LeapRate Forex Fraud Watch – Australia’s ASIC bans “Aussie Rob” and his trading software

Robert Lloyd Wilson aka ‘Aussie Rob’ claimed up to 120% returns from his Lifestyle Trader software; but there’s more…

Australian’s financial regulator ASIC has issued a statement informing the public about the participation of Mr. Robert Lloyd Wilson also knows as “Aussie Rob” in a rather outrageous misleading and deceptive marketing practice soliciting customers to subscribe to a software developed by his company – Lifestyle Trader.

Aussie Rob ran seminars and advertised online that his software showed when to get in and when to get out of trades involving commodities, stocks, foreign exchange and exchange traded funds. It was claimed that the software ran on a unique algorithm which tracked buyers and sellers in the market, not on moving averages, creating the impression of unrivaled software. Not surprisingly, ASIC found the algorithm was simply based on moving averages of closing prices.

Aussie Rob Aussie Rob has been banned by ASIC from providing financial services for the next five years.

But there’s more.

Brisbane newspaper Couriermail informs us that the “businessman” has been hiding his tracks in Laos which has no extradition treaty with Australia. However it is worthwhile to have a look at his past first.

A number of forum posts on the Forex Peace Army website are linking to some shady past. According to some people who claim to have been scammed Mr. Wilson’s name is associated to an offshore company called Global Equities Group which later became known as Global Bank and operated back in 2000. As it later turned out, the so called “bank” was a simple MLM (Multi-level Marketing) scheme promising investors to set them up in offshore zones and save them loads of cash in legally avoiding taxation.

On December 2nd 2010 ASIC started an investigation into Mr. Wilson’s practices surrounding the product Lifestyle Options – a proclaimed “Share Rental Product”. His solicitations included statements that “option trading is easy” and “returns of 5-10% per month and 60-120% per year can easily be achieved”. ASIC has settled with Mr. Wilson on these allegations as his companies agreed to refund the purchase price paid by investors for the software. Since then however Aussie Rob and his associates have allegedly fled to Laos, the Lifestyle Trader platform has losses in the millions ($4.3mln to be precise) and his creditors have been left puzzled and outraged at the authorities for not blacklisting Mr. Wilson’s passport.

To see the original ASIC warning against Aussie Rob click here.

For more on the global Forex industry see the LeapRate-Dow Jones Forex Industry Report.

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