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GUILTY Case# 2011-058 | The Hornet vs www.AppleInvestmentCompany.com.au

Discussion in 'Guilty Verdicts' started by The Hornet, Jul 25, 2011.

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Based on the available evidence, do you believe that Apple Investment Co is guilty?

Poll closed Aug 14, 2011.
  1. Guilty

    70 vote(s)
    93.3%
  2. Not Guilty

    5 vote(s)
    6.7%
  1. The Hornet

    The Hornet Recruit

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    Original FPA Traders Court Submission by The Hornet:

    I am submitting the case against: www.AppleInvestmentCompany.com.au

    My Case is: On 05/26/11 I signed a 24 month contract with Apple Investment Company (AIC) guaranteeing that over a 24 month period AIC FX Caibre Trading Platform would produce an average monthly return of 13% over 24 months. The package cost me a total of $15,800.00 plus and additional $10,000.00 to trade with on the platform. The package included training sessions with Apple Investment Companies head trader who was going to supply me with daily emails on what currencies he would be trading on and in which direction they would be heading. Instead I never received over a 13 month period one email from this so called 'head trader' and only received training from the technical support staff (Emma Harte). After 13 months of continual losses and watching my trading account of $10,000.00 drop 50% to $5000.00 I demanded answers from the company as to why after over a year this program had continually failed to produce a profit and stopped the use of the system. It also came to my attention that Apple Investment Company no longer possessed an AFSL number which they provided at the start of the contract and was one of the reasons I signed up with the company as they seemed reputable and provided an AFSL. I believe they are now trading illegally without this license and after several conversations with Shane Andrews from the Apple Investment Company he has stated that no refund will be processed until I have traded for a full 24 months even if the platform lose me every cent of my trading account. I am also unable to get answers as to why the platform has continually lost me money and not produced returns like I was shown by AIC when first signing up. Shane Andrews response to why the organisation no longer has an AFSL and Shane Andrews reason for not having one was "due to changes in Apple Investment Companies business strategies we are no longer required to represent an Australian Financial Services License" which I believe to be total incorrect and illegal and another key reason as to why this company has falsely misleading me and should no longer be trading and refund my investment of $15,800.00. Also due to the misleading figures I was provided at the start of the contract the company should also be held accountable for my loss of $5000.00 through the use of there FX Caibre Trading Platform.

    New thread in the Scam Alerts Folder:
    www.forexpeacearmy.com/forex-forum/scam-alerts-folder/16086-apple-investment-company-pty-ltd.html#post67983

    Review is submitted by The Hornet on 07/14/11

    The company was first contacted about the issue on 06/29/11, the last contact was on 07/18/11

    Details: When I first requested a refund Shane Andrews threw some legal jargon at me about terms and conditions of use which will be attached.

    I emailed Shane Andrews a letter stating the reason as to why I should be refunded $15,800.00 and this was his response after a week of trying to get a response:

    Adam,

    After reviewing your letter I confirm that the original findings stand at this point in time.

    Please note that you were never guaranteed a profit of 13% per month but rather guaranteed that if at the end of 24 months you did not average 13% profit per month you would be refunded your purchase price of the FX Calibre. Apple Investment Company will continue to adhere to the signed agreement and will obligingly fulfil the required terms of said agreement in the specified time frame, not before.

    In accordance with you package Emma Harte was one of the Head Trader of the customer support team.

    I confirm that Apple Investment Company will not be issuing a refund on your purchase of the FX Calibre at this present point although remain committed to meet all terms of our agreement and will reopen the case if required to in due course.

    Regards,

    Shane Andrews

    I have since emailed him asking him more questions about why the company no longer has an AFSL and an explanation as to why the system has not produced a profit with no response.

    I have read receipts showing he has got my emails but chooses not to respond to them.

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

    Attached Files:

    1. ACCOUNT ACTIVITY.doc

     
    #1 The Hornet, Jul 25, 2011
    Last edited: Jul 25, 2011
  2. Pharaoh

    Pharaoh Colonel

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    I vote we invite Apple into the conversation now. If they don't respond, let's take this one to a vote.
     
  3. AsstModerator

    AsstModerator FPA Forums and Reviews Admin

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    I asked. No response. This one's going to the Open Cases folder now.
     
  4. yyu10

    yyu10 Recruit

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    Smells like a scam. But the contract could be used as protection for the acccused (as leasst for the time being). Although their performance is questionable if the contract stands valid you can not accuse them unless they miss their obligations at contract expiry.
     
  5. jspencer

    jspencer Recruit

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    Likely is a scam but there isn't really enough here for me to vote yes. I have no idea what the contract said or if you have been following the agreement.
     
  6. boccos

    boccos Recruit

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    Contract

    Do you have a copy of the original contract?
     
  7. Millex

    Millex Recruit

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    I have also purchased this program and have had similar results. Operated it for 14 months and lost $5000.00. I have contacted AIC and have had several emails from Shane Andrews. The company will not accept any responsibility for the loss or refund price of program.
    To me it is a scam I have the only proof I need that is it did not at any time produce profitable trades that exceeded the loss trades.

    Millex
     
  8. alvin050

    alvin050 Private, 1st Class

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    Risk disclaimers and contract terms do not negate the fiduciary duty of care (DOC) that Apple has towards its investors. I am not a lawyer, but I believe DOC is the basic contractual responsibility inherent in contracts of this nature. Therefore, Apple has to clearly show what actions it has taken to discharge its DOC and taken all actions in the best interests of its investors. Apple's failure or refusal to provide such information, and its accompanying actions to date, could imply that Apple entered into the contract knowingly, without any intention to act in the investor's best interest, yet misleading the investor into believing it would do so. This is fraud and SCAM, pure and simple.
     
  9. Marco Dietz

    Marco Dietz Recruit

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    I'd like to see the contract too before I vote on this case.
     
  10. dineshydv

    dineshydv Recruit

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    Normally, I stay away from every company who promises constant profit in forex. It sounds like a scam...
     

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