At the request of Seer Binary members a week ago, a meeting to address refund questions and the future of Seer Binary was held in Mueng Lao Cafe in Sacramento, CA at 7 PM, January 15, 2015. According to Seer Binary CEO Long Yang, the invitation was extended to the whole membership. Those who were able to attend included Charles Vang, Billy Moua & wife, Vaming Xiong, Sue Xiong, Wang Khue Thao & wife, Yias Vang, Thai Yang, Sy Ly, Koy Phan, Steven L., Fay G., Vam Tshaj Xiong & wife, Dr. Txiaj Ntsim & wife, Kou Vang, and my wife and me. These people came from Wisconsin, Stockton, Fairfield, the Bay Area, and Sacramento.
While no specific information was provided on exactly how the company performed up to date, Long did acknowledge that the performance had not gone well. It was not what he expected, however he has already put into motion the next phase of Seer Binary which is that the company will now be going into the Forex Market. He went into some details about how we can win and provided a brief overview of the new business model which includes a $250/month fee. While the 5X10 matrix would remain, the SVIP bonus would no longer be part of the new model; in fact, there would no longer be any packages such as the 1Star, 2Star and so forth.
Following this introduction to where the company is heading, the rest of the time was spent discussing what Seer Binary would be willing to do in terms of offering refunds and what the members felt should be the appropriate amount. Long opened this portion of the meeting by showing a screen shot of Seer Binary’s checking and savings account totaling about $141,000 left out of the $383,000 that had been paid by the members to Seer Binary. Because of this, Long explained that he cannot refund more than $1,000 to each SVIP. The members responded that $1,000 is too low and that a more appropriate amount should be $3,000. Long went on about how it is impossible for him to offer more due to upcoming expenses such as tax.
While the members felt that having to pay tax is a legitimate reason, that reason has nothing to do with what they feel they are entitled to. It is Long’s responsibility to come up with the difference if Seer Binary funds truly are not enough to cover refunds to SVIP in the amount of $3,000 each. The discussion dragged on as everyone said their peace. Essentially, where the members were coming from was that Seer Binary had grossly mislead them from the very beginning about what Seer Binary can actually do for them; Seer Binary has committed false advertising (see “The Seer Binary Debacle“).
Long, however, did not initially see this and to some extent Long still feel that he has not committed false advertising. When he was asked what was the greatest lesson that he learned from this experience, he mentioned nothing about having exaggerated Seer Binary’s ability to provide services at the level that had been advertised so powerfully. The members felt that they would never have bought the $5,000 SVIP package had it not been for Seer Binary’s claims of having a “advanced and cutting edge” system with master traders who have successful track records of over 70% success rate and that Seer Binary had forged a strong and cooperative relationship with GOptions. They feel that they are entitled to $3,000 because Seer Binary has not delivered anything close to what they paid for.
The meeting dragged on for four hours. No agreement was reached on the refund amount. Some members talked about how legal actions could make Long lose even more, but Long responded that he was not afraid to go that route. However, he doesn’t want to go that route as it would only cause all parties to lose more money. He wants to settle the matter outside of the legal system, but he is unable to offer more than $1,000.
Because four hours have passed and no resolution was reached, everyone agreed to give Long three days to come up with a solution that would be agreeable to the members. Otherwise, those who feel that they must pursue the matter via the legal system or some other means would be taking action against Long.