ACCC giving Bad advice

2015 Targeting Scams Report

This is the report by the Australian Competition and Consumer Commission to
coincide with National Fraud (awareness) Week last
week.

They report that $229 Million was lost, with investment scams leading any
other category with $41 million reported lost.

You can find the 81 page report in pdf form here

Plenty of nice statistics about what’s happened in the last year, but more
importantly:

What are Scamwatch, ACCC and other Authorities doing about it ?!

Well, in 2015 the ACCC’s Disruption project seems to have been solely aimed
at disrupting Romance fraud. Good on them for doing something, but what about
Investment fraud which has now surpassed Romance fraud ( maybe partly due to
their disruption efforts)?

Nothing as far as we can tell. Most of their time seems to be taken up with
compiling statistics.

Getting information out of them is like getting blood out of a stone. Our
offers for them to use our resources seem to fall on deaf ears.

ACCC’s bad advice

In their website report here, they end up giving advice on doing due diligence on
your next investment.

“Before parting with your money, do your own research on the investment
company and check they have a Australian Financial Services Licence on ASIC’s
MoneySmart website.”

and “Only invest your money with a managed fund or other investment that is
licensed by ASIC and check ASIC’s MoneySmart website.

This advice would seem to imply that it is a sufficient that a business,
company or financial advisor is listed with ASIC  with an ABN, ACN or
AFSL.

Well that is just plain WRONG.

It is NOT a sufficient check.

As hundreds of scam victims will tell you, ALL the companies, businesses and
financial advisors they dealt with in Australia were listed with ASIC.

We called the ACCC and voiced our concerns that this advice is very unsound
and makes them negligent in their duties. To date, no response.

What do you think?

 

Royal Guide Line

RoyalGuideLine

www.royalguideline.com

www.betyourdream.com

Another overseas company promising to make you thousands with their superior sports betting and handicapping selections.

We’ve seen it all before from as far back as the Bachmann Group (one of the first scams we started with).

They always ask you to start with just a ‘small’ investment to let them prove to you ‘how good they are’.

It’ll go something like this:
Your account will steadily grow with many wins on low odds sports events. You may even be able to make a withdrawal. You’ll then be encouraged to invest more. You r account grows. But when you want to make big withdrawals you’ll need to send release fees, taxes, etc but you’ll still never see your money.

You’ll have no idea where they are really located. No chance to get your money back.

Stay away , it’s all a scam

 

see also Kensigton Trade and Brookshire Traders. Wouldn’t surprise if it’s the same people running them.

Asset Solutions Australia

Who are assetsolutionsaustralia.online ?

Probably the same people that are running Property Investment Providers, (since they also have the same address and telephone number )

and have also run AMTP, Australian Market Trading Professionals. (since they’re running the same scheme and have the same testimonials )

They also have the same guy running them, always going by a name like Steve or Mark Davis/Davies/Jones.

First just check the testimonials on the Asset Solutions page and the Property Investment Providers page.

Assetsolutionsaustralia_fake_testimonials

Now the guy on the right is ‘Jake Elliot’. He’s been working in the mines and wants to spend more time with his family, but luckily he found Asset Solutions Australia.

Continue reading

Mick Featherstone charged!

Mick Featherstone: Former detective charged over alleged multi-million dollar fraud syndicate.

At last.

Read the full ABC story by Mark Willacy here

Also it was the lead story on Qld ABC news: http://iview.abc.net.au/programs/abc-news-qld/NN1604Q047S00

Well done to the CCC, Police for a mountain of work, and the ABC for investigating the story. Let’s hope justice is done.

Binary Options Scams

Seems there is a spate of these lately, all over the web. We’ll try and name as many of them as we can here. Usually they appear on pop-up windows while visiting various sites. Sites that may be perfectly legitimate, but they have to fund themselves somehow and these ads may appear even on reputable ad networks. ( Heck, they may even show up on this site!)

The ads usually tout Easy money making, replace your income, in a few minutes a day, anyone can do it, and you only need start with a hundred dollars or so. And if you click away, they’ll be quick with an offer to let you start for free ( if they haven’t already told you you can start for free)! Often they will tell you that you can use their proprietary software for free to get the winning trades.

The ads tell you that Johnny made $92,707 in only three months, Sarah made $21,487 in 21 days, and Alice made $249, 228 in one year, etc, etc

All it really is, is signing you up to a Binary Options broker, who will pay the scammer a juicy commission on your sign up and even ongoing commissions on how much you lose.

This is obviously working for the scammers because we see these ads repeatedly.

Let’s start naming: ( this is by no means a comprehensive list. It’s just the tip of the iceberg)

Binary Options Scammers

Market Buster     www.market-buster.com
The Aussie Method   www.aussiemethod.com
The Sydney System
The Brit Method   www.thebritmethod.net
The Canuck Method    www.thecanuckmethod.net
The Amissio Formula   www.amissioformula.com   (Broker not shown. You just have to deposit money to an unknown account! )
The Profit From Home System     www.pfhsystem.com   ( this girl is so full of it  that it makes you want to puke.  Of course, she’s got such a big heart she’s giving you her system for FREE! First time we saw the video she was Australian (with a shocking accent) and had to go pick up her kids from school on Boxing Day !. Now she’s American )
Cloud Trader
Golden Goose
Guardian Angel
Alive in 5
Profit Infinity
Magnetic Profit
Greenwood Formula ( with $10,000 guarantee!? )
Quantum Code
Opus Formula
Drexel Code
Zulander Hack
The Cash Code
George Professor , georgeprofessor.trade   ( he says 35+ years trading experience. It’s more like 35+ years scamming experience. He’s been around for ages flogging rubbish)
Free Money System , freemoneysystem.co
Blazing Trader, blazingtrader.com

 

Binary Options Brokers

Just search their sites for ‘Affiliates’ or ‘Affiliate Program’ etc. There you will find how much they are paying out your buddy, the scammer.

Opteck     www.opteck.com
Binary Brokerz

Up to $100 per lead, 20% commission share ( and higher!)

If you want to read an in depth report of what it is like inside the world of Binary Options scammers, read this great piece from The Times of Israel

 

 

Send us names of any others you come across please.