I was robbed
Novus Capital Ltd and Fairmont Equities Losses 97 % of client funds in matter of months - Real t
Just a warning for would be clients -
The charming young self proclaimed “experts” in market timing, but negligent, Fairmont Equities (Sydney), a licensed representative of Novus Capital Ltd, lost 97% of my funds over approximately a 6 month period under what was supposed to be a "conservative" trading strategy.
I was left in the dark as on the progress of the account as no trading activity statements or working account access was provided - which I am now advised is some type of mandatory requirement. Unfortunately, I did not receive this information to check the status of the account (some systematic blunders from their end … that I now end up getting blamed for, as they deny any wrong doing whatsoever, typical of the industry who always has a clause somewhere to cover any mistake they make).
97% Loss ... No Wrong doing by this self-proclaimed expert?? Unbelievable!!!
What a champion! But not an expert in market timing at all.. a complete irresponsible goose … incompetent and negligent, amongst a few other indiscreet concerns. What ever these companies recommend -do the opposite - as they are trading fools.
One of the major issues i have is that they had no guts to tell me what had happened to the account. I found out only via a biannual copy of the trust bank statement some months after the losses had occurred that the account was near empty.
The financial advisor from Fairmont Equities use to call frequently to advise of proposed trades/siphone commissions and never advised of any of the losses, all discussion were positive, it sounded like he was in total control, then all of a sudden there was no contact from him for 5+ months and probably never would have been again. However, after seeing the near empty account balance and i was alarmed but it all started to make some send … it seems the only reasons I the "adviser" didn’t call me was that all the funds had been lost and siphoned out of the account so there was no more money for him to make out of me, the only other alternative I can see was that he may have just been too embarrassed to call me, to explain what had happened. It was very disappointing he didn't call or try to rectify/amend the situation. It looked very bad and he lost a lot of credibility and has led to reports like this.
He's no expert at all – just another foolish adviser making commissions and burning clients – but I guess he’s smarter than me - he lost all my money, he still had the privilege of paying him for loosing it! I don't know how he sleeps at night - he must be on some strong medications!
What a champion – no apology, no explanation, just another irresponsible.
It's such unconscionable behaviour from the Fairmont Equities but the situation gets even worse. I try to speak to Novus Capitals legal representatives about the account management issues and the losses but what I find is that as soon you raise a complaint or question anything about their service or ask for an explanation from them everyone gets defensive, going into hiding - they won't reply to phone calls, or put any response in writting - you get excommunicated from the organisation and normal client care such as stop sending you the monthly report, further I later find they start plotting /conspiring a smear campaign against me I assume to try to discredit my character rather that answer any of the questions raised about their account management issues or questions on compensation for their negligent rogue traders and misrepresented marketing among other anomalies in their management of my account. The result - they just cut you off and tell lies to save their own skin in case you pursue the matter further. That's my experience. I hope it doesn’t happen to you.
So be aware even though you are still legally their client and they still control your trust bank accounts in trust, they won't put any effort into resolving any matters of concern. They don’t even return calls to a solicitor in a timely manner...a very strange organisation...that appear to lack any moral compass whatsoever - no willingness to fix any problems.
If your advisor lost 97% of account funds wouldn’t you want answers? It's only natural
Novice Capital is supposed to answer the questions. But as you can see from my experience they don’t like clients asking questions or seeking compensation for their negligent activity and false claims. Complete lunatics. But i guess i should of known who i was really dealing with – take a much closer look and you will see the mob you are actually dealing with. Such little real trading experience by that self-professed team of expert technical analysts and market timers.
They don't know what the hell they are doing - it's all hypes - it's discusting and you will end up feeling sick.
Don't be a trusting fool like me. The more honest and openly you try to communicate the more Novus Capital and Fairmont Equity will plot against you and try take advantage of your sincerity, hiding from you, and only contacting you when forced to so by a legal authority.
Be very careful signing up to anything with these small lower tier organization like Fairmont Equities and Novus Capital and other cowboy entities, as in hindsight you are reportedly giving them the legal right to set your funds in account on fire, and there is nothing you can do about it - no legal protection, so it seems.
Even though these companies commonly breach ASIC regulations on a regular basis in their daily client operations and dispute resolutions processes they will never be made accountable for anything as are still no consequences in this business – it’s a license to print money without any consequences for anything as there is always a clause in the 200+ pages of “advice” that no one understands not even them.
No matter how bad the performance of Novus Capital and Fairmont Equities they will not discuss the issues fairly. They appear to think they are infaliable. It appears they think they never make mistakes ...its always the client wholly at fault and you won't get any help from anyone in the system to prove the contrary.
In my experience Novus Capital and Fairmont Equities failed as claimed “experts in market timing”,
failed in trade management, (97 % loss in around 6 months) ridiculous!
Failed in account management, (no trade confirmation advice provided)
failed in the resource management, (staff /technical mismanagement, inadequately trained)
failed in dispute resolutions, (wouldn’t return calls, provided not advice on the issues I have with the strange 97% losses or the trading activity statements that weren't provided)
failed the honesty tests – overstate trading abilities, experience, and performances
failed in communications - go into hiding
failed the trading and account management processes - keeping the client in the dark. A glitch in their system but there not going to apologize, admit liability or compensate - they just deny everything and put 100% of the blame on the client – no integrity or respect whatsoever shown- totally disgraceful management and a disappointing experience - I could not recommend them to anyone.
So I recommend you run for your life don't be stupid like me. ... Don't believe their Hype, the misrepresented exaggerated unrealistic marketing material, the FNN videos where just about every trades is reported to be a winner and the adviser always exaggerates how good he is "I said it would reach the target and look what happened …I was right again …it did said …and it met the target, jus like i said "...don’t be conned alot of it is bulldust - it's just marketing materials designed to attract fools to handing over money and for them to milk commissions. Fairmont Capital/Novus Capital never show you the losses - that’s no good for their business, the never admit any liability or wrong doing .. ever in my experience! and don’t believe the reports with near perfect scorecards ...that why i am telling you the truth and giving you a real experience where i have the have lost 97 % of my account never advised me. Bad Bad organisation!
Fairmont Equities and Novus Capital are not the trading experts they proclaim to be.
The facts are they are as useless as majority of financial "advisors" and "traders" out there. Most of them are hopeless. If they were good they wouldn't work for you.
As far as I can see they don’t make any money for anyone but themselves.
All they are practically good at is spin, wearing fine suits, jumping through the regulator hoops to get regulatory compliance. –
in terms of managing a trading account they are practically useless – their result on my account speaks for itself.
All they were able to do is legally siphoning my bank account, keep me in the dark while they practice their ill informed and atrocious trades at my expense ....sucking the life out of honest trusting people like you, leaving your account high and dry, then ignoring you and moving on to their next trusting victim, without any repercussions. Unscrupulous don't be charmed the facts are they don't know what they are doing so just Run, Run Away as far and as fast as you can and keep it safe, keep your money away from them.
Note that just because these companies have ASIC paperwork compliance's in place it doesn’t mean they will comply in the day to day management of your individual account, so you although you may think your protected by ASIC regulations it is still no guarantee that companies like Novus Capital and Fairmont will fulfill these obligations….they know that no “authorities” will check for compliance why would they the so called Authorities are paid by the industry- they can almost negotiate to get out of just about any non compliance and there no going to give a dame about an individuals small account.
I recommend you play it smart think twice or three times beforehand your hard earned money over to the likes of, negligent, incompetent, neglectful, irresponsible, careless, greedy deceitful backstabbing organizations like Fairmont Equities or Novus Capital Limited – its not worth the risk - when the _ _ _ _ hits the fan all you will see is that they care only about is siphoning as much cash out of you as they can, taking no responsibility whatsoever for anything they've ruined.
You will waste your time trying to get them to explain what they’ve done.
Do yourself a favour heed the warnings above before you sign anything or hand over your loot. These companies are wolves in sheep’s clothing and I couldn’t trust them again based on my experience.
Best wishes to you all I hope this information and my experience and misfortune is helpful to some.
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