Australian (ASX) Stock Market Forum

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HI,

I got a call from some firm called Australian Wealth systems and they are offering this balanced pair trading system. Their system looks at beting on sports with 2-3 outcomes; so either one team wins or it's a draw. It then looks at books online to find the best odds for each and get's you to bed on each one; so no matter what happens you make a small return.

I searched some sites online and there are a few blogs praising them, but I don't fully trust them. They want me to pay almost 15k down for the system. Apparently they won some awards on cxtforum and top dollar magazine for this system. I couldn't register on cxtforum to look further; but I did call top dollar magazine, no one picked up but they returned my call but i just played dumb. I cant find too much against them, no one has claimed they are ripping people off or anything.

I registered to be on this forum but i was waiting for the email to activate the account. The initial phone call had claimed that there were only a few places left in QLD, I was sceptical so brushed them off; but they sent me an email anyway. After searching online I couldn't really find anything against them. So i called them back; the reception passed me to someone and I asked for the initial person i talked to but he was in a meeting, so I spoke to someone else. The things that they said put me at ease, but i was still wary. He confirmed that QLD had been closed already and after a while said he would talk to the person above him to try to switch over a Victoria license; on the condition that in a years time i fly to canberra for them to pitch further services to me. To me it seemed very strange. I wasn't sure if they were trying to reassure me or were being genuine.

I won't lie, I signed up; I paid the money and they said they would pass me onto a trader to run me through downlaoding the software and using it. He was busy though, so they said he would call me back. I got scared then, but he did call me back when they said they would. They told me that another client was taking longer than expected and if they could call back in another 15. I agreed, and they did again. Ran me through the software and got me to set up a skrill account. It's just weird to me, if they already had my money; why call me back at all, I would expect them to never call back.

The activation for this forum came through and I saw a stick post in this section and i started to get worried again. I downloaded a scam transcript and got worried more. I knew i had done small bpay future payments to give myself time just in case. I have cancelled all the transactions. I figured now to check if anyone knows anything about them.

I am very confused as they have red lights going off in my head, but some things just seem weird to do if it was a scam. In the cxtforum, users by the name of canoz and tech/a. I have noticed that there are two users by those names on this forum too. So i honestly have no idea. I figured I can say I have no idea what happened to the payment and send it through again if this all proves legit

I googled them, their website states they have been operating since 1997; and i searched ASIC and that confirms that they have been registered since 1997 as well.
 
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Re: Australian Wealth Systems SCAM?

HI,

I got a call from some firm called Australian Wealth systems and they are offering this balanced pair trading system. Their system looks at beting on sports with 2-3 outcomes; so either one team wins or it's a draw. It then looks at books online to find the best odds for each and get's you to bed on each one; so no matter what happens you make a small return.

I don't know the system, but if you make always make a small return then something just doesn't add up. If it is working on arbitrage between different book makers' odds, then the less people in on the system the more likely for arbitrage gains to exist (conversely, as more people get involved, arbitrage gains diminish). So if their systems works, why tell anyone else. They should just borrow to the hilt and take all the (guaranteed) gains for themselves.
 
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Re: Australian Wealth Systems SCAM?

In the cxtforum, users by the name of canoz and tech/a. I have noticed that there are two users by those names on this forum too. .

I was meant to say that these users claimed that this system and company are legit, but I wanted to check here because I couldn't register with that forum
 
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Re: Australian Wealth Systems SCAM?

I was meant to say that these users claimed that this system and company are legit, but I wanted to check here because I couldn't register with that forum

Ask if they will take 15k out of your winnings!

You were nearly duped, mate! ;)
 
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Re: Australian Wealth Systems SCAM?

I was meant to say that these users claimed that this system and company are legit, but I wanted to check here because I couldn't register with that forum

You paid $15k based on 2 internet forum user opinions (which companies can easily fake, especially on another forum) - and even before the users on this forum confirmed them ?

I'd bet your money is gone. What is the software doing now - are you making trades/bets ?
 

tech/a

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Re: Australian Wealth Systems SCAM?

This tech/a posts on one forum ASF.
I don't trade FX
Have no association with or indeed know of AWS.

Definately no endorsement of AWS.
 

pixel

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Re: Australian Wealth Systems SCAM?

I was meant to say that these users claimed that this system and company are legit, but I wanted to check here because I couldn't register with that forum

So, they pick two of the most highly respected members of ASF, then fake endorsement on a dodgy website. You have to give them full marks for ingenuity. ... and a brickbat around the ears :banghead:
 
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Re: Australian Wealth Systems SCAM?

HI,

I got a call from some firm called Australian Wealth systems

Boom - first red flag. Section 992A of the Corps act - Anti-hawking legislation.
No legitimate AFSL (Australian Financial Services Licence) Holder is allowed to cold call. Contact must be initiated by the client. ERGO - you are not dealing with a holder of an AFSL and are outside the customer protection designed into legislation. Your ability for legal recourse in the event it goes pear shaped is now severely reduced.

You could have saved yourself some time and anguish by reading this.

and they are offering this balanced pair trading system. Their system looks at betting on sports with 2-3 outcomes; so either one team wins or it's a draw. It then looks at books online to find the best odds for each and get's you to bet on each one; so no matter what happens you make a small return.

Boom Boom - more red flags.
Sports betting is not a financial product. Now the "firm" offering this to you is not required to send you a product disclosure statement to enable you to evaluate the risks, detail what their commitment to you the client is...etc

no matter what happens you make a small return. - The only way this happens is with arbitrage a result of market inefficiencies. This may very well exist inside a sports betting environment, but it is not an environment that is regulated in the same manner as financial services industry. Link Talking about sports betting and comparing it to shares or even FX is like comparing a mongrel cur to a pure bred Great Dane in terms of the level of protection that you the client has. If I am not clear...your **** is hanging in the wind if it all goes bad. If you lose your money....you were GAMBLING, good luck suing the bookie.
I searched some sites online and there are a few blogs praising them, but I don't fully trust them. They want me to pay almost 15k down for the system. Apparently they won some awards on cxtforum and top dollar magazine for this system. I couldn't register on cxtforum to look further; but I did call top dollar magazine, no one picked up but they returned my call but i just played dumb. I cant find too much against them, no one has claimed they are ripping people off or anything.

:banghead: Boom

Ahh see they aren't even selling you a financial product, they are selling you this you beaut software that magically makes money, no matter what the outcome.....er yeah...

I registered to be on this forum but i was waiting for the email to activate the account. The initial phone call had claimed that there were only a few places left in QLD, I was sceptical so brushed them off; but they sent me an email anyway. After searching online I couldn't really find anything against them.

Companies spend lots of money to be noticed, it's called marketing. So I went to the website and I see....

1) Nice flashy graphics set up on a simple frame. In fact the pictures are larger than the small amounts of text.
2) Right click on any image and google search reveals every image is shuttershock or free access.
3) Right there on the front page they say...Award winning...with no mention of which award was achieved. (What kind of marketing numpty does that? We won an award!!! er not going to tell you which one though)
4) on the front page there is no mention of sports betting....rather in nice bold text and images are Pairs, Commodity Pairs, Balanced pairs trading and Share Market Pairs....but no AFSL number displayed on the website. They are attempting to foster a sense of legitimacy.
5) click on about us - and you hear about the 17 year history, fantastic customer support, and Stable and robust systems....but nothing about the people in the business? Where is the BIO of the CEO? Where's his/her linked-in page? Where are the pictures showing smiling and happy staff members next to their list of qualifications?
6) Ok so this operation just sells software, so where is the online payment portal??? Oh i have to contact you to buy the software
7) Simply googling the address of the place reveals this. It's a virtual office.


So I called them back;

You did what???

the reception passed me to someone and I asked for the initial person i talked to but he was in a meeting, so I spoke to someone else.

Nice to see one salesman cutting the grass of his peers, you reckon they work on commission?

The things that they said put me at ease, but i was still wary. He confirmed that QLD had been closed already and after a while said he would talk to the person above him to try to switch over a Victoria license; on the condition that in a years time i fly to canberra for them to pitch further services to me. To me it seemed very strange. I wasn't sure if they were trying to reassure me or were being genuine.

What you do think they were doing now? Here's a hint.. We have limited numbers!!! (no we don't, we sell software and I work on commission) So act now or you might miss out (Quick! hurry! Give me you bank details you might miss out!!!!), Ok I'm not meant to do this, I'll have to check with my superiors, but maybe I can sell it you anyway, but only if you ride naked on a skateboard singing Waltzing Matilda ok? (Daaaww don't you feel special he made an exception just for you?)

I won't lie, I signed up; I paid the money and they said they would pass me onto a trader to run me through downloading the software and using it. He was busy though, so they said he would call me back. I got scared then, but he did call me back when they said they would. They told me that another client was taking longer than expected and if they could call back in another 15. I agreed, and they did again. Ran me through the software and got me to set up a skrill account. It's just weird to me, if they already had my money; why call me back at all, I would expect them to never call back.

Because if they don't actually supply you with something - even a crap piece of software - then they would quickly be squashed flat under Trade Practice Act, (remember they aren't an AFSL). This is the same reason why I don't sell you a genuine segment of space-time and send you ...nothing.
The activation for this forum came through and I saw a stick post in this section and I started to get worried again. I downloaded a scam transcript and got worried more. I knew I had done small bpay future payments to give myself time just in case. I have cancelled all the transactions. I figured now to check if anyone knows anything about them.

Do you mean this website. I think you owe someone a beer.
I am very confused as they have red lights going off in my head, but some things just seem weird to do if it was a scam. In the cxtforum, users by the name of canoz and tech/a. I have noticed that there are two users by those names on this forum too. So i honestly have no idea. I figured I can say I have no idea what happened to the payment and send it through again if this all proves legit

I googled them, their website states they have been operating since 1997; and i searched ASIC and that confirms that they have been registered since 1997 as well.

How did you "search ASIC" because if you were doing a company search...that is significantly different from an AFSL verification.

So what are your thoughts now?


Cheers

Sir O
 

Joe Blow

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Re: Australian Wealth Systems SCAM?

It appears that these clowns have reproduced some of ASF's content, including identical user names, over at this CXT Forum in attempt to give themselves some credibility and the appearance of having been around for a while, which they haven't.

A quick look at older incarnations of CXT Forum show that the current website didn't exist until this year even though it has copied ASF content from 2009 and earlier: https://web.archive.org/web/20131225215342/http://cxtforum.com/



Fake blogs and online magazines praising their business are a dead giveaway.

Stay away!
 
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Re: Australian Wealth Systems SCAM?

It appears that these clowns have reproduced some of ASF's content, including identical user names, over at this CXT Forum in attempt to give themselves some credibility and the appearance of having been around for a while, which they haven't.

A quick look at older incarnations of CXT Forum show that the current website didn't exist until this year even though it has copied ASF content from 2009 and earlier: https://web.archive.org/web/20131225215342/http://cxtforum.com/



Fake blogs and online magazines praising their business are a dead giveaway.

Stay away!

Yeah just for a laugh (And public holiday here in Bris due to G20), I went and had a look at the fakey stuff...

So far I've found the following ASF'ers

Prawn_86
tech/A
So_Cynical
Julia
CanOz
Calliope
Bill M
DocK
banco
pavillion103
Wysiwyg
VSntchr
MichaelD
qldfrog
tinhat
cartman
awg
gav
wayneR
SKC
tothemax
boggo
ruby
AverageJoeBlow
DB008
white_goodman (haven't seen him in ages)
dangap
porper
Mclovin
gringotts bank


*looks at list*

Guess I didn't make the grade...:cool::p:

Cheers

Sir O
 
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Re: Australian Wealth Systems SCAM?

Thank you all very much for your help with this matter. I'm very luck to have stumbled passed this forum. At least i had set all the payments on a future date because i lied about having sent too much money on the day and my bank wouldn't allow any more transfers; so I was able to cancel all the payments. I did find it very strange that they were all good to go the moment I sent them a screenshot of the future payments. Sent me their software and were setting me up; even though no payment had actually gone through yet.

I guess now i have a random piece of software sitting on my computer, I'll just play dumb I guess.

Once again thank you very much for all your help with this. registration with ASIC from 1997, no one plans that far ahead do they?

Thank you all for taking the time to save me a lot of heartache and money, much appreciated.
 
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Re: Australian Wealth Systems SCAM?

Thank you all very much for your help with this matter. I'm very luck to have stumbled passed this forum. At least i had set all the payments on a future date because i lied about having sent too much money on the day and my bank wouldn't allow any more transfers; so I was able to cancel all the payments. I did find it very strange that they were all good to go the moment I sent them a screenshot of the future payments. Sent me their software and were setting me up; even though no payment had actually gone through yet.

I guess now i have a random piece of software sitting on my computer, I'll just play dumb I guess.

Once again thank you very much for all your help with this. registration with ASIC from 1997, no one plans that far ahead do they?

Thank you all for taking the time to save me a lot of heartache and money, much appreciated.

Probably just a shell company gone blooey that someone necromanced.

No charge Maxwell (Although I'd say you should buy Joe a beer if you ever meet him),

Welcome to the forum!

If you are actually interested in investing start in the beginners lounge, or have a look at the thread in my signature.

Cheers

Sir O
 
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Re: Australian Wealth Systems SCAM?

Yeah just for a laugh (And public holiday here in Bris due to G20), I went and had a look at the fakey stuff...

So far I've found the following ASF'ers

VSntchr

Well, at least they gave me a cool American Indian avatar :eek:
 

Joe Blow

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skc

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Re: Australian Wealth Systems SCAM?

I guess now i have a random piece of software sitting on my computer, I'll just play dumb I guess.

Once again thank you very much for all your help with this. registration with ASIC from 1997, no one plans that far ahead do they?

Thank you all for taking the time to save me a lot of heartache and money, much appreciated.

You are very lucky. Next time when red flags vs greed come up, let the redflags win.

I'd remove that software ASAP too.

Yeah just for a laugh (And public holiday here in Bris due to G20), I went and had a look at the fakey stuff...

Guess I didn't make the grade...:cool::p:

Haha. You probably just didn't have as high a post count. You spend too much time posting only quality stuff.
 
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Re: Australian Wealth Systems SCAM?

Haha. You probably just didn't have as high a post count. You spend too much time posting only quality stuff.

Aww thanks SKC. Just over 900 posts since August 2008....not exactly pounding the forum am I?

Cheers

Sir O
 
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Re: Australian Wealth Systems SCAM?

Well, at least they gave me a cool American Indian avatar :eek:

Err...I could be wrong but I think that's a black woman in a business suit. Sort of like Whoopi Goldberg in The Associate! :D Better than mine though, I just got some silly green car.:(
 
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Re: Australian Wealth Systems SCAM?

sometimes they almost used the same....

image.php


avcar.png

but I agree with Mclovin...definitely a black woman...
avgirl4.png


Mind you look at prawn....
avgirl2.png



whole thing has given me a chuckle.

Cheers

Sir O
 

CanOz

Home runs feel good, but base hits pay bills!
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Re: Australian Wealth Systems SCAM?

I just saw this thread after a PM from the OP. I can definitely confirm that i did NOT post this nor do i know anything about any of the businesses posted on this thread. Is there any legal recourse for this "online theft of identity"?

CanOz
 

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