]Australian Shareholder Centre clients 'losing their hard earned'
The Australian Shareholder Centre markets itself as "A complete source for all sharemarket needs".
It really ought to be "A complete solution for losing your savings quickly".
Since that introduction, a number of victims have touched base. Their stories are too numerous to detail in this space, and many have been told on Aussie Stock Forums (ASF).
Alas, ASF is now fighting a defamation action from the Centre in the Queensland Supreme Court.
"Their business model is almost the same in every instance," said a contact from ASF.
"Hire professional telemarketers to cold-call those who don't have a clue about the market, charge an up-front fee, then sign them up with an affiliated broker and take a big cut of the brokerage on each trade."
Aussie Stock Forums (ASF) is an online venue for chatting about the sharemarket. It is also where victims share their tales of woe.
It is an indictment on free speech in this country, and on the defamation laws that people can be prosecuted for venting their frustrations and warning others about boiler rooms.
Read more: http://www.canberratimes.com.au/busi...#ixzz3l21yBOlq