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Global Shares
DuncanWells
Forumite 2 Posts
I probably know the answer to my question - "Is Global Shares' recent offer a bit of a scam ?" - in that anyone who suggests that they have a software programme that can sift through the FTSE and give the you the likely winners and who wants to share this information with you at considerable cost is actually in the publishing business and not the business of being a trader and there is every likelihood that the software will not deliver on its promises. After all, as they say, "if it did deliver, why on earth would any one want to share it". I've looked through all the figures and checked that the results if true are at least plausible. The big thing is, will the software deliver the goods ? I spoke to the people at the office, apparently in the City and probably actually a call centre in Wales and spoke to an Australian. He was pushy enough to be a salesman and calm enough to be just plausible.
Anyway I am sure that you experts will tell me that this is a scam.
D
Anyway I am sure that you experts will tell me that this is a scam.
D
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Algorithm-based trading is done by plenty of funds.
http://www.orbisfunds.com/ is one, they use complex software to filter shares, which humans then manually examine before making the decision to buy.
Their long term return is about 14.6% since 1990 which is pretty exceptional, but this software is incredibly expensive and complex to invest. Their development manager is ex-NPL, and their quants have doctorates from Cambridge in Nuclear Physics. They are setup in Mayfair and Bermuda, and costs of providing this are many millions of pounds per year.
Cold calling companies are just scams looking to make a quick buck.
The Global Shares software was for sale for some £8,000 so is perhaps less effective.
On the other hand if there might be millions to be made out of investing some millions in the software to do it, perhaps we should all club together and divvy up a few quid until we can afford one of these machines and then let it make money for us. Or is this as naive as it sounds now that I read it back ?
Duncan:T
I made the mistake of buying this terrible product in May 2008.
My best advice is - AVOID THIS PRODUCT LIKE THE PLAGUE.
I think it is useless. I decided this within a few days of receiving it. I complained immediately to Global Shares, My Credit Card Company and trading standards.
As soon as I complained Global Shares stopped taking my calls and did not reply to my letters.
I started a Small Claims process against both Global Shares and the credit card company. After months of foot dragging from Global Shares, this week I got a judgement against them and they now have 14 days to give me my money back with some costs.
If you have lost money you can fight them – in fact they do not bother to fight. They seem to sit back and hope that you give up before the lengthy process ends. They did not put up any defence whatsoever in court – largely because they do not have a defence.
The process is simple but time consuming.
If you are interested in claiming money back just reply to this post and I will happily post details of the process.
Once again - AVOID THIS PRODUCT. But if you have already bought it don't give up - try to get your money back.
I think this is the same outfit that you are talking about but have since changed their name.
They told me they were a VAT registerd company owned by JBC Financial Services Ltd. And now I can't get hold of anyone in a senior position to ask for my money back. Also, there is no information out there on the web so I think this must be a relatively new scam. I have to say though that it is an elaborate scam.
I feel so stupid, especially as alarm bells rang at the time of receiving their tacky lime green brochure. I vaguely remembered a similar offer several years earlier, but couldn't place the name. It was of course Global Shares.
After much chasing up (they sent the original package to the wrong postcode) I got their software and a booklet but it was all really cheaply put together. This is when I really started to get concerned and my brain eventually got into gear. I AM SO STUPID......
Please let me have as much information on the procedures you followed as I wish to follow this through for as long as it takes.
Thanks,
Pulsoft
I have posted more info in another forum on this site (look for Global Shares and started by pbradders).
I won't repeat it here. Good Luck
hi,
I know its a while ago now but i have only just found this. I am interested to know if you were successful in getting a refund from JBC.
We too were stupid but with a company called GSL Associates for the same amount. Clearly the same scam.
What did you do? Just put the case in The Small Claims Court?
Thank you