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Default Judgment Entered Against David E. Howard II, Flatiron Capital Partners and Flatiron Systems
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See link below for an update to the case that I previously wrote about:
http://dc.citybizlist.com/5/2012/4/11/Default-Judgment-Entered-Against-David-E.-Howard-II-Flatiron-Capital-Partners-and-Flatiron-Systems.aspx
Previous Post:
In August 2008, I invested $20K in principle and paid $5,875 as a membership/access fee for the program. The program (sold by Spyglass Equity Systems) was touted as a day-trading system that monitors and reacts to technical movements in the market. Spyglass claimed their past 12 month history, they had doubled the asset value every 60 days. They provided a signon and brought me to a site showing an example trading day, the stocks involved, the buy/sell prices, etc. It all looked sophisticated and legitimate.
After 6 months in the program, the stock market had started to crash and Manager Dave Howard of Flatiron Systems sent a letter, claiming to stop trading to have an independent audit performed. Several months later, they advised it was taking longer than expected.
Since then, Flatirom Systems has not responded to emails, phone calls or letters. Their website is still up but they have by all accounts disappeared. I spoke to several other investors who had the same experience.
If you have been victimized by Flatiron Systems or Spyglass Equity, please post here and feel free to contact me at (925) 200-6084.
If you have been victimized by Spyglass Equities or Flatiron Capital, post your experience here. State and Federal agencies are currently investigating these crimes. Justice will be served! See link below:
http://www.reuters.com/article/idUSTRE6583LT20100609
Search words: David Howard, David E Howard II, Dave Howard, Pathfinder Trading Technologies, Flatiron Capital Partners, fraud, fraudulent, Lindsey Hayes
April 21, 2011 UPDATE:
Since the time above, the California Department of Corporations has been investigating Spyglass Equity and Flatiron Systems. I'm pleasd to report that Desist and Refrain Order has been filed against both companies and charges them with several violations, including not being licensed to act as broker-dealer or investment advisor. This is a serious offense and likely to turn into a criminal charge. You can read more at: http://www.corp.ca.gov/ENF/list/s/default.asp
--SRH
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