Watch out for these guys!

[lukeaye]

Hi there everyone,

Thought i would post this is beginners because they are the most likely to get caught by people like this!

Today i had a phone call from a person at (unnamed) financial services. We will call him Steven. This fellow used to work for a friend of mine who owns an advisory service. Due to several reasons, one of which involving his long criminal record, he was dismissed.

Steven was trying to get me to go over to his new company. He used lines such as, "Conservative strategies, which look for consistent returns on a monthly basis".

So i ask, Steve give me an example, what can you offer me? To which he replied, "For example i was will sell a put on BSL".

So let me get this straight you are naked selling?

So i asked Steve, what if you had sold puts on karoon gas? The stock gaps $2.00, now im ****ed arent i Steve?

NOW GET THIS, THIS IS STEVES RESPONSE.

I love this as you can probably tell.

"I would not have bought Karoon."

HAHAHAHAHAHA. Yeah of course you wouldn't now steve.

"yeah well my analysis would have told me not to do it, and even if i did make a mistake i would just pull out"

Yes but steve, you can't pull out between the close and the open. You just cost me my hole account balance plus more!

So i asked Steve what size accounts do you look after, he said a minimum of $50,000. Ok well i only have a $15,000 account doesnt look like you can help me.

But wait Steve had another genius idea for me.

"Luke thats ok for somebody like you we could organise a margain loan, that is what i would do personally."

Ok Steve so what happens if the market crashes like it id 2 years ago?

"Well luke you would still have lost money anyway"

HAHAHAHAHA.

Steve i will not be requiring your services.

Its astounding that people like this are allowed to advise. Its a joke. They don't lose any of their money just everyone elses! They are honestly in my eyes, criminals.

So be warned do not be suckered in to there promises of riches.

Has anyone else had similar experiences?

 

[mazzatelli]

Do you feel like leaving yourself open to libel charges?

 

[lukeaye]

There i will change it then.

Well my information was collected illegally and there is a law suite against them as we speak anyway.But probably a good point didn't think that through

 

[satanoperca]

While a courageous thing you have tried to do Lukeaye for informing people just remember:

"A fool is easily departed of their money"

Do Your Own Research and trust no one.

These systems/scams will always be present just like drugs, violence and stupidity.

I was informed today that an old neighbors invested their whole super into Centro. WTF. They lost everything at age 70 and yes they were advised by a financial adviser.

Someone should have told them if they would have listened that a 180 EMA could have significantly reduced their pain/loss.

Cheers

 

[Krusty the Klown]

Its only slander or libel if its not true.....

If its the truth you can say anything you want.

The risk is you just may have to pay a lawyer to defend you in court and hope the judge awards costs to you.

In this case I doubt an AFSL holder would sue you for damages, it would be bad press for them.

 

[nunthewiser]

Ahha ........BUT he has to prove its true.... unless he recorded the conversation it is pure slander unless proven otherwise.

 

[lukeaye]

Well if anyone would like to know who it is, feel free to pm me, and i will let you know the name of the person and the company he works for.

I dont need a law suit, but i think they are tied up with a law suite with my friend enough at the moment.

The other thing is, he got my information by taking the client register from the other company by breaking into the building, which obviosuly is highly illegal.

 

[glendaw101]

Well if anyone would like to know who it is, feel free to pm me, and i will let you know the name of the person and the company he works for

Lukeaye I don't think you have too much too worry about with a lawsuit.
The "Financial Advisors" are too busy reading the complaints against them.
A great percentage of the posters on this forum would like to serve the same lawsuit to the many so called "financial advisors" who have ruined their lives.

Oh that's right! we are supposed to read the fine print that we paid the "financial advisor" to read.

By the way don't bother complaining to the Financial Ombudsman as they will fob you off. They also are as useless and toothless as ASIC.

 

[satanoperca]

It is as simple as buyer beware.

 

[brty]

Hi all,

Lukeye, I read your original post and reported it to Joe. The reason being that no matter how bad you feel about a post, unless you have definitive proof against it, you are stuffed., don't persue it, there is no point. Yet many of us know your frustration.

good luck

brty

 

[akkopower]

the big fish need to feed somewhere

 

[Wysiwyg]

the big fish need to feed somewhere

An experience I had with a forex pair was a 100 pip jump on no changed interest rate. The rates announcement was to remain unchanged as expected but nevertheless, an instant 100 pip jump. I went to forex factory forum and there were traders asking the same question. Why a 100 pip jump on no news. I never found out which mob forced the rise but it caught a lot by surprise.

 

[lukeaye]

Hi all,

Lukeye, I read your original post and reported it to Joe. The reason being that no matter how bad you feel about a post, unless you have definitive proof against it, you are stuffed., don't persue it, there is no point. Yet many of us know your frustration.

good luck

brty

Your a real hero brty. I do have proof. As i stated there is a law suite against him as we speak.

He hasn't taken any of my money but i am simply expressing my concern over the amount of idiots out they legaly able to handle innocent hard working peoples money.

I feel it is up to the more experienced traders and wiser ethical heads to steer the greener heads away from people like this.

Thank you for you support though brty (sarcasm)

 

[Timmy]

Good thread Luke. Lots of sharks in the water.

 

[basilio]

I think Lukeaye's action are constructive. There are many sharks out there. I'm surprised his particular species was so open and so stupid.

The issue of libel is always interesting. Frankly it would pretty unlikely that a relatively small time shark would take the trouble or have the capacity to sue for libel.

BUT one thing that has troubled me over the years has been the investment practices. cost structures and sheer greed of the main players in the investment business. The facts have always been clear - the big insurance companies, big investment banks and current financial advice systems are geared for their benefit not yours. (And the sun does rise every day....) Trouble has been that it only took the last GFC to highlight just how much risk we take following their advice and how easily we can lose our savings.

For example it would have been interesting to have highlighted Westpoints investment strategies before they fell over. Not to mention Timbercorps. But these companies did not fail by accident..

 

[gooner]

Ahha ........BUT he has to prove its true.... unless he recorded the conversation it is pure slander unless proven otherwise.

Not my understanding

Criminal law - requires proof beyond reasonable doubt

Civil law including libel - balance of probabilities. So judge or jury (?) decides which story is most likely to be true

 

[lukeaye]

So how can we address this problem?

How can we help others so that they don't go through the pain that others have felt?

(1) Now im not the most experienced trader out there, but i can trade successfully and i would like to think i can tell the difference between what will work and what won't. If anyone is looking at signing up to a brokerage service i will be happy to look at it for you and give you my opinion.

I would suggest that if there are any other wise heads who happy to do so, please say so.

(2) If you don't wish to ask for help, for whatever reason, make sure you please check the past performances! Ask for a trial membership, so you can see how they perform. If they are reputible and confident in their product, then they really should have no problem?

Many advisory services will post for free their winning trades, and not show you their losers. Make sure you get a look at their strategies, what they risk, and what sort of performance they are currently and historically returning.

I could post all my winning trades up, with statements and you would think i was a genius, but you really need to see what its going to cost you to lose!

 

[Krusty the Klown]

Luke, if this guy rang you unsolicited, then it also contravenes anti-hawking legislation.

An AFSL holder cannot approach or cold call any individual selling an investment product out of the blue.

 

[prawn_86]

Luke, if this guy rang you unsolicited, then it also contravenes anti-hawking legislation.

An AFSL holder cannot approach or cold call any individual selling an investment product out of the blue.

The anti-hawking rule only applies on Sundays or public holidays as far as im aware. You are allowed to call people and talk about your products and services, but if your offering specific advice you need to provide a FSG and PDS as soon as practicable.

 

[Krusty the Klown]

Ahha ........BUT he has to prove its true.... unless he recorded the conversation it is pure slander unless proven otherwise.

Yes, that nasty proof thing does get in the way alot doesn't it......