GUILTY Case# 2011-035 | Steve Callaway vs www.appleinvestmentcompany.com.au/

[Steve Callaway]

Original FPA Traders Court Submission:

I am submitting the case against: www.appleinvestmentcompany.com.au/

My Case is: My complaint is that the FxCalibre software supplied by Apple Investment Company (AIC) does not perform as claimed when used as per the settings recommended by them. It does not even come close.
They claim to have documented 13% monthly average returns for a risk of 2% and offer a 24 month money back guarantee for the software purchase if you don't achieve this.
My experience is that in 10 months of automatic trading using FxCalibre I achieved a 4.5% return for one month and losses every other month ranging from 0.24% to 20.19%. After 10 months I have lost 54%. AIC claim to get a refund you have to trade for 24 months. To achieve an average 13% per month from my current position I would need to average 30% per month for 14 months which based on my experience is not going to happen. To continue trading would mean that my account will be depleted before 24 months is reached. Other threads confirm that my experience is not unusual.

New thread in the Scam Alerts Folder:

• https://www.forexpeacearmy.com/forex-forum/scam-alerts-folder/14767-apple-investment-company-fxcalibre.html
  

Review is submitted by Steve Callaway on 04/11/11

The company was first contacted about the issue on 03/22/11 the last contact was on 03/31/11

Details: Other contact has been by Phone calls to my mobile. All calls come up as private number.



Dear Steve,

After our discussion yesterday.
I have referred It through to management today, so someone will be in contact with you today at some stage to advise the process in regards to your requested refund.

Kind regards,

Customer Support Team



Apple Investment Company Pty Ltd.
Ph: 1800 898 848
Fax: 07 55 38 33 90
Australian Financial Services Licence Rep No: 341564
ACN: 132 675 891
ABN: 24 132 675 891
Email scott@appleinvestmentcompany.com.au
Website: www.appleinvestmentcompany.com.au



From: Steve Callaway [mailto:avonvds@bigpond.com]
Sent: Wednesday, 30 March 2011 9:57 AM
To: 'Scott Christian'
Subject: Refund

Hi Scott

I still haven’t heard from anyone which is about what I expected.
This is the 3rd contact which is a requirement form one of the places I intend to lodge a complaint with.

Regards
Steve

Company representatives' emails: Scott Christian <scott@appleinvestmentcompany.com.au>
Shane Andrews <shane@appleinvestmentcompany.com.au>

 

[vincam]

Do you have a copy of the guarantee terms by chance? Or a link to them?

 

[Pharaoh]

I'd like to see the terms too.

It sounds like a great way to avoid refunds. Require it to trade on a live account for 2 years and make sure that the account gets wiped out in less than 2 years.

 

[Steve Callaway]

Do you have a copy of the guarantee terms by chance? Or a link to them?

I do have a copy of the guarantee which I have just uploaded.

 

[Pharaoh]

Did you send them the results each month and meet all the other conditions (risk settings, etc., etc.)?

 

[Steve Callaway]

Did you send them the results each month and meet all the other conditions (risk settings, etc., etc.)?

Hi
I never even got to point 1. No one ever confirmed that I had been given the functionality training and the education didn't start until some months had passed and several reminders were given.
Actually nothing happened, education wise, until after I had asked for a refund and was told I had to trade for 24 months. Even then I had to ask for education.
I wasn't given the training form to sign that is mentioned either.
My trainers never mentioned the requirements at any time.
I didn't start start with $10,000 but when I asked for money to be returned they stated that I wasn't eligible for a refund as I hadn't traded for 24 months.
I started with $5,000 as I had been given a $40,000 trading agreement that if my account hadn't reached $40,000 after 12 months I didn't have to pay any more than $5600 for the software. ie they reduced it by $4,000.
My view is that under consumer law they have sold me something which doesn't do as claimed and I am entitled to a refund and also compensation for losses which have occurred when using the software as per their advise.
Consumer law will override their farce of a guarantee.

 

[Pharaoh]

That sounds like a reasonable point of view to me. I think it's about time to invite them to join the discussion.

 

[Steve Callaway]

That sounds like a reasonable point of view to me. I think it's about time to invite them to join the discussion.

I finally received a reply from Apple which I have uploaded.

While this all may be true it doesn't alter the fact that the FxCalibre software hasn't lived up to what they claim.

I would like to see a copy of the documented 13% return they mention in the guarantee and also to see if it has been independently audited and verified.

 

[Steve Callaway]

I finally received a reply from Apple which I have uploaded.

While this all may be true it doesn't alter the fact that the FxCalibre software hasn't lived up to what they claim.

I would like to see a copy of the documented 13% return they mention in the guarantee and also to see if it has been independently audited and verified.

Perhaps I should emphasise that may be true mentioned above is subject to much doubt.
There is a very strong implication that FxCalibre will make a profit for you. The brochure is full of claims that don't add up.
"The utimate wealth creation vehicle"
"All you have to do is switch it on"
6 months trading figures showing a positive every time.
Verbally told that they haven't had a negative in the last 18 months.
Told that because they have a financial services it has to do what they claim.
And there is more.

I have uploaded the brochure for anyone to have a read.

I'm positive that any 'reasonable person' would be given a strong impression that they will make profit by using FxCailbre just by reading the brochure.

 

[vincam]

I don't see in that reply what you did to void the guarantee of the purchase price of the software. It will probably be tough to get your actual losses reimbursed, they pretty plainly state on the guarantee you posted that losses from actual trading will not be covered.

Did they tell you which part of the guarantee you violated to lose the money back guarantee on the purchase price of the software? In their letter they just run around stating that they won't cover losses but I don't see why you are not entitled to a refund of the price of the software?