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

[Steve Callaway]

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?

They claim that I have to trade for 24 months to be eligible for money back.
My view is that consumer law will over ride their farce of a guarantee.
As it doesn't do what is claimed when used as per their instructions then I believe that consumer law would also possibly mean that compensation should apply.
No harm in asking!
I have also complained to the Financial Ombudsman's Service and to Australian Securities and Investment Commission (ASIC) hopefully something will come out of all this.
There are other places I can submit complaints and will do until I get my money back.
A class action would get their attention.

 

[AsstModerator]

I invited AppleInvestmentCompany to participate in the thread. Shane has replied. I'm creating a forums account for him and giving him access now.

 

[Steve Callaway]

I invited AppleInvestmentCompany to participate in the thread. Shane has replied. I'm creating a forums account for him and giving him access now.

Hi
Just wondering what is happening?
Thanks

 

[AsstModerator]

From Steve's post, I'll guess that Apple Investment didn't get in touch with him. Since they haven't posted in this thread year, I'm moving it to the Open Cases folder for public comments.

Apple Investment Company is welcome to post in this thread or to contact Steve directly.

 

[Steve Callaway]

No contact from Apple either via the forum or direct to me.

The latest development Tuesday 3rd May

I just had a phone call from a Firm on the Gold Coast in Queensland.
Apple had leased a licence from Mark Power Financial Pty Ltd and Mark has just terminated the arrangement with them because of 'irregularities'.
The Firm has been brought in by Mark Power to try and sort out the mess.

The firm said they will call me back in a day or 2 and perhaps have a payout offer.

Sound like a SCAM to you?

Will keep you posted.

 

[charlietee]

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

 

[Grey]

Are they Australian?

From their website, it would appear that they are an Australian company. Have you refered your complaint to ASIC (Australian Securities and investment Commission)?

http://www.asic.gov.au/

If not, you should do this asap. Quote the following numbers from their web site

Apple Investment Company (AFSL Rep No. 341564) is authorised by Mark Power Financial (AFSL 332428).

 

[pcindia]

Correct, that's their game! After two years, no once will claim a refund actually

Correct. Trader will look for a new robot and settle down there. who comes after two years for a refund?
That's their strategy.

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.

 

[Nerdie]

The push, push to open the software get your FXCM account and thus prevent your being able to get a refund under their conditions. I recognise that tactic.
Seen in the best light they're missing the point and citing legal liability protections and disclaimers for your losses. If you've puchased and tested the software in good faith you have complied with your side of the contract.
If they have not provided education as agreed then they have violated their side of the contract with you. As such you are entitled to losses from my understanding of the law.
Seen in the worst possible light it's a tarted up scam to lead consumers to part with their money buying hope that this product will satisfy what they are seeking which most likely would include an educational experience of a positive nature.
If the software were independently tested according to their instructions and found to fall below standards or in your case anticipated results then they have misrepresented their product. As such I would like a qualified legal opinion about whether their legal protections still apply?
If it can be proven that the software consistently malfunctions when used in accordance with the manufacturer's or seller's instructions then there is a case for considering legal liability for losses.
If it can be shown that the seller knew that the product was failing and continued to sell it with this knowledge then there is a case for negligence and losses, not to mention misleading practices.
Balanced against that is the principal of "caveat emptor", buyer beware, the onus being on the purchaser to ask all the questions and satisfy themselves before parting with money for a product.
Having listened to the polished sales team at Apple on the phone on several occasions they had answers for everything prior to the sale just to get the buyer across the line.
Finally - and very relevant if you are taking this up with ACCC, AIC had a good reputation as high yielding investment company with professional traders. Using the AIC reputation to then sell automated trading software was misleading. It has backfired on them now by doing damage to the AIC reputation.
Steve: weak men hide behind the law. Don't let them snow you with legalese, in my opinion.

 

[Joh]

to Steve re apple

All I can say is go after them -you have at least some rights here and Liz and others gave some good suggestions - but I do not understand in depth enough for me to say guilty or not - as I do not 'get' this automatic trading sufficiently - so an open court was one suggestion that may be useful- 2ndly to let you know I care -keep fighting and keep using this forum because there are a lot of folks far more intelligent then me that may be able to help you -and get you on the right track -wishing you the very best