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The Sharemarket College

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Ruby said:
Brilliant! That is the best news I have heard for a long time. 
Click to expand...

We all agree. Our voices were heard as a collective and the powers at be did the right thing. It gives us all great pleasure. Considering the collective ****-load of people that are involved in this thread, that business has stunk for a long, long period of time.

Where is the old girl now? She gonna respond?
 
ASIC really needs to have a close hard look at this entire "Financial Education seller" industry
Now a days it is easy to just rent an AFSL
We don;t want Australia's reputation to be same as those $2 countries who offer "broker licences" for few thousand dollars! re: Binary options! FX

I thought USA was better but it is weird, on one hand you have the CTA regulations with lot of scrutiny but at the same time lot of business are legit jut by calling themselves "Educators" wild west!
Few of them are doing the rounds in Australia now a days some with AFSL some without!

It is actually our fault as a society how many people we see at these introductory seminars who are blinded by this dream of "Learn how to trade" the "secret method" blah blah blah and become a millionaire in a short period...
 
Cynic in me says should be up and running in no time
- Easy to rent another AFSL
- With existing client base will be easy to JV with another "Broker" it survived past Son ray collapse!
Unless there is some dark secret that only ASIC can disclose!
 
mjim said:
Cynic in me says should be up and running in no time
- Easy to rent another AFSL
- With existing client base will be easy to JV with another "Broker" it survived past Son ray collapse!
Unless there is some dark secret that only ASIC can disclose!
Click to expand...

They will probably come up with 'we are restructuring the business' whilst attempting to skirt around why they lost their AFSL.

Fact is, they are gone and they deserve it. La Familia especially and the people that have worked their for a long, long time.
 
RT14 said:
and here it is.....

http://www.asic.gov.au/about-asic/m...ing-statements-and-bans-responsible-managers/
Click to expand...

Great work ASIC .. specially this bit "...ASIC shadow-shopped this business posing as potential investors."

DO they really do that kind of pro active legwork!

Wonder if they will do this with other similar "education and back box sellers? or they only act when either an insider or a client complaints

Sad part is "Should The Sharemarket College cease its business operations and the company liquidated you may be considered a creditor." so people loose out...
 
ASIC shadow-shopped this business posing as potential investors. During that surveillance The Sharemarket College told ASIC staff about its own success when trading on the share market and referred to a real investment portfolio it operated with a capitalisation of $100,000. It was claimed this portfolio was achieving returns of 60 per cent per annum and that results like this could be achieved by enrolling in The Sharemarket College training courses.

I'd say more than 50% of investing education companies in Australia will fail this test should ASIC conduct it more regularly. Too many times on cold calls been asked what my return was - and their response is always "oh not bad but we achieved this XX%" which is always higher.
 
This thread saved me money and a massive headache. I attended a franchise expo in Brisbane this year and these guys were there selling this product. I am glad I never invested and this forum was available for me to do some research before actually committing to anything.

What really surprises me and scares me is that they managed to be part of this expo without anyone verifying whether they were legit or not.

Thanks RT14.
 

There is no need for a thank you. The group has worked together after being scammed and out of pocket much, much money.

The next step for us is to make sure that the franchise expo's or sales expo's attended also know about these people and the damage and hurt caused.

Oh and looky looky here, it seems like the son is trying to be the owner despite the parents still being around.

http://www.couriermail.com.au/busin...h/news-story/5e7357c72e007d56b8a25d837a31c390

Scam.
 
Ruby,

I second your claim. I recently signed up after serious sales pressure and found that the course is a joke, the material is second rate and they will not refund my money.

To anyone considering using this company, DO NOT. They are thieves and they mislead you badly. Everything is my fault according to them. They also made promises of massive returns and were shoving some company in front of me to invest in.

Once I filled out my Money Back Guarantee, everything went south with them and they started claiming I had no right etc etc. They promise you that you will learn to Hedge and short sell and trade CFDs, but then after you sign up, they say that to do that is part of an advanced course and you will need to pay an additional $6,000.

Do not be fooled. Do not use this firm. They make false claims about their students capabilities and their own staff capabilities. Definitely NOTTO BE TRUSTED!
 
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