Has anyone invested with or had any dealings with Alpha Select Pty Ltd and their index trading managed accounts? Their returns seem a bit too good to be true (60% in 6mths on $10K) and often a sign of a scam but I'm not sure and interested to hear any other experiences.
I can't find any comments about them online, good or bad, and they aren't listed in any of the scam websites. the company is registered with asic but they don't have an AFS license but say they don't need one because they are not stock brokers and don't give advice and you buy units in a unit trust which does the investing (apparently they have 9 going at the moment with upto $500K in each). ASIC say some managed investment schemes have exceptions if fewer than 20 members. I spoke with ASIC and they said they couldn't give me an answer either way on whether they should have an AFS license because there were certain instances and circumstances where you don't need one.
They guarantee your capital for the first 6 months if you don't withdraw from the account within that first 6 months and say you can access your money at any time and can withdraw if you want you just forgo the profit and can log on 24/7 to view the accounts balance. They say there is a 10 day cooling off period in NSW. They take a commission of 15% of the profits and no upfront fee. They ask for 100 points of ID to open an account and deposit the money into a CBA account, it says their office is at 1 Market St Sydney but doesn't mean its legit.
Any feedback would be greatly appreciated.