Peter Brandt Warns Traders About Incoming Scams in Traditional Financial Markets

Trading veteran Peter Brandt has issued a cautionary about an impending wave of scams targeting traders in traditional financial markets.

In a recent post, Brandt reminded his audience of earlier warnings about fraudulent proprietary trading schemes and scammers who falsely claim expertise in the field.

Brandt highlighted that now, more than ever, traders need to be wary of scammers who will soon begin promoting trading courses and mentorships, particularly in the futures market. He advised that one effective way to verify such claims is to request proof of profitability, specifically through IRS Form 1256 filings, rather than accepting the scammers’ word.

Earlier today, Brandt also tagged several accounts on X that he suspects of scamming users in the proprietary trading space, demanding they provide their IRS documentation to back up their earnings claims. In a strong message to aspiring traders, he warned that many fraudulent individuals are aggressively marketing their services, urging followers not to fall for their tactics.

To protect themselves, Brandt recommended that traders require proof of past profits from any firm offering training in futures trading. This includes requesting copies of IRS Form 1256, which is used to report futures trading profits, or monthly statements from a registered Futures Commission Merchant (FCM). Additionally, he advised traders to check if the FCM is properly registered by searching its name on the National Futures Association website to ensure legitimacy.