On January 15, 2015 at Sacramento, CA, concerned Seer Binary members, particularly SVIP package owners, met with Seer Binary CEO Long Yang to discuss refunds due to false advertising. After four hours of meeting without any resolution, the members agreed to give Long three days to figure out a solution that would be acceptable. Long agreed to the terms. However, at the end of the third day of January 18, 2015, Long was still unable to provide a solution. Consequently, members of Seer Binary who believe that the company had committed false advertising held a conference call among themselves and concluded that …
While they feel that they are entitled a full refund due to gross false advertising on the part of Seer Binary which got them (SVIP package owners) to purchase SVIP packages of $5,000, they each will demand only $3,000 back out of courtesy to Seer Binary; Long’s initial offer of $1,000 is definitely unacceptable. They feel that $3,000 is doable because of the following:
- Considering that since Seer Binary was willing to offer a total of $68,000 to be refunded back to SVIP package owners at the January 15, 2015 meeting, it can be expected that since not all SVIP members want a refund, the $68,000 can be divided among those who want a refund of $3,000 each. $68,000 divided by 3000 covers 22 SVIPs; we may or may not have this many SVIP who want a refund, but based on what we have been hearing at all the discussions, the SVIPs in Thai Yang and Sy Lee’s teams do not want a refund. Whether this is true or not, it is a matter beyond our control. We can only work with what we know; and currently, we have a group of SVIP (approximately between 20 – 25) who feel that Seer Binary has lied to them and they want their money back.
- Considering that Long gets affiliate commissions from GOptions for everyone who signed up with GOptions through the Seer Binary link, we don’t know exactly how much Long got from GOptions, but from looking at GOptions’ affiliate program information, Long probably got at least $200 for each person who signed up. Based on the numbers that we have been hearing from Long, assuming that only 200 people signed up with GOptions even though there is more who actually signed up, Long would have been paid $40,000 in affiliate commissions from GOptions; this is an additional source of income which had not been counted in the pot of money that Long previously showed us.
- At the January 15, 2015 meeting, Long showed Seer Binary bank accounts to have only $141,000 left, but he provided no details on how the money had been spent. For all we know, he could be hiding some money and showing us only the figure of $141,000 to make it seem like there is only a small amount of money left out of the over $383,000. Nevertheless, regardless of how much money is left, Seer Binary has to figure out a way to come up with the difference so that each SVIP member can get refunded $3,000. It is unfortunate, but it is all part of business.
The above are the main things pointed out during the conference call of January 18, 2015 regarding how the members see how a solution could be reached. If Long does not agree to the solution above, then legal actions and other remedies such as reporting Seer Binary to the SEC or other appropriate regulators would be taken; $5,000 would be sought after instead of $3,000. The group felt that Long had been given sufficient time to handle the matter, but Long had historically shown a pattern of avoidance and so forth (see the summary chain of events below).
Despite all that have been presented both in written form and in person on January 15, 2015 regarding people’s grievances, Long still showed no remorse or understanding that Seer Binary had committed false advertising and hurt all the people who signed up into the business. Here we are talking about EVERY SINGLE PERSON. NO ONE has made any money from the trading, not even Seer Binary. There really isn’t more that can be said. Seer Binary had grossly misrepresented what it could do for people through its advertising from the very beginning. Therefore, Seer Binary needs to take responsibility and give people refunds.
POST NOTE: At the writing of this posting which is in the early part of January 20, 2015, Long still has not contacted us with an acceptable solution. He, however, published the trading results for the period of 1/5/15 – 1/14/15 being 91 trades with 61 losses yielding a success ratio of 33%. To me personally, it is insane to continue to trade with GOptions. It is suicide. It is throwing money away. Long needs to stop and concede that Seer Binary is dead. Protect whatever money is left and reimburse people for their losses due to false advertising on the part of Seer Binary.
Summary of Chain of Events Leading to SVIP Demand & Partial List of SVIP Who Want a Refund
This discussion on getting a refund has been going on since October 2014 when people started noticing that Seer Binary was unable to fulfill its obligation or the level of service that SVIP members have paid for. In November 2014, I pushed Long to call a meeting to address people’s concerns, but it was not until the early part of December 2014 that Long finally met with field leaders (Sy Lee, James Tung, Vaming Xiong, Wa Seng Yang, and Yang Xiong) in the Sacramento area. In this meeting, Long was presented with all the concerns and reasons for people wanting a refund. He responded that he will consult with his attorney and hold another meeting to address people’s concerns.
As time went by, he changed his mind about holding another meeting to address the concerns. Instead, he wanted people to individually contact him about their grievances. As people did that, he basically told them that he would not give refunds, etc. Consequently, it got no where. Then in early January 2015, during the SVIP private conference call, Long refused to address people’s concerns even though in his email about the call, he had indicated that both the SVIP bonus and the future of Seer Binary would be discussed. This lead the members to demand a face to face meeting with Long which was finally held on January 15, 2015.
From the chain of events above, a group of SVIP members decided that they each want a $3,000 refund from Seer Binary as detailed above due Seer Binary’s false advertising and inability to provide services at the level that they paid for. Below is a partial list of those SVIP Members as of 1/22/15:
- Wang Khue Thao
- Charles Vang
- Elizabeth Her
- Koua Vue
- Steve Lewandowski
- Koy Phan
- Fay Guitan
- Mary Xiong
- Mycie Xiong
- Daneng Xiong
- Xee Abundo
- Zye Vang
- Kou Vang
- Raymond Vang
- Tony Her
- Terry Thao
- Oladejo Olutosin
- Steven Xiong
- Kathy Yang
- Kevin Moua
- Brandon Moua