Australian (ASX) Stock Market Forum

Golden Sparrow

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savi said:
I seem to be the only one thats had dealings with them and I can only say whats happened to me. I would be very very catious in any dealings and that is why I am on this forum, to find out anyone that have any information about them. Maybe one of you guys that are very switched on with investments could ring them and find out if they are talking crap. There numbers on there website www.goldensparrow.com.au.
Click to expand...

You don't need to ring them. This is a scam.

1) They cold called you. If they were really achieving those returns they'd have people with a lot more money than you beating down their door.

2) There are no names of directors/advisors mentioned on their website, always a red flag.

3) How someone can achieve the "Moderate" account returns without gearing by using "Australian equities through a portfolio of large capitalisation stocks" is a little unbelieveable.
 
McLovin said:
You don't need to ring them. This is a scam.

1) They cold called you. If they were really achieving those returns they'd have people with a lot more money than you beating down their door.

2) There are no names of directors/advisors mentioned on their website, always a red flag.

3) How someone can achieve the "Moderate" account returns without gearing by using "Australian equities through a portfolio of large capitalisation stocks" is a little unbelieveable.
Click to expand...

Agree. There is ABSOLUTELY no doubt that anyone who cold calls in the finance industry are running scams. That's all the proof you need.
 
Wow, just checked out their website

Red Flags left right and centre:

1. No names of Directors, etc
2. Virtual address
3. Nice fuzzy pictures of similing retires
4. Very little information about what they do with very vague and generic terms used
5. Very little history of their performance and what they do provide is clearly exaggerated. Just compound their returns for a year or two and see.

No need to call, just ignore them

Instead go to www.asx.com.au and do their free education courses to learn about the stock market, investing and what a stock broker (full service) can actually do for you
 
skc said:
Agree. There is ABSOLUTELY no doubt that anyone who cold calls in the finance industry are running scams. That's all the proof you need.
Click to expand...

I'm looked pretty hard and I can't find anything about their AFSL on their website.

Why doesn't TT and ACA spend less time on dodgy tradies and more time on these sort of scams.
 
McLovin said:
I'm looked pretty hard and I can't find anything about their AFSL on their website.

Why doesn't TT and ACA spend less time on dodgy tradies and more time on these sort of scams.
Click to expand...

Because they are probably stupid enough to invest themselves.
 
Those Julia wanted to put in, are post icons. There is a smilies button on the Fonts line, click on it and select which one you like, there's two different ones.

There you go :xyxthumbs :xyxthumbs
 
just have a look at their website.....generic rubbish.

i guess this is what the insulation installer scammers are up to now :p:
 
marioland said:
Those Julia wanted to put in, are post icons. There is a smilies button on the Fonts line, click on it and select which one you like, there's two different ones.

There you go :xyxthumbs :xyxthumbs
Click to expand...
Ah, thanks marioland. I should have looked more diligently.
 
Clearly a scam like scores of other Ponzi systems promising high yields from obscure investment programs.

It can be easy to get sucked into plausible scams of this kind. I remember a few years ago there was PIPS (People in Profits system) It was very convincing and in fact the directors were quite public and manged to convince millions of people world wide that this was their Tatts ticket to finacial freedom.

It did evidently collapse but managed to score a record as one of the most successful Internet scams of its type.

I thought it was a particularly plausible and well done scheme (it managed to suck in a few friends ) and attempted to get ASIC to take action. No luck at all. They waited until it fell over before riding to the rescue.

Of course there are still plenty of current similar scams in operation.

http://www.guardian.co.uk/money/2004/dec/11/scamsandfraud.jobsandmoney
http://www.scam.com/showthread.php?p=41152

Todays version of the 2004 PIPS scheme

http://www.forexnewschannel.com/tag/million-dollar-pips-scam

_________________________________________________________________________

Have to say after reading their website there is no hint of it being a scam. I imagine that the promise of unrealistic returns comes when you start to talk with the people. I could see how this could convince many people on particularly if on paper it seemed to be "successful" in the short term. -
 
I have also been contacted by Golden Sparrow. I am very skeptical and this thread has made me more skeptical.
It seems like a scam, but it also seems like it could be legit.
Why is this thread the only information I can find on the net? If lots of people had been scammed by this company wouldn't there be more people writing about it on forums etc.?
The person who called me has agreed to meet me in person. How do I find out if this is legit?

Thanks.
 
Snowy170 said:
I have also been contacted by Golden Sparrow. I am very skeptical and this thread has made me more skeptical.
It seems like a scam, but it also seems like it could be legit.
Why is this thread the only information I can find on the net? If lots of people had been scammed by this company wouldn't there be more people writing about it on forums etc.?
The person who called me has agreed to meet me in person. How do I find out if this is legit?

Thanks.
Click to expand...

I don't mean to sound rude, but did you actually read this thread before you wrote the part I highlighted?:banghead:
 
Snowy170 said:
I have also been contacted by Golden Sparrow. I am very skeptical and this thread has made me more skeptical.
It seems like a scam, but it also seems like it could be legit.
Why is this thread the only information I can find on the net? If lots of people had been scammed by this company wouldn't there be more people writing about it on forums etc.?
The person who called me has agreed to meet me in person. How do I find out if this is legit?

Thanks.
Click to expand...

So a company that seems like a scam but also seems legit is good enough for you?

Here's how you find out whether it's legit... give them heaps of money and see how you go.

Or just trust some of the people here who have seen threads like these for the 200th time.

If someone saw this thread and got scammed then they deserve it... :banghead:
 
Snowy170 said:
I have also been contacted by Golden Sparrow. I am very skeptical and this thread has made me more skeptical.
It seems like a scam, but it also seems like it could be legit.
Why is this thread the only information I can find on the net? If lots of people had been scammed by this company wouldn't there be more people writing about it on forums etc.?
The person who called me has agreed to meet me in person. How do I find out if this is legit?

Thanks.
Click to expand...

Read my post a couple of pages back about compounding $1. If your still happy to proceed just give them $1 because based on the returns they quoted the other poster you have the potential to be the richest person in the world within a relatively short amount of time.
 
Give me your money and I promise to return half of it back in a years time. This will be a massive improvement on giving your money to them.
 


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