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.
Hi Yang,
Thank you for your summary of our four hour meeting last night. I believed Long did not understand your point of view, our concerns, and take into consideration of some of the good suggestions given by the leaders. When we ask if he can refund more than what he had proposed, he said that if he had to refund more than he proposed, he had to ask the up line to refund the commission that has been paid by Seer Binary since the commission was not coming out of his pocket. If we asked for a full refund, then ‘yes’ the commissions to the up line should be return to Seer Binary too. However, We just asked for a portion of it. One of the suggestions was that he needs to figure out which SVIP wants a refund and who does not to figure out how much to refund. One suggestion was those who have already received commission does not get a refund because the commission already compensate them. Another suggestions was to do a flat return of $2500 to close this chapter so that everyone can begin the next chapter in this business. However, he did not even consider these reasonable suggestions. He listens but does not hear. He made a statement that “If you are smart enough, you can do it yourself”. Well, that is the main reason why so many people have enrolled in this business not knowing how to trade. They put trust in the company because of the 20 years of experience and his relationship with GOptions hoping that they will make money.
Thank you
The right thing to do would be to give everyone their full $5,000 back for the SVIP package. Even though everyone is trying to go easy on Long and are only asking for $3,000, he is STILL unwilling to give it. The sad thing is it seems he spent half of the SVIP members’ money to run Seer Binary and still needs it to continue with his new business as well as pay HIS taxes. IT IS IRRELEVANT how much his expenses were/are because it’s not our job to pay his business expenses. If you want to start a business, you use YOUR OWN MONEY or take a loan from the bank. I was not at the meeting but heard he shared a bank statement showing there’s only $141,000 left out of the $383,000. This absolutely proves & means nothing. We also don’t know if the money is elsewhere or has been used to buy fancy things. He needs to find a way to get the money back even if he has to liquidate items he bought with SVIP members’ money. I really don’t want to have to go there but the only way to get to know the truth and get to the bottom of things is to get an official investigation against both Seer Binary & Goptions. Seems this is probably the better & least expensive route to go provided he does not refund $3,000+.
The 3 days is passing. Any response from the CEO?
No response yet. We will hold our follow up conference call later this evening at 8:00 PM, PST. It is the same dial-in number and code as last time. We can decide as a group what to do from here.
Today at 2:21 PM, Long texted to me and a few others:
“I will host another live meeting to finalize our solution. Please watch your email for detail by tomorrow.
– Long”
I mentioned the false advertising issue after one month of trading, because clearly I knew if I had introduced some of my partners to Seer Binary they would have taken the company to task. The claims of are all there on the video clip so I am not sure why Long will even refute any of it or try to put a different spin on it. Either he is dishonest or doesn’t quite grasp his own message.
To go into any partnership, there must be TRUST. The trust is broken for me because Long is not dealing in good faith. I came close to going SVIP, but I stopped myself because his sending mixed signals in his periodic emails, and after one month of trading I was already very concerned about the direction of Seer Binary. I only stayed with it because Yang’s leadership. Yang is an honorable, classy and professional. A good and true leader worth partnering with on other ventures. I am done with Seer Binary. The concept is good and workable, but the model presented by Long is flawed and will continue to be an abject failure, unless a different path is chosen.
It is time to step away from Seer Binary. The leadership attitude and mindset will lead followers astray.
Thank you Kwasi for offering your observations. I truly hope that Long is reading all of our comments, acknowledge what has occurred, and do the right thing by giving people the refund amount that they have requested. Otherwise, people will be forced to take necessary legal actions which could hurt him even more. As you said, all the documents are there which can easily be presented to make the case that gross false advertising had been committed which lead people to do SVIP. Had it not been for his false advertising, no one would ever throw in $5,000 for such poor service as previously pointed out at http://empireteambuilders.com/seer-binary-debacle