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Formosa Auto Trade System, Paycheck autotrade - Scam

Discussion in 'Scam Alerts' started by Garesu, Dec 23, 2010.

  1. jackpot666

    jackpot666 Recruit

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    Paycheck Autotrade Will Lose Your Capital

    Hi Chris and everyone else.
    As i said I am only one of a number of people who lost more than their accounts via Formosa Autotrade now called Paycheck autotrade. Unfortunately any new punter will never get to see examples of our accounts in the paycheck offices as we have been wiped out. So you hopefully they will look at the attachments i sent previously!
    I still have a friend trading the system with a massive current drawdown which he is still not happy about but at least he has not been cleaned out like me.
    The sales reps are irresponsible in not informing potential clients/suckers that they may lose all of their capital or even more than that due to the margin! If you read the small print of the axitrader agreement it does tell you that. But its not mentioned in the paycheck documentation.
    The only response I ever got from the sales rep was that the company can't be held responsible for major banks and / or governments dumping or buying massive blocks of currency which throws the autotrade system into meltdown! Buyer beware.
     
  2. jackpot666

    jackpot666 Recruit

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    paycheck autotrade

    Oh I forgot to include that the company trades (or did anyway) as SIGNAL SYSTEMS AND SUPPORT PTY LTD , ACN 111711472.
    The directors are or were Philip Burton and John Wyke. And apparently they have new and very ritzy offices from which to ply their trade. I was also told by their sales rep that what happened to me was a one off! CRAP!!!!!!!!!!!
     
  3. Romeo

    Romeo Sergeant

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    Great contribution jackpot!

    Let's see what Mr. Chris Burridge (alias Mr. happy customer) has to say.
     
  4. MitchJohnno

    MitchJohnno Recruit

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    Firstly, I am not one of the people who will pay stupid amounts of money for a system like this

    I just want to know if it has been "investigated" by FPA as it states here

    The FPA will then review the case and deploy operations if necessary.


    I am an interested observer that was googling and found this thread

    Thanks

    Mitch
     
  5. Pharaoh

    Pharaoh Colonel

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    Technically, a victim would need to file a formal complaint with the FPA Traders Court. That would trigger a more careful investigation.

    Of course, the total failure of any of the supporters of this company to respond to my very simple challenge more than proves to me that it is nothing but a massive scam.
     
  6. EquityFlow

    EquityFlow Recruit

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    Paycheck Auto-Trader?

    I have just signed up for this forum today!

    After searching for Forex systems I came across your comments on Paycheck.
    A friend has already purchased this system and asked I look into it for them because they could not understand why they had to pay 30k in license fees everytime they bought a 'module'.

    After researching for only the last 2 hrs it seems to me (at a guess) that this company is using a forex robot possibly like "Forex FAP Turbo Extreme" which sells for $2,700.00 on special at the moment.

    The software hooks up with your brokers web interface, possibly "AxiTrader" and charge you a bomb for the license (what license?) and dictate you start with $25k as trading capital.

    They prey on investors who are not familiar with the FX environment and they wrap a simple (and kind of cheap) software program around a service (which is only perceived) then give you a laptop so that you feel you have got something tangible. Clever, but crooked all the same.

    Unfortunately people are still falling for the 'Nigerian email scam' so no wonder people will take up their offer too.

    Has anyone had the same suspicions that Paycheck Auto-Trader is really a front name to hide its common roots? Hence why there is no web site for the product? I have seen this business model before; where a common product is taken and a service is wrapped around it and its re-badged by permission but to the unsuspecting it comes with a hefty 'service fee attached.

    On the above mentioned software ( "Forex FAP Turbo Extreme" ); their web page has a screen shot of a statement which is identical to the layout and headings, even down to the same font as the one my friend showed me they were receiving from paycheck Auto-Traders. This made me suspicious about where the software program originates from.

    So far my friend has had 1 profitable month from 1 month in. Their happy to share their news with me and I will let you know what kind of results and drawdowns they experience.

    At best: You can purchase a similar software program for $2-3k and open an account with just $1k and test the waters. This would save you around $54k from what Signal Systems is currently asking????????????

    :)
     
  7. f-man

    f-man 4Xangels Representative

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    These people are 100% scammers.
    To spend 2-3k for an EA is crazy.
    Check my post from 02-09-2011, 12:32 PM
     

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