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

[Nerdie]

You had to see this coming. A 2 year trading period before a refund? I've had accounts wiped out in two days. Obviously a scam, but you have to wonder who is dumb and who is dumber?

I'm not a computer tech, but I can see why traders got inconsistent and patchy results.

Automated trading software, used on the home computer with variable internet speeds and capacities is NEVER going to replicate the results from the same automated trading software used on dedicated high end trading computers with high speed dedicated internet, regardless of your "settings".

That is, of course, assuming that you got the same software which, of course, you probably didn't. Surely that can be proven?

Maybe an FXCM representative might like to add to this knowledge base on computer systems.

Apple Investment Company would surely have known this. To take the trader's money under these circumstances is surely worthy of fraud investigation.

To mask it under a Financial Services Licence is also rather suspect. I get the impression that the licencee found out later what was really going on.

To sell this as educational product possibly to avoid GST and imply credibility is also suspect.

The money was paid into an Australian bank account so there's something for the Australian Tax Office to look into.

And to continue to trade as a registered Australian Company. Check out the ASIC - Australian Securities and Investment Commission - site: seems like AIC are still in business. Would a representative from ASIC like to add to our knowledge base on corporate fraud?

Who let Apple Investment Company continue to trade, despite complaints?

What action was taken to protect Australian Consumers, apart from the "marketing campaign" being discontinued, according to the AIC site?

Which marketing campaign? What does that mean?

And if it can be proven that all this was cleverly constructed to avoid tax and get as much money as they could from software they knew would not work as they claimed is a criminal act, a series of jailable offences, at least in Australia.

All automated trading software should carry the following "risk" warning:

DO NOT TRY THIS AT HOME UNLESS YOU CAN AFFORD TO WASTE YOUR TIME AND YOUR MONEY!

Knowing this and perpetuating the lie about FxCalibre replicating anything but a gaming machine will turn out to be grand larceny across international boundaries, if anyone can catch up with them and locate where they hid our money which no doubt is being "disappeared" while you're reading this... unless they are "dumb and dumber", as Hah said.

Apple Investment Company now have an obligation to return not only our initial "investment" but also their cut from all the failed trades to every trader, not to mention the compound interest they would have received from the investment of this scam and the management fees the "parent" company would have received if this were invested in the MDA or another Apple Investments Managed account.

Helloooo .... We're waiting ....

 

[Nerdie]

Spent the whole day compiling all the evidence into files that have now been sent to the Office of Fair Trading (Queensland, Australia). What a huge task. Hope I don't have to go to court over this.

Fair Trading are receptive and interested in this case. I recommend all Australian traders do the same so we make some "impact". A critical mass of traders' claims are needed to let the authorities here know that it's not just the odd bozo that gets unlucky. We're in this together.

For any overseas traders who are former users of FxCalibre or former contracted clients of Apple Investment Company Pty Ltd (Australian Company) wanting to support our on the ground action it would be great to have your pre-sales, trading evidence and customer service story to add your weight and experience behind what is happening here. As Apple Investment Company Pty Ltd are based in Queensland. Here are the contact details for OFT:

Office of Fair Trading Queensland
http://www.fairtrading.qld.gov.au/make-a-complaint.htm

Just follow the process outlined on this page. There's an online submission page.

Just a reminder the correct address for Apple Investment Company Pty Ltd from my last information is:

Level 13
50 Cavill Avenue
Surfers Paradise Qld 4217
Australia

ACN: 132 675 891 (Australian Company Number)

The website is still up.

If I get time I'll go down there and see if that is still their real address.


My story is quite different to the others I've read. Fair Trading need to hear officially about your trading nightmares where maybe no settings were working, patchy results, inability to achieve the results your were sold on, no matter how careful you were, how much you lost and what it did to you. It's your story and there are no shortage of stories to back you up. There's more at stake here than your "bad luck" with what looks like a scam or failed software. You may even get a refund.

Having a "life" tomorrow for a change of pace.

Good luck!

 

[Nerdie]

all refund requests should be sent to Apple and the "shadow owner" Steve Keating:


Mobile 0410 973 923
Alternative Mobile 0431 364 111
Alternative Mobile 0450 920 506
Office 1800 898 848

Just saw the post by charlietee - Has anyone had any phone contact with these people yet?

This is what I have too from Mark Power. His Financial Services Licence is listed on the AIC website.

Mark Power Financial terminated Apple Investment Company as an authorised representative some time ago. As such we have no dealings with them and are not responsible for their activities or customer service.

I am unable to assist in any refund from this company, however I am more than happy to assist you and your lawyers in any recovery against the company by providing evidence of their activities and the numerous complaints against them.

I suggest that you pursue them accordingly and I provide below the following information to assist you and your lawyers;

I have been informed by ASIC that the director of Apple Investment Company cannot be located, but the Owner of the business and person who received all the funds from Apple Investment Company is one Stephen Keating, AKA Steo Keating, his contact numbers are as follows;

Mobile 0410 973 923 (try first)

Alternative Mobile 0431 364 111

Alternative Mobile 0450 920 506

Office 1800 898 848

Their correct office address is Level 13, 50 Cavil Avenue, Surfers Paradise. QLD 4217.

Mr Shane Andrews is also involved in these matters and should be accountable to customers of Apple Investment Company. His number is 0415 665 764

Mr Keating currently owns and runs Apple Solar and is currently involved in the selling of solar panels. See Apple Solar Green Energy :: Home phone 0413276090.

May I also suggest that you contact Mr Michael Featherstone of Phoenix Global. They are an excellent investigation agency on the Gold Coast who can assist you in locating the Apple Investment people for the service of any legal documents. They have assisted myself and many other dissatisfied customers of Apple with these types of complaints. His office number is 1300550475. Just mention that I sent you and its regarding The Apple Investment Company and I’ sure he will be able to assist you and you Lawyers.

I wish you the best of luck with these people and again, I am prepared to assist you and your lawyers in any way I can.

Kind Regards
Mark Power
Mark Power Financial Pty Ltd.

I spoke with Phoenix Global. They have a website with info on what they're about. They were good to talk to.

They are also interested in KPI Capital and its relationship with Apple.


Has anyone had any contact success with Apple Investment Company in Australia or America since the Guilty verdict?

 

[Nerdie]

Word of Mouse

Post on all trader forums, consumer and social media sites to bring in all traders who were hurt by Apple Investment Company or FxCalibre.

Tell them to join the Forex Peace Army now, if they're not here already.

Include the people and sites who were paid off or threatened.

Strength in numbers!

We want our money back from Apple Investment Company!

 

[Nerdie]

ACCC Reply

Attached the original content of the ACCC email with links to further information.

I never received a copy of a contract with Apple Investment Company.

Of course there are laws in Australia that take precedence over contractual agreements.

As I understand it a contract involving a law breaking activity is invalid.

Attempting to indemnify oneself from the usual duties and obligations of the law through a contractual agreement can also be illegal, thus rendering the contract invalid.

It is worth looking into this aspect as AIC kept holding up their "contract" as some sort of magic shield - a shield from the glare of further investigation?

And the matter of risk - does this apply to anyone who purchases their products or only to those who actually trade with it?

Any legal eagle traders who can shed more light on this?

:nerd:

 

[Nerdie]

Attachment

Trying again with attachment

 

[Nerdie]

Some people really should join FPA and realise that traders are a wake up to this nonsense now!

And some people never learn.

This is the guy who sold me my education package with Apple Investment Company!

Aaron East with KPI Capital – Easy Trader: Forex Market Trading and Education :: Gold Coast | Forex Aces Reigns The Forex Market

 

[Steve Callaway]

Hi
My complaint via the Financial Ombudsman Service has had some success.
I have received an offer which is still much less than my outlay and losses.
I have been advised this doesn't preclude me from pursuing the matter further with AIC.
I am interested to see what the response from ASIC, ACCC and Fair trading will be.
I am interested in taking it further if that becomes the only option.
A class action seems to be the best option to me.
Anyone have any suggestions for a strategy?

 

[Nerdie]

Hi
My complaint via the Financial Ombudsman Service has had some success.
I have received an offer which is still much less than my outlay and losses.
I have been advised this doesn't preclude me from pursuing the matter further with AIC.
I am interested to see what the response from ASIC, ACCC and Fair trading will be.
I am interested in taking it further if that becomes the only option.
A class action seems to be the best option to me.
Anyone have any suggestions for a strategy?

Hi Steve

That's amazing news about FOS.

Given the inconsistency between your result and mine, with the same company, I think you're right about a class action.

How many of us are there?

We need access to the Apple Investment Company computer records of clients and financial transactions and then contact all of them. Some people were very badly hurt by this scam.

What we will need is a suitably skilled legal advisor who is willing to assist us.

For the newbie or small trader going it alone the cost of legal action would eat up the refund.

What do FPA think of this?

PS... Don't be surprised if KPI contact you about viewing their new exciting simple trading software and education package... of course it will be better than Apple Investment Company and FxCalibre. They will have fixed the bugs. I'd love to hear what more experienced traders think of it... it might just turn out be the Holy Grail of automated trading, at least down at the broker's office anyway. As someone said, the simpler it is the harder they'll fall. Caveat emptor.

 

[MichelAnge21]

Re: Financial Ombudsman Service

Unfortunately Apple Investment Company are not members of the FOS.

I have a reply from FOS today referring me to the Office of Fair Trading Queensland.



Contacting government departments and regulatory bodies one at a time is time consuming and frustrating.
As well I get the impression that maybe they don't pass on information to each other.

Of course each one needs to make sure that I'm a genuine and sufficiently motivated claimant and not just trying to slander a company or individual without just cause and substantial evidence. Then they usually need a large number of complaints to justify action.

Balanced against that is the real possibility that by the time anyone catches up with Apple Investment Company in Surfers Paradise the money will have "disappeared" and the company will have few assets or have folded entirely, especially if they think they are likely to have problems with the authorities.

In the end if I believe I have a genuine grievance that is not being dealt with appropriately I can also raise the issue with my local parliamentarian, the minister for the relevant authority and even the Premier and Prime Minister. Most of the people at the front line in government agencies have limited powers. Going to the top when you're sure of your facts generates a direct enquiry process from the minister to the department expediting answers and can even be mentioned in parliament. At least that way you won't just be ignored, like I seem to have been by Apple.

Alternatively in Australia there is always "A Current Affair" and other consumer affairs programs plus internet and mainstream media always looking for a good story, scoop or expose. Who knows - you might even get paid for telling your story to them!

Liz

You got that answer from the FOS because you mentioned only Apple Investment. They had only a REPRESENTATIVE licence ( ceased 04/04/2011 ). But they were the representative for a LICENCEE. It is their LICENCEE that is under the jurisdiction of the FOS.
You should have mentioned the LICENCEE Mark Power Financial Lic 332428

You could have seen from a previous post by Steve Callaway that Mark Power Financial got in touch with him pleading ignorance about what Apple Investment was doing under their licence but THEY MADE A COMPENSATION OFFER in order to not get in trouble with the FOS.