• Report: #951937

Complaint Review: Peter (Alan) Nolan

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  • Submitted: Sun, October 07, 2012
  • Updated: Fri, December 28, 2012

  • Reported By: Andrew — Mt Eliza Internet Australia
Peter (Alan) Nolan
9 St Moritz Terrace Bundall Queensland 4217 Docklands Melbourne, Select State/Province United States of America

Peter (Alan) Nolan On Track Trading The company offered a low % (low risk) business model gambling syndicate that offered either a Win Loss Contrcat where you would receive between 2-10% return per week. And another where you received a Docklands Melbourne, Australia

*General Comment: 'Hey Sage Thanks!!'

*Consumer Comment: Hey Mrs Nolan Thanks!

*General Comment: On Track Trading - Peter Nolan

*Consumer Comment: Peter Nolan Ontrack Trading

*Consumer Comment: Peter Nolan On Track Trading/Betting

*Consumer Comment: On Track Trading Peter Nolan

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Peter Nolan of On Track Trading (formerly BetFairly) and others assisted him to set up a sophisticasted gambling investment finance scheme that provided good returns. He used a person in Melbourne who is well connected to people within the AFL industry (players and coaches) who invested money. The person also invited family and friends into the scam. I was provided with statements each week on the % profit and the horses that they bet on with exact figures and balance growth. I also place a large principal amount into the 3% interest per week guarantee contract that pays monthly. Had 1 payment and nothing again for 6 months. We were restricted by the amounts that you could withdrawal and obviously most people would continue to grow their accounts. In early June the company informs the clients they will stop working for clients on the 25th June and repay our balances over 3 months equally each month (that 33% each month until paid). It is now 2 months overdue the first payment and nobody has received any money and he does not answer calls nor return messages. He told me that at one stage he was gambling over $6million each week for small 4% (on average) returns that obviously accumulates over time. I believe he was running this for 12-18 months. I know a person that mortgaged their home for the 3% contract. The actual guy lives in a very nice home in Sorrento, Gold Coast and his sons attend the best private school in QLD. He has made no attempt or plans to discuss paying back money. If I could find other people involved then their would be a collective ability to take legal action, both criminal and civil. He plays the nice guy and I think that most people have just decided to let the money go. I know that one person invested is Peter Sumich (ex-AFL player as well as players from Hawthorn and West Coast Eagles). But I do not know if they are making any attempts to get money back. I would love to see this guy approached by the media as he seems to be protecting people that I believe are in the horse racing  industry and would also be deserving of years in jail. He has stolen close to $80k from myself and I sent him a letter of demand asking for 8% interest per week until he returns my stolen money. I would appreciate any help and advise on how to handle this.

This report was posted on Ripoff Report on 10/07/2012 05:01 AM and is a permanent record located here: http://www.ripoffreport.com/r/Peter-Alan-Nolan/Docklands-Melbourne-Select-StateProvince-3000/Peter-Alan-Nolan-On-Track-Trading-The-company-offered-a-low-low-risk-business-model-951937. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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REBUTTALS & REPLIES:
0Author 6Consumer 0Employee/Owner
Updates & Rebuttals

#1 General Comment

'Hey Sage Thanks!!'

AUTHOR: Wife of Peter Nolan - (Australia)

'Hey Sage'

What kind of a response was that?

Your response was so ridiculous that I'm replying.

Your really shouldn't try to blame other people for your own stupidity in gambling your funds that you obviously couldn't afford to lose in a high risk investment.

And yes, you're right, I don't care to hear about your family, the holidays you couldn't have, or the loans you couldn't take out.

We have our own issues so please don't burden me with yours.

You see I was stupid like you too, I gambled $150,000 cash in a high risk investment, similar to this one, where I received a monthly return on my investment and surprise, surprise, I lost the lot.

Which also spiralled into many other losses.

So I do understand where you are, but do I care, no, and I also learnt that there was no point in my running around screaming like a banshee, like you are.



And Peter is not 'giving up' the owner of this company in Melbourne as he does not throw others under the bus. You see he does actually have a back bone.

And for your information we have several contacts in the AFP also.  And they're all working on this case.

And Peter certainly does not have your money, nor does he want it.

Good luck with your high investment.

I'll now be signing off for the last time from this website and any further responses by yourself will certainly not be read by me due to lack of interest, time or care.

See you Sage.

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#2 Consumer Comment

Hey Mrs Nolan Thanks!

AUTHOR: Sage - (United States of America)

Ohhhh thanks so much for all the information!!!!  It's about time someone said something about this scam!!  But it's just a little too late don't you think!!  You know, after months and months and now over a year (nearly two) of trying to get answers, we get this pathetic response from his wife!  God I am soooo angry!

I am so furious that you have to speak for your husband, why can't he get a back bone and tell the bloody truth, I don't care that he's not the so called owner, director, manager, no longer employed, whatever!!  That is what we have been told!!  As for changing his phone number, do it, he never answers it anyway, what a joke!

As far as I'm concerned he was the contact we had, he was the one sending us our statements each week, he was the one who kept saying "Oh, the money will be in your account in a couple of days!"

He was the one saying "Wow, had a fantastic day at the track today guys!"

I'm no dill, I did do my research, this wasn't an "extreme high risk investment" we could see our money each week, but the minute you asked for it, you got every bloody excuse under the sun.

I don't care about your family, never have, never will, never will say anything about them, just your so called husband! Do you want to know what this has done to my family, probably not!  Well I will tell you, cancelled three holidays, didn't get the money to pay for them, imagine telling three kids they are not going away anymore, not once but three times because we were promised payment, had a shit Christmas because didn't have the funds we thought we would have, had to pull out of a house loan as payment again wasn't made, in major debt now but what would you care.

How about you give us the correct contacts so we can chase up this so called person running On Track who "is presently unavailable" and this so called female director so we can turn them over to the police or the fraud squad, I have a contact in the AFP who would love this information, seeing that you seem to know all about them!

As for a debt collection agency, good luck with that one, my experience with debt collectors they can only push so far, which will not be far enough!!!!  As if he has employed them! Lies!

As far as you not making further posts or responses, who cares, they would just be lies like your first response.  Do your research correctly, see how many families this has effected!! 

Hope you have a nice life with our money!!  Oh yeah, poor Pete, hope he's not feeling too bad about all this, and do keep up the effort of tracking down our money, wouldn't want his credibility to slip!  What a complete and utter joke! 



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#3 General Comment

On Track Trading - Peter Nolan

AUTHOR: Wife of Peter Nolan - (Australia)

The above blogs on Peter Nolan are mostly infammatory and untrue.

Peter Nolan is not the owner, or company director of On Track Trading.

On Track Trading is a company registered in Victoria and the Director of the Company is a female.

The person running On Track Trading is presently unavailable but his location is not a secret, nor is the name of the female director. These details are listed on company records.

Peter is not the person who has been receiving the funds for On Track Trading. The funds have gone into the trading accounts for the bookies who were managing the betting.

Peter was receiving a wage for running the administration side of this company for the owner, until his wages ceased in the early months of 2012, when the company based in Victoria appeared to be entering into financial difficulties. I am aware that the amount of withdrawals in an enclosed period against the number of clients instigated a conflict in cash flow and the company could no longer trade.

Peter unfortunately has had no choice to remain as spokesperson for this company as the person running this company prefers to remain annonymous in Victoria, and all clients of On Track only appear to have Peter's contact details.

The person running this company in Victoria has run into difficulties, I am fully aware, in repaying some client's investments but I am aware that he is still actively trying to secure funds to repay the clients who are in arrears. I am also aware of phone calls to Peter from the owner in Victoria, where Peter was advised dates that repayments for clients would be received, July 2012 etc, but unfortunately these payments from the person running the company were not able to be realised for whatever reason.

Peter was then passing on these dates to clients because those dates were what he had been advised.

Peter also has considered changing his phone number so as not to be on the receiving end for the problems with On Track when he no longer works for this company and hasn't for many months, but he has decided that this would show very poor credibility for himself when he was the original contact.

I am not aware how long these client repayments will take to be realised from Victoria, but they are certainly not Peter's responsibility to fulfill.

In fact Peter has enlisted some months ago the services of a large Brisbane Debt Collection agency to investigate where the original client's deposits went, or who has ended up with them, where the funds are now or what has happened to them.

There is also mention on one of the blogs on this website of a betting or similar company registered to Peter in 2009. This company was apparently registered in McKay and other places.  Peter was at that time in 2009, a manager of a software company in a commercial site in Bundall and was asked to be a director of the company as management was not in a positon to do so at that time.  Peter obliged as he was an employee on a weekly wages for about 18 months with this company, but other than assisting them with his name as a director, he had no inside involvement with the company, had nothing at all to do with the funds from client investments or company finances.

Peter ceased his employment with this company and ceased earning a wage from this company around 3 years ago. This company is still operating in a similar situation under a different name on the Gold Coast. 

So once again your blogs concerning Peter Nolan are defammatory and legally incorrect.

For the record also, there is mention of Peter living in a nice house in Sorrento and has children in leading private schools. People should be very careful of making defammatory and personal comments regarding others as legally there can be serious rammifications.

Peter does not presently have any property and hasn't for several years.

The house in Sorrento is leased.  The house is paid for by my parents as my payment in a private business family arrangement that has been in our family for more than 20 years. The children are my children, not Peter's, and attend private schools due to the personal family business arangement relating to my family that has nothing to do with Peter.  The children also have a biological father who is also in business and contributes to their education.  So lets be very careful of our insinuations.

In the future I would prefer that a personal family home, immediate family and innocent children are not brought into your personal witch hunts to ascertain where your funds are.

As you can ascertain they have nothing to do with us and defammatory blogs and ramblings will also have to be dealt with ethically.

From the outside I am ascertaining that client's investments to On Track Trading were at best an extreme high risk investment, and one where gains and losses can be large.  Like all gambling investments.

Please do your research correctly, be very careful what you post to ensure truth and accuracy and then you may be in a position to accurately gain information as to where your funds are located and held.

I will make no further posts or responses to these blogs.
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#4 Consumer Comment

Peter Nolan Ontrack Trading

AUTHOR: tim - (Australia)

A pattern emerges as more info comes to light. Is there anyone who has been paid in full? At least Sage got 4 grand back. So far, I cant even get an email reply. So what do we do? How do we go about pursuing this guy? Are all the others out there content to just sit back and say goodbye to their "investment" and wait for good ol Pete to re-emerge in a different disguise and do it all over again? Goodness knows how much they scammed and are the AUthorities doing anything about it? Do we have to lodge a police or ASIC report? Never been in this situation before so dont know where to start.

Tim
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#5 Consumer Comment

Peter Nolan On Track Trading/Betting

AUTHOR: Sage - (United States of America)

My husband was introduced to this supposedly good thing by a friend who was doing alright and getting good returns even though he had to chase his money constantly.

After much convincing we put some money in (thank goodness not the initial amount of $10,000). After a few months our account was up to around $20,000.00. We asked to withdraw $12,000 around August September 2011. After many many emails requesting this money we finally got $4,000 out of them in December 2011, still owed us $8,000.

Again sending request after request for the $8,000, every excuses under the sun was given, new trading terms, higher commission rate (of course), computer problems, data base crash, Peter away on business etc etc, nothing was paid out.

All the while though they continued to trade and our account balance got up to around $40,000.00. Even when the email came about the company ceasing trading and money would be paid out, still nothing. I am really angry with this bloke and even though we have got most of our initial investment back and we are just a drop in the ocean compared to some others I feel he needs to be brought to justice, made accountable, exposed for who he really is.

I want him to see what he has done to the average mum and dad investor that signed up for this. We need to get some answers (let alone money) I don't want people to give up the fight, we need to band together and approach this head on and stop it from happening to anyone else!
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#6 Consumer Comment

On Track Trading Peter Nolan

AUTHOR: tim - (Australia)

I just wish to confirm all that Andrew of Mt Eliza stated in his report on Peter Nolan to be true. The link through AFL clubs came from Brisbane Lions where there were a number of OnTrack syndicates operating. My experience (and I have all statements electronically archived to prove it) involves the same as Addrew with the 3 months expiring september 25th - emails are not responded to - it seems my $6156 has gone North - initial input was $2000 and the statements minus initially 10% commision and then 20% commission - a warning sign that we ignored - indicate a balance of $6157 but alas in spite of repeated emails, nothing has appeared in my account. I have OnTrack Trading BSB number for Bank of Queensland but I am betting there will be nothing in the account. Would be happy to follow up on what is clearly a scam rip off that sucked people in by initially returning money - it won over a lot of people, lots of AFL people and now we have nothing. They need to be held to account.
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