After many phone sales calls I agreed to purchase licenses for the PFD Solution software that would be exercised under contract to give a 13% (platinum) and 10% (Gold) return on the trading account balance up to $10,000. After purchasing the licenses (over $14,000) I was passed onto Racing Trades P/L to have the trades placed. I was sent a trading contract to sign that was not ideal, however the licenses were already purchased so the contract needed to be signed to complete the setup. I was then required to open 2 trading accounts with 2 internet betting sites and deposit the trading monies into them.
After 3 weeks the accounts showed losses. This was explained away due to "open trades" which had not returned results yet. After 6 weeks I would not accept this explanation and was told that the PFD Solution software was not used and the bets were placed on "past performance" information. After checking the trading contract I found that there was a loophole in the text that enabled them to "legally" not use the software. The trading loses were at $2,600 at this stage.
I contacted Perpetual Trading and was asked to submit a complaint with all relevant details in writing by post, as they would not accept emails or faxes for any complaints. I did this and called them again. I was informed by Keith Masters (customer relations) that the issue would be tabled to the board at the end of the week and a license refund would be considered.
I was able to contact them for a further 4 weeks enquiring as to the status of the complaint. After that the phone would not be answered until finally it was disconnected.
I lodged complaints with Consumer Affairs (Vic), Dept fair Trading (NSW), ACSC and ACCC. However, all of these government bodies refused to look into the scam as it involved betting and was not considered an investment opportunity.
Anyone considering purchasing a license for the PDF Solutions is strongly advised to walk away. These people are SCAMMERS and should not be trusted.
Dave
Dandenong
Australia
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