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Welcome

Welcome to Aussie Scam Alert.

Here we try to expose scams operating mainly in Australia, but also some overseas ones targeting Australians. Not every business reviewed here is a scam. Some will be fine but are so closely associated with areas of mistrust that we feel it is in the public interest to review them. Please read our Watchlist if you can’t find what you are looking for on any of the other pages. The one you are looking for may be on our radar as one to watch out for. We can always do with information about any of the scams covered here, and also any ones that we have not heard about. Please help keep others safe.

Also, it’s worth having a read of Before you Invest – Invetisgate! 

All views expressed are opinion, presented in the general interest of the public. You should always do your own investigation and consideration of all facts and testimonials. If you would like to know about Why we operate, please read our About page.

We’ll leave you with wise words from ‘The Richest Man in Babylon’ . Take note of No.5 !

The Five Laws of Gold

1.Gold cometh gladly and in increasing quantity to any man who will put by not less than one-tenth of his earnings to create an estate for his future and that of his family.

2. Gold laboreth diligently and contentedly for the wise owner who finds for it profitable employment, multiplying even as the flocks of the field.

3. Gold clingeth to the protection of the cautious owner who invests it under the advice of men wise in its handling.

4. Gold slippeth away from the man who invests it in businesses or purposes with which he is not familiar or which are not approved by those skilled in its keep.

5. Gold flees the man who would force it to impossible earning or who followeth the alluring advice of tricksters and schemers or who trusts it to his own inexperience and romantic desires in investment.

Celebrity endorsed Bitcoin scams

We’ve all seen them, those ads with Dick Smith, Andrew Forrest, Waleed Aly, etc mentioning something about making zillions of dollars in next to no time, solving your retirement issues, house issues, you name it.
Pretty obvious it’s a scam to most of us, but not enough.
Thousands of people in Australia have been scammed and lost even their life savings in certain cases.
(Golden Rule no.1: NEVER invest your life savings in ANYTHING , even the bank. )

The Guardian has run an investigation in to the scheme, (or one of the schemes as far as we know) to see what the story is and who might be behind it.

https://www.theguardian.com/technology/2020/dec/14/scam-bitcoin-ads-using-unauthorised-celebrity-images-fool-tens-of-thousands-of-australians

Premium Wealth

Premium Wealth, from Glasgow, UK, have an automated trading software they are trying to get people to use.
They will be getting affiliate revenue from brokers that they send you to.
It’s a common scam.
Tell you, or imply that you can easily earn squillions of dollars for no effort, just by using their automated, intelligent, artificial intelligence, trading software.
Make 2-4% per day (!!)
and no risk!
Well, minimises risk and maximises profits they say.

So the next step is to sign up with one of their recommended brokers (that they get commission from), download the software, for free, and start trading.
They will even arrange a 100% sign up bonus for you that will guarantee you against any losses if your account should somehow, unimaginably, suffer a loss.
(this is not how sign up bonuses work. They are only there to trade with, and can’t be withdrawn as cash until you have turned over the amount anywhere up to 100 times, or more.)

They say they have been in business for five years, yet their website, premiumwealth.co was only registered in October of this year, 2020.
They say they are registered with the Financial Conduct Authority in the UK, but the number they gave me, SC523371 brings up nothing.
It does however bring up a result at http://www.checkcompany.co.uk/ for what is likely a different company, Premium Wealth Advisory in Glasgow, who have been running for five years, but they show a different address, so they are probably ghosting that company.
The call would have been at 2am UK time. We suspect they may be in the Philippines or somewhere else in SE Asia.

They also claim to be partnered with many prominent brokers. Probably just in the sense that they receive affiliate income, not that they ‘work with’ the brokers.
Also their ‘mentions’ in prominent financial papers are likely made up.

Steer clear and save your money.

Compare the Market pay your bills scam

There is a company claiming to be Compare The Market, the well known rate comparison site. This is NOT that site though.

What they are doing is offering to pay your utility bills for you and then you will pay them 70% of the bill, to give you a 30% discount.
Too good to be true right? it is.

First of all, the email address they give is:
[email protected]
so they are definitely not the same company.

They give their address as 2/80 Jephson St, Toowong in Brisbane, which is a serviced office space. Definitely too small for Compare the Market ( who don’t even give an address for their company).

They have called from a mobile number: 0480 048 123 , but there are sure to be more numbers they will use.

So the scheme is that you send them a utility bill, or photo of one, that needs paying, they say they will pay it, and then after you have checked with the payee that they have been paid, you will pay the scammers 70% of the bill.

How can they make money if they are paying 100% of the bill and only taking 70% from you??
They went in to some long spiel about vouchers from the businesses that they get commissions from on their website, for people signing up to offers, and somehow being able to cash those in paying the bills. It was all very weird and confusing and just sounds like a load of rubbish.

We’re not sure how they would get the payee to be showing that your bill has been paid.
Have they got some system to chargeback the payment after it’s paid, by claiming they are not the debtor, and just filled the incorrect account details, or something like that?
Don’t know, but the most likely scenario from this is that you would end up paying 170% of your bill. 70% to the scammers and 100% to the utility company later when they tell you that your bill has not been paid.

FB Trading

The following is from a comment by one reader on another page on this site, but it tells all about his experience with FB Trading.
They have been on our radar for some time but regrettably we haven’t done a write up.
They had been ringing around trying to sell their automated trading platform.
As always with these things, they have a high buy in value, no verified live trading account record. They only offer a brief trial period..days, rather than months.
Sounds like they mislead and also keep milking for more money by the following commentary:

Hi regarding FB Trading.
Anyone else had bad experience with the company?
I have spoken to the following employees, Mark (who also Known as Kal) Isaac, Tracey, Joanna, (Sean & Denis managers)
Nov / Dec 2018 I was another person who was took their trial offer of $1000 and the broker was Berndale capital. I have a claim with ASIC for my funds and when I spoke to Mark he said I should get my money back from ASIC but still waiting. I have a claim with ASIC who is investigating Berndale.
Then I to was mislead & roped into buying a auto bot system 15 pairs for $12100. Normally $28600. In Jan 2019 then 2 weeks Later they offered the other 64 pairs plus 5 Crypto currency For $10000.
Please keep in mind I was new to forex. They set up the system Vortex FX bot as they are the experts and followed there advise. They set up with not stop losses in place. They said (Mark) that’s how the system works the best this way and the market will correct it self.

I was told that I didn’t have enough funds to open all the pairs only 10 pairs were switch on. Hence I brought a product that I can only a small % of. Once it started trading, The system In most of the cases, will have up 5 of the same pair opened in the same position and if it went the direct of the trade in the positive way it would take profit of a small amount. However with no stop losses in place it would have a greater loss amount. I ask them to stop the trading and let the 50+ opened negative position to closes off. I had Isaac give me their Alpha program (normally $100k to buy) for free. Because it had stop losses in the system. I found out later the vortex system could have stop losses in place. He switch it on and lost more of my funds. I told him it doesn’t work. He opened a demo acc $50k to prove to me the Alpha system works. But the demo account is at $41k loss plus floating at -13000k equity around the $31k Earlier this year they told me they didn’t have a demo account To show me only the trial offer. I told Isaac to Stop trading again and now I’m waiting for 8 positions to trade out. They have been opened from early 2019.
I was sold a total system that I could not use all the pairs because of my Trading account Was to small. No one told me until after the fact. Once they got there funds. Mark guaranteed me over the phone I would pay off the system in 12 months. It was an average return b/w 7-10%. Per month & A min of 1-3% per month. Listening to the video and looking at their (I believe Now a fake) trading history Data (which has no Swaps or spreads showing looking back at it now once learning and educating myself, should show the swaps and spreads.

Please share any thing regarding your experience with Fb trading Pty Ltd / FB markets Pty Ltd or Fibonacci Trading Pty Ltd.

Update, May 2020: FBM Expert
It appears they may be trading with the name: FBM Expert , still under FB Markets Pty Ltd.

Capstone Litigation

This one looks like a recovery scam.

Website is capstonelitigation.com
(remarkably new..only registered in January yet they are meant to have been around since 2004)

They are contacting victims of some scams originating in the Philippines and saying they have located a pool of money and can get lost monies back to victims.
Of course there will be a 5% fee..
Possibly taxes..
Possibly other ‘release’ fees..

We know for sure they are targeting victims of a scam company called True Green Energy Group, possibly others.

One mistake they have made is that they claim to be in partnership with Interactive Brokers who are a highly reputable worldwide broker.
We were able to confirm with Interactive Brokers that there is no partnership with Capstone Litigation.

no IB affiliation

Capstone litigation and IB

Avoid paying them any fees on the promise of your monies being returned to you!

Gemini Capital Markets

Yet another cold-calling company, Gemini Capital Markets, has been ringing around and trying  to get people to buy into a managed trading account.

One person we spoke to, told us that they told him that the Chinese market was crashing ‘as we speak’ (it wasn’t..in fact the Hang Seng index they were referring to was up for the day at the time) and it was because Trump had just announced new sanctions against China (he hadn’t) and that all the major institutions are pulling their money out of China.

We did some checking..
Their website is geminigroupltd.com.
Looks a little plain. There are a few comanies sounding like Gemini Capital and there is even a Gemini Capital Markets that seems legit, but with a different website.
Can’t tell for sure but they may be taking some details from a legitimate, licensed company.

Anyway, decided to check out some of the people from the Team on their website and see if they pop up anywhere else..

There’s Edward Harrison, who is seen pondering at his desk:

Gemini Capital Markets scam

Looks like a stock photo..and turns out it is:

Gemini Capital Markets scam

Next, we have the thoughtful Daniel Andres:

gemini capital scam

also a stock photo:

Gemini Capital scam

And finally, the representative who spoke with our contact , Ron Norton. Not featured on their team page but did have a Linkedin profile:

Gemini group ltd scam

after some tracking down we found his mug shot at a portrait agency:

The company kindly confirmed that this is most definitely NOT Ronald Norton!

’nuff said. Scam.