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

[elvinkwokca]

it a scam

it a scam cos no one can guarantee you monthly + returns. It's same as maddoff but this AIC quarantee you ridiculous returns..

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

 

[craig bryan]

Really ??


Ok now please don't take this the wrong way,
but 13% really, that's pretty bad.......especially in OZ
even a bank bill over the counter will get you 7%

you should have checked the ASIC website here:
Australian Securities and Investments Commission - financial services compliance
10-15mins to avoid loss...(sorry)

The licence is good for protecting the vendor
I would suggest contacting the ACCC

 

[Jonathan Besson]

A Fool & His $$$ Are Soon Parted

While I sympathize with Hornet that the AIC experience did not live up to his expectations, I believe that when he signed up for the "package" he forgot one of the most important rules of retail: "If it sounds too good to be true, it probably is." In Latin this translates loosely as: "caveat emptor"

The burden of due diligence should always rest on the shoulders of the buyer because the seller will always paint a rosy picture for the prospective buyer. It is up to each one of us to prevent scams like this by NOT PARTICIPATING in them. A thorough and exhaustive review of the contract as well as a background check and request for references would be more than warranted when spending $15K+ on an "investment package".

I suspect that somewhere in the fine print of the contract there must have been an adequate amount of "double talk" (aka BS) to reveal the dubious nature of a package like this. Without a thorough review of the entire contract that Hornet signed, it is impossible to assign guilt (or innocence, for that matter) to the accused (AIC).

 

[The Prophet]

Non Fulfilment of Contractual Obligations

It is clear that AIC did not fulfil their contractual obligations as described in items 2 & 3 of the conclusion paragraph in the letter from Mr Jesser to AIC.

This is a typical Australian type of con and is commom practice for Australian scam firms. Guilty.

 

[Ron Percival]

Ron NSW Aussie

I do not hold a practising certificate as a solicitor in NSW, but with a little legal experience, I would suggest the following logic:

In the first instance, you would be required to work your way through the 24 month period under the contract. At that point it is likely that Apple will say you have failed to fulfil your obligation in "using the system for the full 24 months". A "catch 22" sort of situation, which a court in NSW may view as an "unfair contract" actionable under fair trading legislation and unfair contracts legislation. I am uncertain of the current development of the legislation and law at this time. You should seek qualified legal advice from a solicitor in your state.

 

[Aton Ausar]

Smells like dead fish.

Has the accused responded to any FPA inquiry and if not, is there not some moral hazard incurred if we equate non-responsiveness to guilt? AIC should definitely be flagged as a caution and suspected fraud, but without a response to an FPA inquiry, I am reluctant to make a determination of guilt. With that said, IMHO it smells like fraud.:hissyfit:

 

[Larrydsimon]

Agree. Smells really bad. But cannot vote guilty without seeing the contract. I would be a VERY unhappy chappie. When will they learn to keep their customers happy, unless it is designed as a scam from get go.

 

[jackson ong]

While I sympathize with Hornet that the AIC experience did not live up to his expectations, I believe that when he signed up for the "package" he forgot one of the most important rules of retail: "If it sounds too good to be true, it probably is." In Latin this translates loosely as: "caveat emptor"

The burden of due diligence should always rest on the shoulders of the buyer because the seller will always paint a rosy picture for the prospective buyer. It is up to each one of us to prevent scams like this by NOT PARTICIPATING in them. A thorough and exhaustive review of the contract as well as a background check and request for references would be more than warranted when spending $15K+ on an "investment package".

I suspect that somewhere in the fine print of the contract there must have been an adequate amount of "double talk" (aka BS) to reveal the dubious nature of a package like this. Without a thorough review of the entire contract that Hornet signed, it is impossible to assign guilt (or innocence, for that matter) to the accused (AIC).

Couldnt agree more with you. 13% a month translate to 158% a year (excluding interest on interest payment). Do you really believe this could happen? Though, the vendor might be wrong to cheat you. Your greed got you into trouble.

 

[1954]

If what you mentioned is true that they promise to send leads which were not honoured then I don't see why you cant get your refund or even guaranteed compensation if it was detailed in your contract. Greed Blinds people. If conditions are fulfilled then verdit is Guilty

 

[sc_trading]

Couldnt agree more with you. 13% a month translate to 158% a year (excluding interest on interest payment). Do you really believe this could happen? Though, the vendor might be wrong to cheat you. Your greed got you into trouble.

Also agree with Jackson ong & Jonathon Besson's comments. The old adages of buyer beware and "if it sounds to good to be true it probably is" are very appropriate in this case. It smells like a scam but I would not vote either way at the moment.
I think that the ASIC should be contacted as well as the ACCC. If you can demonstrate that AIC has breached the contract already (by not supplying a contracted service) then that contract becomes void and AIC cannot demand that you wait the full 24 months. If you can establish via the ACCC and/or the ACCC the validity of your claim and possible future actions supported by them against AIC, this "may" be sufficient enough to make AIC acceed to your demands. Good luck.