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How to identify an investment scam

Discussion in 'Trading/Investing Resources' started by Joe Blow, Nov 11, 2013.

  1. Value Collector

    Value Collector

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    +1

    Suicide is a permanent solution to a temporary problem.

    Losing money is a terrible feeling, it can be gut wrenching, but the pain does go away. The best thing you can do is try to learn as much as you can and report them to the authorities. You will get over this i promise you, please dont do anything rash, the sun will come up tomorrow, your family will still love you, and all life's simple pleasures will still be available.
     
  2. burglar

    burglar

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    You say it so much better than me!
    I hope he listens!!!
     
  3. luutzu

    luutzu

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    Yes, don't lose any more than what you already has.

    In the end, it's only money.
    Money lost can be found again;

    Anger and sadness will soon turn to laughter and wisdom;
    The dead can never be brought back to life.
    [I just ripped off Sun Tzu, haha]

    Trust me, your loved ones will not be as harsh on you as you already are on yourself.
     
  4. ROE

    ROE

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    Dont do anything that you will regret, our system is fairly weak dealing with scammers once you got scammed
    prevention is the best medicine

    Just cop it on the chin and write off as a very expensive lesson and take steps so you dont repeat the same mistakes or fall for the same sale pitch ...education is a powerful weapons against the scammers so take time and learn a bit about money and risk/return in general, money management is fair simple .... just take a bit of time and a bit of effort to educating yourself.

    Plenty of people on this forum can answer most of your general money questions so all you have to do is ask or search existing topics.

    If you doing it right that money can be recovered through better future return, with time and looking back it maybe the best things that happened to you as it wake you up and put you on the right path.
     
  5. Cruzer

    Cruzer

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    Hi Jethro, I am a relative newbie to this forum site, but not a newbie to 'life' so I've witnessed a few highs and lows over the years. 'Time' is the greatest healer following events like this so let the dust settle and in weeks or months to come you will merely look back on this miserable occurrence as another one of life's curve balls; but hang in there as you will bounce back stronger and wiser.

    I don't know anything about the organisation you are referring to but I'm assuming this was a type of 'black box' software or subscription service? Many people are scammed on a daily basis and I've been the victim of a few ranging from credit card skimming to broker collapses which I incurred fairly substantial losses from so I empathize with the anger and frustration you feel. There are processes you can follow to attempt recovery and organisations which may be able to help you but you must focus firstly on your mindset and then tackle things methodically one step at a time.

    I can direct you to some sources of assistance if you want? You are not the first to feel scammed and you won't be the last so don't curse yourself; things will get better once you get over the initial shock and there may be avenues open for a partial or full recovery?
     
  6. dutchie

    dutchie

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    03072014%20stickup%20S.jpg
     
  7. kriskros

    kriskros

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    Jethro, the people who run One Wealth are called API Associates. Here is the info.

    http://newsfromatlantis.freeforums.org/api-associates-is-a-scam-company-t3193.html
     
  8. Joe Blow

    Joe Blow Administrator Staff Member

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    I have managed to obtain the telemarketer/sales spiel used by an investment scam company from a contact and am attaching it to this post as a PDF file.

    If you are dealing with a company who is using a similar approach to the one in the PDF then cease dealing with them immediately.
     

    Attached Files:

    Darc Knight and basilio like this.
  9. Joe Blow

    Joe Blow Administrator Staff Member

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    I have attached ASIC's Anti-hawking guidelines to this post.

    Under the Corporations Act, a person must not offer financial products for issue or sale in the course of, or because of, an unsolicited meeting or telephone call. An offer includes inviting an application for their issue or sale. An offeror includes issuers and sellers of financial products, as well as their agents and representatives.

    Investment scam companies usually ignore these kind of guidelines, so it's good to be aware of them.

    A breach of the hawking prohibitions is a criminal offence. The maximum penalties are:

    (a) a fine of $2750 for an individual or $13,750 for a body corporate;
    (b) 6 months gaol; or
    (c) both.

    The consumer may also have a right to:
    (a) return the product; or
    (b) undertake civil proceedings against the offeror

    If a company you are dealing with has breached these guidelines, please report them here: https://www.edge.asic.gov.au/008/co...ails/t=a1e0bcc8e12ced7af0615edfe187153ae92cbf
     

    Attached Files:

    Darc Knight likes this.
  10. drillinto

    drillinto

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    One book to read:"The money miners - The great Australian mining boom" by Trevor Sykes; Allen & Unwin; 1995.

    This is a story of greed, a story of those who were more interested in mining money rather than minerals.
     
  11. Joe Blow

    Joe Blow Administrator Staff Member

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  12. Joe Blow

    Joe Blow Administrator Staff Member

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  13. Kerti

    Kerti

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    Hi

    Do you mind sharing the name of the institute where u did your diploma course in share trading.

    I have a similar senerio that fits my experience to. I have entered my details on a website to do a share trading course and I just got one call and few emails about the course and their trading strategies. VET FEE help also available to do the course but not sure if it's worth the money investing on the course. For a diploma in share trading it costs around $11,500.

    I m currently looking to educate myself on share trading and understanding the strategies, psychology dealing, money management. Unable to decide if I need an institute to help me understand trading or self education and research is enough. The depth of the share market is infinite so just hanging loose where to start.

    Thanks
    Kerti

     
  14. elbee

    elbee

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    I think you will find that "Gregfinney" is a scammer.
     
  15. RT14

    RT14

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    Go through the regulator. Enough of us former clients did and looky kooky here, it took a while however for the good of everyone, we won:

    http://www.search.asic.gov.au/cgi-bin/gns030c?acn=009247214&juris=9&hdtext=ACN&srchsrc=1
     
  16. ConnorLockington

    ConnorLockington

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    Excellent analysis joe !!!
    I have also gone through the links that you have mentioned....
     
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