- Report: #1416526
Complaint Review: All Sports Market / Chris Rabalais - California
Reported By:
Nolan -
San Diego, California, United States
Submitted:
Updated:
-
Author Not Confirmed
Why?
All Sports Market / Chris Rabalais
California, United States
Web:
www.allsportsmarket.com
Categories:
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All Sports Market / Chris Rabalais, New Sports Economy Institute, Ace Underhill, Zack Ward Kept my $2005 investment and refused to allow me to withdraw! Impossible to get my money out! California
*UPDATE Employee: False and Misleading Claims by Nolan Kulik of San Diego, California Regarding All Sports Market / Chris Rabalais, New Sports Economy Institute, Ace Underhill and Zack Ward
*Author of original report: Chris Rabalais now claims all investments in his "sports stock market" are actually non refundable donations
*UPDATE Employee: PayPal Decides Case IN FAVOR of AllSportsMarket, New Sports Economy Institute, Zack Ward, Ace Underhill and Chris Rabalais and AGAINST Nolan Kulik of San Diego, California
*Author of original report: Chris Rabalais of AllSportsMarket does not have any response to why his site has a withdrawal button if all investments are actually donations to him
*UPDATE Employee ..inside information: AllSportsMarket (ASM) Covered by CNBC, Forbes, The New York Post and Others - Where is proof of the negative claims here?
I have invested $2,005 in All Sports Market (ASM) over the course of 2017 and yesterday (12/11/17) when I tried to make a withdrawal for the first time, I was informed by Chris Rabalais that I would not be allowed to withdraw funds. Rabalais went on to inform me that he had “total and absolute discretion over the management of the market” and would “not allow it to be harmed by selfish short-term interest” which apparently means that once I put money in to the market I am not allowed to take it out. No where did I agree that I would give Rabalais and his organization $2005 and not be able to get it back.
My initial trouble with Rabalais started in August 2017 when he claimed that I was breaking the rules by selling shares in my sports stocks on ASM. Rabalais claimed that because I am part of the “company shares program” (meaning I paid $250 for access to $10,000 in “bonus funds”” that I am bound by special rules. However, the “rules” were not even available for me to see until AFTER I joined the program, meaning I could not have known what I was signing up for. According to Rabalais my offense was “dumping shares to internal market makers” even though all I have been doing is placing sell orders in the market that are then filled. He has not told me how I can know who I am selling to in order to avoid selling to the market makers. When I asked Rabalais for guidance on whether selling shares was allowed he said “Of course you can buy and sell all you want but keeping your cash fully invested (including your bonus margin) would be optimal”. However, despite saying that I can buy and sell as I want, yesterday he threatened to put a “30-day freeze” on my account since I had sold shares.
I had been planning to withdraw funds from my account (there is a withdrawal link on ASM and withdrawing funds is regularly discussed in the community section) however upon telling Rabalais that I was planning a withdrawal he said that he would not allow it. I had recently gone through the steps to verify my account (which I was promoted to do on the withdrawal page) which included sending my Social Security number, a copy of my driver’s license and a utility bill with my address on it to ASM. After sending this info, I received an email from Rabalais saying my account had been verified indicating (according to the withdrawal page on ASM) that I would be able to withdraw funds.
After Rabalias said he would not allow me to withdraw funds, we went back and forth arguing about this. I had initially expected to be able to withdraw the entire balance of my account after subtracting the “bonus margin” (borrowed money from ASM). This assumption was based on the Withdrawal page on ASM which shows the way the amount available to withdraw is calculated as well as threads in the message board on ASM in which Rabalais and other ASM leader, Ace Underhill stated that the next dollar above bonus margin is available for withdrawal. However, after becoming increasingly alarmed by my discussion with Rabalais and his refusal to let me withdraw ANY of the money in my account, I gave up on trying to recover my “investment earnings” and requested that I at least get my initial $2005 investment back. Rabalais still refused even the return of the money that I had invested.
After this argument Rabalais suspended my account and went on to accused me of trying to “make a short-term profit” off ASM but I am only requesting that my initial $2005 investment be returned, not that I get any of the “investment gains” I have made in the ASM real money market (which amount to over $7000 over the course of the time I have been invested in the market). After I made it clear I was only trying to get my $2005 investment back, Rabalais then claimed that my $2005 investment was actually a “donation” and told me to “Give that to an attorney and see how excited they are about your case”. ASM’s slogan in huge letters on its front page clearly states “stop betting start investing” and ASM is marketed in the press and elsewhere as “the world’s first sports stock market”. Clearly the idea of an investment is that you invest money at time 0 with the expectation of receiving your initial investment back plus a return in the future. The members of ASM clearly are view their investments in the market as true investments, not donations to Rabalais or his organization. To say otherwise is extremely deceitful and misleading and the idea that I would give Rabalais $2005 as a “donation” is absurd.
I no longer want anything to do with ASM, Rabalais or anyone else affiliated with his organization. I have given up on attempting to claim any of the “profit” I made in my real money account over the course of the year and I am not interested in continuing to trade on their platform or keep my shares in what I now believe to be a fraudulent organization. My only request is that the initial $2005 that I invested in ASM be returned to me.
5 Updates & Rebuttals
Chris
Pasadena,California,
United States
AllSportsMarket (ASM) Covered by CNBC, Forbes, The New York Post and Others - Where is proof of the negative claims here?
#2UPDATE Employee ..inside information
Fri, March 02, 2018
1. The Global Sports Financial Exchange trades pro-sports teams like stocks: https://www.cnbc.com/2017/12/15/global-sports-financial-exchange-trades-pro-sports-teams-like-stocks.html
2. Want To Invest In Your Favorite Sports Team? https://www.forbes.com/sites/daviddomzalski/2018/02/13/invest-in-your-favorite-sports-team/
3. A Christmas Story’ actor runs digital sports financial exchange: https://nypost.com/2017/12/03/a-christmas-story-actor-runs-digital-sports-financial-exchange/
Search Google News for "AllSportsMarket" and you'll find many more.
Where is the proof for all the negative claims in this report?
AllSportsMarket is operated by The New Sports Economy Institute, a fully registered anti-gambling pro-investing educational non-profit. All legal documents are here: https://www.thenewsportseconomy.com/patent-important-documents/
ALL valid payment requests from sports traders who follow the rules have been and continue to be paid. Any claims to the contrary MANDATE written proof by the claimant which has not happened here.
Nolan
California,United States
Chris Rabalais of AllSportsMarket does not have any response to why his site has a withdrawal button if all investments are actually donations to him
#3Author of original report
Mon, December 18, 2017
Chris Rabalais once again has ignored all my previous comments because they are all true and he has no response. His site has a "withdrawal button and is advertised as a "stock market" yet he claims all investments and profits can not be taken out and are actually donations to his comapny. Even though I followed the withdrawal process listed on the site (including providing my social security number, drivers license, and utility bill) Rabalais has refused to let me withdraw any money.
Instead Rabalais posted the automated message he recieved from paypal. Paypal is not set up to cover investment fraud and the transaction was from July since I did not realize until last week that AllSportsMarket.com was a scam and would not allow any funds to be withdrawn from their "market". Unfortunately I didn't research this before investing, if I had I would have seen that Rabalais already has a liteney of complaints against him for the same types of scams.
None of this changes what I said earlier. Anyone reading this who is considering investing in the "market" at allsportsmarket.com should be aware of what Chris Rabalais has said in his earlier comment and NOT DENIED at all. Any money you put into your account to buy sports team stocks with in the "real money market" will NOT be allowed to be withdrawn. According to Rabalais neither the profit you make nor your original investment in the market can be taken out.
EVERYTHING YOU PUT IN AND EARN in Rabalais's market is actually a DONATION to HIS COMPANY. I was already scammed by this but hopefully this will help people out there who are considering taking ASM up on their offer to "stop betting and start investing". Rememeber to Chris Rabalais an "investment" really means a donation and you will never see a penny back of either your investment or your earnings.
Chris Rabalais
Washington,United States
PayPal Decides Case IN FAVOR of AllSportsMarket, New Sports Economy Institute, Zack Ward, Ace Underhill and Chris Rabalais and AGAINST Nolan Kulik of San Diego, California
#4UPDATE Employee
Mon, December 18, 2017
Dear The New Sports Economy Institute,
The following case was found in your favor. Any hold on this transaction has been removed.
This claim does not qualify for a refund because it does not meet our definition of Significantly Not as Described. This case is now closed, but we still encourage you to work directly with your buyer to find a resolution.
Transaction Details
Case number: PP-006-423-674-186
Buyer's name: Nolan Kulik
Buyer's email: [email protected]
Buyer's transaction ID: 6NC65149MN436472L
Transaction date: July 10, 2017
Transaction amount: $500.00 USD
Your transaction ID: 7NJ9997552643263G
To learn how we review and resolve claims, you can view the PayPal User Agreement, which you accepted when you created your PayPal account. Simply click Legal at the bottom of any PayPal page.
Please note: Records of all claims are kept in the Resolution Center for your convenience.
Sincerely,
PayPal
Dear The New Sports Economy Institute,
The following case was found in your favor. Any hold on this transaction has been removed.
This claim does not qualify for a refund because it does not meet our definition of Significantly Not as Described. This case is now closed, but we still encourage you to work directly with your buyer to find a resolution.
Transaction Details
Case number: PP-006-423-668-436
Buyer's name: Nolan Kulik
Buyer's email: [email protected]
Buyer's transaction ID: 7DR69273HP115200Y
Transaction date: July 30, 2017
Transaction amount: $250.00 USD
Your transaction ID: 1LM45302YP860154J
To learn how we review and resolve claims, you can view the PayPal User Agreement, which you accepted when you created your PayPal account. Simply click Legal at the bottom of any PayPal page.
Please note: Records of all claims are kept in the Resolution Center for your convenience.
Sincerely,
PayPal
Nolan
California,United States
Chris Rabalais now claims all investments in his "sports stock market" are actually non refundable donations
#5Author of original report
Thu, December 14, 2017
Chris Rabalais continues to go off topic regarding issues that have nothing to do with the reason for my compalint. The bottom line is Rabalais has refused to refund my $2005 investment and is continuing to do so in their response. I at no point agreed that I would not be able to withdraw funds from my account. The site has a button for withdrawing funds and withdrawing funds is regularly discussed in the community section of the site. I recently followed the steps given on the site (providing my social security number, a copy of my driver's license, and a recent utility bill) to the company under the pretense of this being required to make a withdrawal. I was informed that my account had been "confirmed" indicating I would now be able to withdraw. Despite this Chris Rabalais is now claiming that I am not allowed to take any money out of my account (including my initial investment). Rabalais claims that despite his market being advertised as a "sports stock market" and a way for people to "stop betting and start investing", and despite the clear withdrawal process that is advertised on his site, that all investments in his market are actually "donations" to his company and non refundable. This detail is not advertised on the sites homepage, in the news stories and press releases or anywhere else and the fact that a withdrawal process is clearly stated on the site shows that this is extremely deceitful and misleading to investors. As I said in my original complaint, the idea that I would willingly "donate" $2005 to Rabalais's "sports stock market" and have no way to ever regain my money or profit from it is beyond absurd. I highly doubt Rabalais would have any users if his market was advertised as just being a way for investors to donate money to his company without being able to profit or ever get their money back.
Rabalais's suggestion that I would somehow be profiting off regaining my initial $2005 investment is equally absurd. That was MY money that I put in with the understanding that I would be able to buy sports team shares and withdraw any profits I made in addition to my initial investment. I was never told, nor did I agree to anything to the contrary. I currently have absolutely nothing to show for my $2005 investment. The "sports shares" that I have are completely worthless if they can not be turned into real cash, as Rabalais claims. According to what he is saying, there is no difference between the "Real" and "Learning" markets on his site, since real cash can not be withdrawn from the "real" market apparently. The $2005 I invested was completely separate from the "company shares" I received, which were from a promotion that I paid an additional $250 for. These company shares are also not accessible to me in any way as I am shut out of my account, and I have not even requested a return of the $250 associated with them. I have made it completely clear to Rabalais that I only want my $2005 back, not any of the sports shares, company shares etc or even the "investment gains" that I made in his market. He has still refused.
Anyone reading this who is considering investing in the "market" at allsportsmarket.com should be aware of what Chris Rabalais is saying here. Any money you put into your account to buy sports team stocks with in the "real money market" will NOT be allowed to be withdrawn. According to Rabalais neither the profit you make nor your original investment in the market can be taken out. EVERYTHING YOU PUT IN AND EARN in Rabalais's market is actually a DONATION to HIS COMPANY. I was already scammed by this but hopefully this will help people out there who are considering taking ASM up on their offer to "stop betting and start investing". Rememeber to Chris Rabalais an "investment" really means a donation and you will never see a penny back of either your investment or your earnings.
Chris
Washington,District of Columbia,
United States
False and Misleading Claims by Nolan Kulik of San Diego, California Regarding All Sports Market / Chris Rabalais, New Sports Economy Institute, Ace Underhill and Zack Ward
#6UPDATE Employee
Wed, December 13, 2017
1. AllSportsMarket presently operates as an experimental market on a non-profit: https://www.allsportsmarket.com/EN/Legal.aspx#Choice-Of-Law
2. All transactions are clearly and repeatedly marked "DONATION" including all made by Nolan Kulik of San Diego, California
3. Nolan Kulik of San Diego, California participated in a non-profit fundraiser on July 31, 2017 which is detailed here: http://mailchi.mp/thenewsportseconomy/53017-important-allsportsmarket-asm-stockholder-information-for-1051149
4. Nolan Kulik of San Diego, California received all listed benefits outlined in #3 and began using them. He received the legal documents containing the company shares on July 31, 2017 at 11:00 A.M. U.S. Pacific Time.
5. From July 31, 2017 onward, Nolan Kulik of San Diego, California traded on the site and received company communications including those only for company investors. Amended to the rules of the site are special stipulations regarding the sale of sports team shares purchased using bonus margin from the non-profit fundraising programs. Nolan received dozens of these emails and audio recordings dealing with these stipulations and intimate company business provided only to stockholders.
6. On August 5, 2017 Nolan Kulik of San Diego, California was contacted regarding violation of the special rules governing trading by company stockholders. He replied:
From: Nolan Kulik
Sent: Saturday, August 5, 2017 1:09 PM
To: Chris Rabalais
Subject: Re: ASM
Okay, I currently have orders open that if filled would put almost all of my cash in, just waiting for them to be filled. Its certainly not my intent to just have a bunch of cash sitting in the account, but I do want to be able to sell off a team that has gained in value and reposition my portfolio, just like in the stock market.I think several sell orders just went through very quickly.
Thank you for reaching out and explaining the situation. In the future I will make sure that if I am selling stocks to stagger them so there isnt a rush of selling at once.
Best,
Nolan
7. On December 11, 2017, Nolan Kulik of San Diego California appeared in the market reporting due to heavy selling and he was contacted the same day reminding him of the previous discussion and the terms and conditions to which he now stated he no longer agreed and never did (which is factually false).
8. On December 11, 2017, Nolan Kulik of San Diego, California demanded under threat of legal action the return of all previous market donations. This request was denied as he holds company shares granted from prior donations as well as tens of thousands of dollars in sports shares. Legally, there is no responsibility for the return of the donations.
9. On December 12, 2017, Nolan Kulik of San Diego, California filed PayPal disputes on the following two transactions:
a. Donation Details
Total amount:
$250.00 USD
Currency:
U.S. Dollars
Reference:
$100,000/25,000/$10,000/5,000
Confirmation number:
1LM45302YP860154J
Quantity:
1
Purpose:
AllSportsMarket "Make Sports Great Again!" FINAL OFFER
Contributor:
b. Donation Details
Total amount:
$500.00 USD
Currency:
U.S. Dollars
Reference:
ASM500
Confirmation number:
7NJ9997552643263G
Quantity:
1
Purpose:
$500 Market Donation
Contributor:
Message:
10. If the above disputes are allowed to go in his favor, it will result in tens of thousands of dollars in stolen company shares along with a completely unjust breach of the Terms of Service and special conditions of which Nolan Kulik of San Diego, California was fully aware and bound to. His account remains frozen until this matter is resolved.
