Index tracking trades with tax free returns?

[amateur]

Hi all. I have in the past year received two cold calls from different companies relating to index trading tips for a fee. Essentially they are saying that if I give them $8000 to $20000 plus a monthly fee they will give me trade advice that will make me a guaranteed $500 to $2000 a week tax free.
They say they have a team of trained analysts picking the ups & downs in the market with 80 to 90% accuracy. They use betonmarkets to place the 'bet'.
I have searched quite a bit for info regarding this topic. I read the thread re. 'Dales Pty Ltd Brisbane' & the similarities are there but in this case you don't get software only tips.
I have not purchased anything but I'm interested if anyone has an opinion or had any experience with this type of scheme.

Thanks in advance.
Regards

 

[vincent191]

Re: Index Tracking trades with tax free returns

If I had a crystal ball that can predict share indices with 80% accuracy I won't need to sell tips. I would be the richest man on earth!!! Move aside Bill Gates & Warren Buffet. By the way is that phone call from Bernie Madoff??

 

[lasty]

Re: Index Tracking trades with tax free returns

Hi all. I have in the past year received two cold calls from different companies relating to index trading tips for a fee. Essentially they are saying that if I give them $8000 to $20000 plus a monthly fee they will give me trade advice that will make me a guaranteed $500 to $2000 a week tax free.
They say they have a team of trained analysts picking the ups & downs in the market with 80 to 90% accuracy. They use betonmarkets to place the 'bet'.
I have searched quite a bit for info regarding this topic. I read the thread re. 'Dales Pty Ltd Brisbane' & the similarities are there but in this case you don't get software only tips.
I have not purchased anything but I'm interested if anyone has an opinion or had any experience with this type of scheme.

Thanks in advance.
Regards

Yes... All roads lead to Nigeria !

 

[amateur]

That's what I'm thinking as well ... But when you're on the phone & they're giving you the hard sell & have an answer for everything you start to wonder if you're going to miss the opportunity of the century....

Thanks for your input.

 

[boofhead]

Sounds dodgy. I'm not sure how often reputable companies cold call.

Tax free sounds dodgy too. They can't know what else you have going on. How can they give you returns tax free? Surely our favourite commercial current affairs should would have shown us by now!

 

[Sir Osisofliver]

Hi all. I have in the past year received two cold calls from different companies relating to index trading tips for a fee. Essentially they are saying that if I give them $8000 to $20000 plus a monthly fee they will give me trade advice that will make me a guaranteed $500 to $2000 a week tax free.
They say they have a team of trained analysts picking the ups & downs in the market with 80 to 90% accuracy. They use betonmarkets to place the 'bet'.
I have searched quite a bit for info regarding this topic. I read the thread re. 'Dales Pty Ltd Brisbane' & the similarities are there but in this case you don't get software only tips.
I have not purchased anything but I'm interested if anyone has an opinion or had any experience with this type of scheme.

Thanks in advance.
Regards

Red Flags...

1) Cold call - If you actually HAD a system that worked as well as they described (+10% a WEEK!!!) and were going to sell the concept to clients...word of mouth advertising would most likely give you all the clients you could handle. EVER.

2) Guarantee - It's rare that a company offers a guarantee.. How do you predict when some terrorist is going to fly a plane into a building and forces the company into bankruptcy meeting it's guarantee requirements?

3) Tax free trading - ahuh - via a betting system so you don't pay tax...and conveniently don't require an AFSL licence or be subject to ASIC guidleines and regulations. So if things go pear shaped your @rse is hanging in the wind. Define "Trained Analyst" under that system - because their version of trained analyst sounds like "bookie" to me. Do bookies have Professional Indemnity insurance?

This is gambling (which means for every winner there is a loser) and has nothing to do with the market other than as the instrument on which they are betting. It could just as easily be horses, dogs or casino gambling and just like any of those activities... it's usually the house that wins.

Cheers

Sir O

 

[So_Cynical]

They say they have a team of trained analysts picking the ups & downs in the market with 80 to 90% accuracy.

More like a team of trained cold callers chasing money from nubs.

 

[Krusty the Klown]

a betting system so you don't pay tax...and conveniently don't require an AFSL licence or be subject to ASIC guidleines and regulations.

That must be how they are getting around the anti-hawking legislation which outlaws cold calling by AFSL holders.

 

[tech/a]

Frankly anyone who is fool enough to even consider rubbish like this deserves to be fleeced!

"Opportunity of the Century"---get a grip!

 

[Sir Osisofliver]

Frankly anyone who is fool enough to even consider rubbish like this deserves to be fleeced!

"Opportunity of the Century"---get a grip!

Ahh Tech give the poor guy a break - at least he was smart enough to do a little research before handing over his hard-earned.

I've dealt with a number of people who have been sucked in by con artists over the years and inevitably it's not the quality of the product that suckers them in...its the quality of the salesmanship. *Ahh Ahh Ahh STORM* Pardon my sneeze.

I'm sure there was even a financial planner that was ridiculed in the industry for being sucked into a Nigerian scam using clients money. These things get more and more sophisticated over time.

For me it boils down to two simple rules..

1) Always own the asset DIRECTLY
2) NEVER invest in something you do not understand.

It's amazing how those two simple things can keep you out of trouble.

Cheers

Sir O

 

[amateur]

I had pretty much decided not to proceed with their offer before posting my question. I was just interested to see if others had been approached with this type of 'product' as I had not been able to find anything with my research.
I did read some other threads on this forum relating to scam share software & can relate to how it would be easy to get stung by these people if you let your guard down.

Thanks for your input once again.
Regards