he took one of the computer systems and set of panels and left the other. There were three clocks on the wall that I don’t remember from my days there, guess he wanted that Wall Street West ambiance that he was so proud of from his appearance on KUSI morning news. I was actually surprised to see that anything was still there. I didn’t see an eviction notice either, which I was fully prepared for. So, I’d say he’s vacated the place and the landlord will roll things up pretty soon. Anyone else had any other sightings? Looks like his phones are all down, email, website and other web social networking traces all closed for now. However, like a bad penny (or a cockroach) I imagine Lee will keep turning up. Keep it real and don’t give back the pips you’ve taken…

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