TIM LESTER: Daniel Kertcher took his seminars across the Tasman to windy Wellington two years ago.
PHIL MITCHELL: A 100 per cent money back guarantee.
TIM LESTER: With an advertisement that caught the eye of NZ consumer journalist Phil Mitchell.
PHIL MITCHELL: They're saying I can make 331 per cent return in three months.
GEK MUI LEE, WEALTH SEMINAR STUDENT: Financial independence, you know, you could give up your job.
You could just live on trading full time eventually.
TIM LESTER: So Wellington resident Gek Mui Lee enrolled in a Daniel Kertcher seminar.
GEK MUI LEE: He once said if you are quadriplegic and all you could do is blink, you could do options trading.
I beg to differ.
TIM LESTER: Phil Mitchell did the same course.
He and Gek Mui Lee both then followed up with fellow students almost a year later.
GEK MUI LEE: Maybe two of them were just breaking even.
The rest of the people lost money or were too afraid to try.
PHIL MITCHELL, NZ CONSUMER JOURNALIST: Overwhelmingly, people had lost money and a great deal of money and very quickly.
TIM LESTER: How much money?
PHIL MITCHELL: An average loss of $10,000.
TIM LESTER: Though he calculates that one person did really well - Daniel Kertcher, selling students his seminar package for a hefty NZ dollar price.
PHIL MITCHELL: 65 times $4,250 is not a bad return for three days work.
That is nearly $300,000.