Bit late for some of you maybe but we came so close to be stung by Westpoint. A few years ago (would have been very close to exactly 6 years I think), after a telemarketer from Westpoint called we agreed to a meeting. Very slick, and although we were interested in investing in local real estate we actually ended up signing up to buy an apartment in melbourne (we're in Perth, never been to melbourne). Luckily after a night of worry, I smelled something iffy and went straight to the internet. I even sent a question to Fair Trading / Consumer Affairs or something similar and was unevquivocably told it was legimate and no one had made any complaints.
More internet searching and it turns out the wonderful location and view from the apartment was a load of crap, there was a huge building immediately in front of the side 'our' apartment was on, the glossy brochure was lovely but it wasnt the same address as the apartment we'd agreed to – the apartments werent even fully built yet, and what was more, the same apartments were on sale on the ordinary market off the plan for half what we had agreed to. Lucky for us I knew there had to be a cooling off period by law (although they didnt tell us that!) so I sent a registered letter to stop the contract. The next week, Westpoint went under. A lucky escape.
Interestingly, Members Alliance just telemarketed me (Im at a different address from where I was back then though) and tried to make an appointment for me to see a financial planner, reduce tax etc. Sounded good, I did and he's supposed to be ringing me to organise a meeting. I asked them on the phone what their general strategy is "property, shares etc" and the bloke on the phone said he wasnt high up enough in the company to know. Now I smelt a rat, so straight back on the internet again. Found this forum. Guess who wont be making an appointment?