Larry Benedict: Fraud Allegations Fact-checked (2024)
About Larry Benedict
The owner of The Opportunistic Trader, LLC is Larry Benedict. He took over this company in 2018.
He says he has established an engaged community for traders of all skill levels and asset classes here. The Opportunistic Trader positions itself as a forum for traders to exchange ideas about tactics and markets.
Moreover, The Opportunistic Trader asserts that it has traders with outstanding performance histories. Additionally, they assert that traders are highlighted in the “Market Wizards” series.
Larry Benedicte founded Banyan Equity Management before taking over as the proprietor of The Opportunistic Trader. He spent 18 years managing that company.
Before that, he held the position of “Special Limited Partner” at Spear Leeds & Kellogg.
Larry appears to be a seasoned trader with decades of experience in the business on paper. But the different appraisals of Larry Benedict paint a very different picture.
Reviews of Larry Benedict frequently characterize him as a con man who doesn’t give a damn about his kids.
Allegations Against Larry Benedict in 2022:
Despite Larry’s extensive professional experience, it appears from his reviews that he doesn’t apply that knowledge to benefit his clients.
Many of his clients, on the other hand, claim that he is a scammer who utilizes deceptive marketing to steal your money.
But that’s not all.
Numerous reviews for Larry Benedict suggest he overstates his abilities and lacks the experience he says he has.
I felt it was vital to share a few of those reviews here because of this. It is recommended that you go through them before attempting to use The Opportunistic Trader.
“It’s Not Credible, Larry Benedict”
Larry has received a rating of one star from Richard out of five. It is imperative, he believes, that individuals have some understanding of professional investing.
Richard, for instance, brings up Larry’s assertion that he has managed $1 billion. But Richard says that’s all insignificant.
He emphasizes that the company handling his finances is in charge of more than $5 billion.
Ken Fisher and other experts oversee more than $10 billion.
Thus, Richard claims that $1 billion is not a substantial sum in comparison.
He also points out that the average annual fee charged by hedge fund managers to their investors is 2% of their assets. They also take 20% of the earnings made by their investors.
Richard wonders why Larry Benedict would abandon such a successful career to promote a peanut subscription service. It doesn’t make sense, he says.
It appears to Richard that Larry’s achievement was limited to his early years of work. But Richard gets the impression from the way he markets his service that he hasn’t had much luck lately.
Richard cautions others not to believe what Larry says.
Customer Lost a Lot of Money Following Larry Benedict’s Trades, Feels Scammed
Sidney notes that he spent $2000 for a year’s subscription to the investment organization The Opportunistic Trader.
He had received a commitment from Larry to receive vertical credit/debit spreads on SPX.
He had also assured me that Omnia Research would give me a full refund credit for other memberships.
After suffering significant financial losses from Larry Benedict’s transactions, he terminated his subscription.
When he finally did, he discovered that he could only cancel his $2000 membership to a service called “Jeff Clark GDX trading.” Sidney could only use this program once, thus the remaining credit was canceled even though it only cost $29 in total.
They informed the reviewer that he had joined as a promo when he inquired about using the credit to rejoin. He would therefore have to pay the difference if he joined now, which would be more expensive.
Larry Benedict, according to Sidney, is a liar and a scammer.
Another Larry Benedict Review Calls Him a Scam
The reviewer claims that Larry Benedict made The Opportunistic Trader to defraud people.
He claims that Larry forces you to lose all of your money when trading S&P 500 options. The critic also claims that their claim regarding “How to Retire with One Ticker” is false since you would ultimately lose all of your money.
“The Opportunistic Trader is Dishonest. Beware!”
According to Damian, he paid $2000 for The Opportunistic Trader’s subscription, which had a 100% 30-day credit guarantee.
After he had several significant losses as a result of their advice, he attempted to terminate his subscription.
Damian asked to be canceled three times, but they refused.
Damian then requested that they apply his credit to Jeff Clark’s “Delta Report,” as per their advertisement, but they insisted that he pay an additional $500.
After two months of waiting, Damian still hasn’t gotten any credit.
He claims that Larry Benedict’s company took $2000 from him and won’t accept accountability. He also refers to it as a “complete shock of a business.”
Damian says the police ought to look into Larry’s questionable business methods.
“Larry Benedict is Useless”
According to the reviewer, Larry Benedict is not at all recommended. Larry doesn’t think he has a ton of experience, despite the firm’s assurances to the contrary.
This is due to the reviewer’s assertion that you typically lose the majority of your money.
In addition, the reviewer claims that Larry is worthless, most likely due to his inability to appropriately assess risk and return or time his deals.
The reviewer claims that Larry Benedict falls short in terms of audience education. The reviewer notes that he offers justifications rather than providing regular or weekly updates.
In addition, the critic thinks Larry is the worst trader in the business. He thus cautions other customers that they will lose money doing business with him.
The reviewer also didn’t think the customer support was very helpful. He thinks working with Larry would simply cost you money and that you wouldn’t receive good customer service to resolve any problems.
Opportunistic Trader Review Calls Larry A Scam
The reviewer claims to have been following the advice of the Opportunistic Trader for the past six months in this instance.
His balance was -$1000 at the time this review was posted. He claims that because Larry had given prospective customers some very significant assurances, it was disappointing.
In addition, he has given customer service records of every trade he made. Given the high cost of the program, he asked for a complete refund.
They subsequently informed him that reimbursements are not given out beyond 60 days. He claims that sixty days is insufficient to evaluate Larry Benedict’s trading average.
For this reason, he disapproves of Larry and his subscription service.
Client Lost Over $10,000 With Larry Benedict
For the past ten months, this reviewer claims to have been according to Larry Benedict’s advice. They have over $10,000 in negative balance.
This reviewer is just as dissatisfied as the others I’ve posted about Opportunistic Traders.
He claims that if he hadn’t paid for this “useless service by a Market Wizard,” he may have lost all of this money on his own.
The reviewer claims that Larry is a fake here.
He claims that despite Larry’s many lofty promises, nothing of them had materialized. The reviewer claims that by heeding Larry’s advice, he lost more money than he did by trading independently.
At that point, the reviewer purchased the program, figuring he needed some assistance as he was unfamiliar with trading options.
Additionally, the reviewer advises giving additional money to charity rather than to Larry Benedict if you want to waste it away.
“I Feel Scammed”
The reviewer claims to feel duped in this instance. They can finally utilize their membership after being unable to trade for several months.
The membership wasn’t benefiting the reviewer because they couldn’t exchange spreads previously.
They complained about Opportunistic Trader’s dishonest tactics by calling in early. They were unable to get their $4,000 back, though.
Client Says The Opportunistic Trader is Horrible
According to Bret, the subscription was terrible between 2020 and 2022.
He notes that the 2022 results are marginally better, but the only reason he is aware of this is because he is obligated to a long-term membership.
Bret has rated Larry Benedict with a score of one out of five stars.
Larry Benedict Turned My $53,000 into $1,600
Tyler claims that in a matter of months, his $53,000 portfolio increased to $1,600 thanks to Larry’s advice.
He cautions people not to make the same error he did.
Tyler isn’t as enthusiastic about the service.
It was not simple, I must say, to locate these reviews of Opportunistic Traders. That’s a result of their deep burial.
Larry makes sure that no one learns about these complaints by employing a variety of dubious marketing strategies.
Misleading Visitors Through the Use of Multiple Websites:
You might start by researching any finance guru’s complaints if you have doubts about them. In this manner, you can determine if they are genuine or not.
But if you search for “The Opportunistic Trader Scam” or “The Larry Benedict Scam,” you’ll find several related websites:
A little excerpt from another advertisement website. These websites have remarkably similar designs.
Moreover, Larry Benedict is praised and promoted in each of these publications.
These websites were created by a marketing staff as a diversion from the numerous online reviews and grievances.
Online scammers frequently use deceptive marketing strategies and fabricated reviews.
For instance, currency trading expert Chris Capre has been the target of multiple allegations of defrauding his pupils. Many of his former pupils charge him with using fictitious reviews to boost his reputation.
In a similar vein, PointPay is a cryptocurrency fraud that conceals customer concerns by buying good evaluations.
Larry appears to be employing a similar strategy.
Conclusion
Larry Benedict asserts his experience and knowledge in several audacious ways. But it appears from the numerous reviews and comments that he may not be as trustworthy as he seems to be.
“Gurus” who promise to teach you a money-making secret should be avoided.
Reviews seem to indicate that customers who have followed his advice have lost more money than those who have traded alone.
Thus, I do not suggest Larry.
Many “fake gurus” pretend to be experts while they are not. For instance, the SEC recently filed charges against Loral Langemeier for misleading hundreds of customers.
