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Alpha Select Index Trading Managed Accounts - Has anyone invested with them?

Discussion in 'Trading/Investing Resources' started by wob, Jun 8, 2011.

  1. wob

    wob

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    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.
     
  2. skyQuake

    skyQuake

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    Scam - their ACN has been cancelled.
    http://www.abr.business.gov.au

    Images on their homepage are generic finance pics. Rolling ticker shows incorrect prices for the codes - both AU and US prices are wrong.

    Didn't bother to read the rest of their brochure. Sounds scamtastic
     
  3. wob

    wob

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    Thanks for the info and taking the time to reply. I looked up the website link you gave and yes they did cancel their ABN as an Australian private company and on the same day registered as a fixed unit trust which makes more sense for what they are offering. Interesting though, maybe they are not a scam?

    Open to any other feedback
     

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  4. skyQuake

    skyQuake

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    No PDS, no ASFL aside, i dimly remember it is an offence to supply an incorrect ACN?

    Anyways, anyone can made a shoddy website and format a few a nice looking spreadsheet to prove results.

    And finally... 60% pa. Wow really? Why seek retail fish when they can tap instos for much more $$$
    Im sure many fund managers would give their left testicle for 30%, and let alpha select keep the other 30%

    TL: DR;
    scam.
     
  5. Plumber1

    Plumber1

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    I just had a look at the brochure. It is missing some key information.

    Who are the principals?
    Who are the traders?
    What are their backgrounds?

    This screams SCAM to me. And the poster being a first time poster now looks like a shill for the company.
     
  6. pixel

    pixel DIY Trader

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    Don't worry, Plumber; Joe will be on to it and wipe the entire thread.
    It's a good sign though that ASF members "get the drift" pretty quickly and identify a newbie scam artist.
     
  7. wob

    wob

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    thank you for everyone's comments. I can assure you I have absolutely nothing what so ever to do with the company, I was after some genuine feedback and any experiences anyone has had with this company as I have been unable to find much about them positive or negative. If they are genuinely a scam I would like nothing more than for them to be identified, closed down and people to be made aware. You have raised some good points and i appreciate people taking the time.
     
  8. TonkaTuff

    TonkaTuff

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    They were issued a notice by the ACCC. Description of the breach is at the bottom.
    http://www.accc.gov.au/content/index.phtml/itemId/906441/fromItemId/859018

    Tha's a very good point made above. If they can return those kind of results, why would they be in the retail market. If they jsut invested the salary's of the sales people they employ instead of employing them, the would make a motza!!
     
  9. Simon bellyman

    Simon bellyman investor

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    I am doing things the wrong way around. I gave into their persistant phone calls. I am still uneasy with this investment. I have put 5K into their account. I am still in the 14 day cool off and am concidering having a go at getting the money back out. If they will not allow then post their name as a scam all over the net!!
    Any commIents? I would like for it not to be a scam as I would like to have a go at the index trading
     
  10. Plumber1

    Plumber1

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    We are all placing bets on whether you will get your $5000 back. :)
    I say that you have zero chance.
    Once they have your money, they won't give it up unless you guarantee to invest other money with them.
    PS They are not worried about your threats to Out Them on the internet. They have $5000 from you so they will not give it back.
     
  11. roni

    roni

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    Hi

    Can you tell me how did you go with alpha select?
    Did you get your money back?
    Ore how is the trading going?
     
  12. wallywakka

    wallywakka

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    This mob keep calling me. Don't know how they got my mobile number. Last time they called (should have made a note of his name, but didn't) the salesman had a parting shot (when I had declined his offer) with "you don't operate a business, do you?" I said "no". He said "that's obvious", and hung up on me!
    Anyway, I declined their sales pitch with the rule: If it sounds too good to be true, it probably is.
    Why do they need to 'cold call' potential clients, if their product is so wonderful?
    Why do they need to block their phone number? If they need to hide that, what else are they hiding?
    I wouldn't trust this mob as far as I could throw them.
     
  13. Mysterion

    Mysterion

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    They have just shut down their website - please get in touch with Craig Walter on
    0432141506 to organise a joint lawyer and detective agency - we have information.
    This was a slick operation done quickly....
     
  14. jimmyizgod

    jimmyizgod

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    i think this whole thread is just a scam by a detective agency to drum up business
     
  15. Mysterion

    Mysterion

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    This is not a detective agency looking to drum up business - the website is closed and the
    1300 number and other numbers have shut down. There is no Alpha Select office at 1 market
    Street Sydney - this has been looked into... sugest people start working together as above.
     
  16. Mysterion

    Mysterion

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    WARNING: The Alpha Select Companies listed on ASIC may not be the same people
    as the name used on the website www.alphaselect.org

    They may have picked on a company name and used other fictitious details
    as part of an exit strategy...
     
  17. stockGURU

    stockGURU

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    Even though their website is down, I was able to download a cached copy of their "Information Memorandum" PDF via Google which contains all their details including their phone numbers, address, ACN and bank account details.

    I have attached the PDF file to this post in the hope it may be useful.
     

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  18. nritchie

    nritchie

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    Alpha Select

    :confused: Can anyone tell me about the current situation with Alpha Select. I have a feeling they have gone broke. Does anyone know the truth in this. This is my first post. nr
     
  19. nritchie

    nritchie

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    I invested $10K six weeks ago (first time invester) and have recently been unable to access their website (unavailable) nor phone their office (automatic disconnection) and have had unreturned calls from salesman who sold me the product. I had a phone call 2 weeks after investing asking if I wanted to invest a further $15K based on the returns that I was already seeing. It was here I smelt a fish but the initial transaction had already been made. I think this answers the question whether they were ligit. Fine 1$0K donation that was. The unfortunate thing for the everyday person (like myself) won't try again (have lost all faith). Save your money! nr :)
     
  20. Mysterion

    Mysterion

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    I have an entire copy of the website source code..... the name at 1 Market Street is
    fictitious..... therefore a lot more is fictitious........
     
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