Interesting. Looks like one company maybe under administration because the article mentions an 'insolvency specialist'.
Lifestyle Investor Services Pty Ltd is still operating normally according to an ASIC search.
Lifestyle Trader Pty Ltd is also still operating normally according to an ASIC search
see http://www.search.asic.gov.au/cgi-bin/gns030c"The business" was sold, according to the article, to Investment Capital Systems.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Hi Vet80.
Well placed link speedygonzales.
The speedygonzales Gold Coast article makes me think you would be joining a long queue for a refund.
Now there is another company involved, it looks more complicated.
Dept Fair Trading should be able to suggest the correct method of requesting a refund which complies with
their EU order.
Good luck
cheers
thecrestthecrest | Tony Neale - Statewide Motel Brokers
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thecrest wrote:Hi Vet80. Well placed link speedygonzales. The speedygonzales Gold Coast article makes me think you would be joining a long queue for a refund. Now there is another company involved, it looks more complicated. Dept Fair Trading should be able to suggest the correct method of requesting a refund which complies with their EU order. Good luck cheers thecrestDept fair trading not involved. The EU was entered into by the two companies, Aussie Rob AND AsIC. I dont' know if this could mean AR would be personally liable for refunds though, but it could be possible.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Interesting thread….
Couple of comments,the Aussie Rob system is a crossover system of some sorts. Now if it is moving averages and it seems to me that it is, then if it was profitable, everyone would be using it.
Well they aren't are they and that's because crossover systems(moving averages) without other criteria are not enough to trade the markets and make money. The software does not offer further criteria so be very careful.
As for $14,000, you can go to an online free chart provider, put on a couple of short term moving averages and see if you come close.. You can also go to a free option scanning site and use that too….
So these sites will save you the $14,000 in practical application… It's what value you put on the education and how good it is.
By the way, I know 2 sites that will do the job but I do not want to advertise, just in case it upsets anyone, I have no interest in these sites, by the way..Regarding the newspaper report, it seems inaccurate, as I have spoken to a creditor and according to their letter received from Company Recoveries, the debt is with Lifestyle Trader and not Lifestyle Investor Services. Also the debt is over $2 million dollars. This inaccuracy surprises me, as it seems the newspaper has interviewed Aussie Rob himself…
Vet80 – good luck with getting your money back, you may be in a large queue though.
Cheers
LyzaMy apologies, I meant to say ask the issuer of the EU (ASIC) for the correct method of requesting a refund.
Hope for Vet80’s sake, and any others wanting a refund, that it’s not a Titanic situation.
cheers
thecrestthecrest | Tony Neale - Statewide Motel Brokers
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Creditors couldn't not allow it. If it is a new company then new legal person separate from the old. The new company would to have paid market value for any assets of the old company such as the intellectual property (this was probably owned by a separate entity actually), database of clients etc.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Ok, well I looked it up and seems brand new, based out of the gold coast, my guess same product.
Samo wrote:Ok, well I looked it up and seems brand new, based out of the gold coast, my guess same product.
Well the articles says it did purchase the 'business' of the old company which is presumably mainly the software system. Nothing really suspicious about that. You would have to dig deeper and see who the directors and shareholders are. Even then you may need to dig deeper.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Thanks again for everyones comment. Very interesting speedy gonzales…I read the article and found one of the comments to it amusing "why didnt aussie rob trade his way out of his debt"….surely that is true!!!
I have had some great advice which I am very grateful for. Terry I would like very much to have a chat, thankyou for the offer. Let me know how to best contact you.
Also I will enquire with the dept. of fair trading. And yes will definately keep people posted on the progress and whether I am successful or not with a refund.
Hi guys, I am just wondering if there has been any update on the progress of recovering money from the lifestyle trader scam?
Just seen the thread – very interesting.
I am owed $5k by Aussie Robber – they held onto a refund I'd asked for 4 months after they'd "approved" the refund, only then to claim they were in trouble and wanted to effectively go into administration. The accountant managing this matter won't return my calls or emails.
I consider myself an educated man and have previously held relatively senior finance positions and had some trading experience prior to seeing Aussie Rob. I must admit I was sceptical at first <moderator: delete personal comment> but was intrigued how such a simple system might work. I was suckered in and I bought the product in late 2009. I consistently lost money paper trading. They just kept encouraging me to take more courses and go live. All the "mentors" they recommended seemed to use different systems to what I was being taught. The advanced training also seemed to diverge from the basic line cross premise, and frankly, the training was all over the place.
They kept recommending more training, more modules and seeing their live trading (which I don't think made any money either!). They kept insisting that the profits would come. By now I was losing real money in the market.
I attended the 2010 annual conference on the Gold Coast. I didn't meet anyone who was making money. They had now resorted to a guaranteed profit system (wonder if these guys are still waiting for their refunds?) but only for writing covered calls I think. These suckers were paying through the nose for this "opportunity".
I think the greatest embarrassment was paying $200/m for the data for almost 2 years. All up, I spent about $25k with him (excluding my trading losses) and never did find his secret. Now I know – it's in flogging his black box red/green lines. Funny, I also suggested to his accountant what if Aussie Rob was such a good trader why didn't he repay me from his trading profits!
I get really angry <moderator: delete personal comment>. I keep seeeing desperate people maxing out their credit cards to buy these ridiculous products time and time again. I'm lucky in that I could afford the money and got a decent tax write off from it (although I'd have much rather given the money to charity).
I still feel cheated though. I noticed a lawyer was interested in pursuing this matter for someone on this thread. I would be interested in joining this action. Given the recent shady corporate reshuffling going on I would also like to see Aussie Rob interrogated by a liquidator to establish not only his misleading and deceptive practices but also whether or not he has been trading insolvently since the ASIc ruling late 2011.
<moderator: delete personal comment>
Thanks so much sponge65 for your detailed comment – that is exactly the type of information I was looking for.
I understand completely how you feel about being cheated, its hard not to dwell on it, especially when the product was endorsed by people you trust at the time. Anyway I am still working on establishing whether or not I will be able to claim for a refund, I want to try but I am moving on too, saving money again and at this stage will stick to real estate. But I tell you I have learnt such a valuable lesson not to part with my money before I ask some very detailed questions and seek advice, and not fall prey to sales pitch such as this.
Thanks again for posting.
sponge65, there are quite a few comments by annoyed x-lifestyletraders on the forum: trade2win – lifestyletrader. You may find others on that site that would be willing to pursue this matter further.
The financial tricksters play a game of sinking wrecks and balloons.
They load the debts into the sinking wreck and scuttle it, along with everyone’s legal chances of recouping their money,
and they load the laundered assets into the new untouchable balloon and launch it.
Cheers
thecrestthecrest | Tony Neale - Statewide Motel Brokers
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Email Me | Phone Meselling motels in NSW
An update for everyone who has read this forum:
There is no lifestyle trader company anymore – the product has been sold(?) and rebranded as investment capital systems. However it is the same product. When I contacted the complaints department and stated I was requesting a reimbursement of my initial investment due to fraud claim that this was not a moving average system (and had proof of this) I was told not to email the new company as Lifestle trader is no longer trading and there may be 'little response to this request'.
So I have contacted the ASIC, ACCC and dept. of fair trading. I have put in complaints however have been informed to try to talk to the lifestyle trader company firstly. This is the stage I am at now.
I feel that I can only do this, inform people of <moderator: delete personal comment> the difficulties faced with the company and move on. I dont want to expend negative energy on this for too long. I need to accept the mistake that I joined the company and move on.
Thanks for the posts and the emails I have received.
Hi guys, it might be time to contact Morton's Solvency Accountants. ASIC have gone to court and appointed Gavin Morton to wind up the company officially and extract any value.
I suppose market rates would have been paid for the 'business' – whatever this was.
The liquidator will probably do little investigation without the creditors funding it. Investigations cost money which means less money for creditors.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
To put it into some context, Lifestyle Trader were forced by ASIC to offer clients a refund and sign an EU, their brand was ruined. They didn't offer clients a refund. They claim bankruptcy, cut staff, owe debt etc and Aussie Rob puts out a media statement that they have called in their own liquidator. The business at some point is rebranded/transferred as Investment Capital Systems with the head of it Adam Prideaux formally a general manager at lifestyle trader. ICS are initially using the Lifestyle Investor AFSL but it gets suspended by ASIC. So they set up a separate AFSL agreement with their broker to continue business. Than ASIC on the 16th of April go to court to have the Lifestyle Trader business wound up (Morton’s Solvency Accountants) because they were concerned to ensure that the assets are secured and distributed to creditors in an orderly manner. And they state ASIC’s investigations are continuing.
Don’t you just hate the smell of snake oil ?
cheers
thecrestthecrest | Tony Neale - Statewide Motel Brokers
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