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Apple Investment Co.

Discussion in 'Scam Alerts' started by PCM, Jun 19, 2011.

  1. PCM

    PCM Recruit

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    It is interesting to note that the previous reports on the AIC have common threads. The software timing out and cancelling trades for no apparent reason. I do not believe even AIC know the reason for this. My experiences included being blamed for closing trades in auto-trade mode, tampering with the strategic data, increasing and decreasing trade sizes and a host of other actions. I felt quite dejected after reading all of their allegations relating to why AIC could not reimburse me my software purchase price. I paid a total of $9600 for FX Calibre. After losing me just under $10,000 in less than a year I thought it was time to test their guarantee. They had not only managed to fret away the $10G but on top of this my manual trades made money they also lost. Thankfully I kept a record of my manual transactions. Sadly they were in Christchurch with me on the 22nd of February when the Liddleton earthquake hit. I still believe I will get them back when the city centre is re-opened. This will blow the supposed mismanagement of the auto-trading process out of the water. Just beware that at the time my account was rendered below $8000 I started making enquiries as to why the auto-trading was such a failure and what I could do to improve things. I was swapped from Timing to Wave with a few subtle changes to strategies. At no time was I ever permitted to have multiple trades ticked. My manual trading was travelling along nicely by comparison. I was receiving emails and telephone calls acknowledging my wins and encouraging my manual trading. At the crunch time my case manager was replaced by a new manager with totally different ideas. The crippling strategy being that I should not have been manual trading at all. This is classed as an interference with the auto-trading and apparently will void the guarantee. Also I was not enabling multiple trades when I should have. Just a sample of the nonsense that goes on when, or if, you try to claim on your software money back guarantee. 13% per annum: Not a hope in hell. Now the claim is 6.2% per month. Look at the bank fixed term deposit rates with a guaranteed return. Why would you risk it with AIC. Furthermore the income is still tax deductible and they are geared not to make any higher return than that few points above 6%. Therefore any exponential movement in your favour will not be realised due to the limit margin being so close to the entry point. I have had some advice from a learned barrister in corporate law and securities regulations. Suffice to say I have been advised to forward the final letter of demand before taking any legal action. I would be interested in any persons who have had positive experiences with AIC. If there are such clients then I may be persuaded to re-invest, follow the new rules and just test the AIC claims, without prejudice or malice. I feel confident that AIC will not be around to see out their guarantees in any case.
    PS I would really love to hear some good news as I did have a good feeling about this company.
    PCM
     
  2. Nerdie

    Nerdie Corporal

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    Thankyou for posting your experience with AIC.

    I've just been reviewing my correspondence with them today for my complaint lodged through the Financial Ombudsman Service.

    I never got to trading with my software. My ISP wouldn't support it. I didn't get a refund either.

    I had no idea that they had case managers controlling the choices on trading. That makes it even worse that what I've worked out about them already, especially as you had found a strategy that was working. I wonder who decided the "rule" that manual trading to win would void your warranty? The software was developed by FXCM.

    I like the idea of a few people testing out the software, noting also the type of computer system in detail, ISP, firewall, antivirus software, other programs running in the background at the time of operation, wired or wireless/bluetooth/router system, weather at the time and any information about solar flares/solar radiation. All these elements can affect communications to varying degrees,especially in combination.

    Based on this there is no way that anyone could predict %ROI.

    ASIC are investigating claims against AIC at present, as are the Financial Ombudsman Service. The more of us that register our complaints the easier it is to convince the regulators that this is worthy of serious investigation asap.
     
    #2 Nerdie, Jun 20, 2011
    Last edited: Jun 20, 2011
  3. Nerdie

    Nerdie Corporal

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    Apple Investment Company - Important information for lodging complaints

    Financial Services Guide : http://www.appleinvestmentcompany.com.au/FSG.pdf

    Product Disclosure Statement : http://www.appleinvestmentcompany.com.au/PDS.pdf

    I have expanded all my complaints to include all stakeholders in the PDS.

    When lodging a complaint with Financial Ombudsman Service only two of the stakeholders have an ASFL - FXCM Australia and Mark Power Financial Pty Ltd. You will need to complete two online complaints.
    FOS complaint form: https://forms.fos.org.au/OnlineDispute

    I'd recommend claiming for the cost of the software and the losses.

    You may wish to add something for your time wasted and aggravation :)

    ASIC complaint form: https://www.edge.asic.gov.au/008/co...nt/t=dcd1b68386a77313dd5e2e336a7484b5b92118e1

    It may take a few weeks for them to get around to contacting you regarding your complaint.

    The other complaint form that I submitted is IC3. Internet Crime Complaint Center (IC3) | Home

    I'm sure we aren't the only people internationally who have been caught up in the AIC scam.

    I also lodged complaints with ACCC and OFT.

    ACCC said the software was categorised as gaming and betting software.

    OFT said I had to prove that someone had broken the law and thus I'd have to get a solicitor - too expensive.

    Good luck!

    :nerd:
     

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