When Santa Claus stole $2 million from the good boys and girls | SimTradePro

This Santa Claus lookin’ psychopath is named Robert L. Adams, but he goes by the name Bob Adams:

He’s the grandpa behind the investment company SimTradePro.

The story of SimTradePro is a cautionary tale for anyone considering investment opportunities that seem too good to be true. Over 100 investors placed their faith—and their money—into a company that promised profits from leveraged trading. But as a CFTC’s recent press release reveals, those promises were a mirage, hiding hidden fees and reckless trading that ultimately led to $2 million in losses.

The lesson? Don’t trust Saint Nicholas with your life savings.

The complaint filed by the CFTC accuses SimTradePro of multiple violations, including acting as an unregistered commodity pool operator and commodity trading advisor, failing to disclose simulated or hypothetical trading results, and misleading investors about the company’s compensation structure. At the heart of the case is the accusation that SimTradePro solicited investments under false pretenses, leading to substantial losses for their clients.

From 2018 to 2019, the SimTradePro purportedly gathered $2.3 million from individuals eager to profit from leveraged trading in forex (foreign exchange) and metals.

SimTradePro promised investors that fees would only be collected if the trading pools turned a profit. Yet, as the CFTC alleges, these promises were hollow. SimTradePro was, in fact, collecting undisclosed introducing broker fees, all while presenting itself as operating at no charge until profits were generated. This fundamental misrepresentation is central to the alleged fraud.

The deception, however, ran deeper. According to the CFTC’s complaint, SimTradePro misled investors about the performance of their trades, particularly regarding losses in leveraged gold trading. Investors were left unaware that SimTradePro had locked in substantial losses—totaling nearly $2 million—without their consultation, effectively squandering their hard-earned capital. Worse still, while investors faced steep losses, SimTradePro was profiting behind the scenes, further compounding the betrayal.

The harm caused by these actions is significant and multifaceted. Over 100 individuals placed their trust and savings in SimTradePro’s promises, hoping to see substantial returns on leveraged trades in complex markets. Instead, they suffered severe financial losses, with little recourse. Many of these investors are likely left grappling with the emotional and financial fallout, having believed they were investing in a legitimate opportunity. For some, these losses may have derailed retirement plans, damaged personal savings, or created substantial debt, showcasing the broader consequences of financial fraud.

On a regulatory level, SimTradePro’s evasion of the legal requirement to register as a commodity pool operator or commodity trading advisor exposed a systemic risk. Without proper oversight, investors were left vulnerable to hidden fees and untracked decisions, while Bob Adams skirted accountability. Registration requirements exist to ensure that those advising or handling client investments meet certain standards of transparency, fairness, and legal responsibility. By bypassing these obligations, SimTradePro avoided scrutiny and operated without checks that might have protected investors.

I mean, the guy literally has a YouTube channel where he gives financial forex advice…… he was practically begging to get caught!

The broader implications for markets, too, are troubling. When companies engage in such deceit, it undermines trust in the financial system and disincentivizes participation in markets that can be beneficial if regulated properly. Retail investors, already cautious about the complexities of commodities and forex trading, may now view these markets as fraught with unseen dangers, keeping them out of investment opportunities that could be lucrative with proper safeguards.

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Robert L. Adams’ username for most websites is BobTheTaxMan.

Bob Adams has a SoundCloud page for some reason lmao along with two YouTube channels.

His first one is filled with riveting tax information. And his second channel is more personal.

Bob appears to enjoy hunting, here’s a video he posted in 2015 of him and a friend hunting deer:

Here’s his blog.

Ironically, Bob Adams made this YouTube video tutorial teaching viewers about Forex trading:

You know, the same Forex trading that he used to scam investors?

SimTradePro’s website has since had its contents completely wiped.