MY Personal Experience:
Through a colleague at my work I was introduced to Daniel Seymour and the WFX Winmour Analyser software for FOREX trading. My colleague had for 3 months previously been using a software program that is supposed to be a live market analyser for the FOREX market. The software is supposed to analyse the current market and compare it to historical data, it was claimed it increases your chances of successfully trading from 45% to 80%.
It did this by connecting your Halifax trading account to the software and then analysing the Forex market live. It supposedly used historical data to assist it in making the buy in and sell decisions. Essentially a user was supposed to be able to switch it on, set the maximum loss they were willing to risk and then sit back an watch or make a cup of coffee. The analyser would then follow the markets and buy in and sell when it predicted you would have the best chance of making a profit. [continued below]....
..... If the markets turned and you hit your preset max loss level the software would sell so you didn't lose any more.
The price of the software was AUD$5000.00 we were told this was cost price as we were being introduced by a colleague who had had success for the 3 months previous and had tripled his initial investment.
Despite every fibre of my being telling me this was a scam, I was convinced by Both Daniel my Colleague and several other people wanting to buy the software, that it did actually work. So I decided to consider this as my colleagues had first hand experience and were giving the software glowing praise.
The sales agent called Daniel Seymour, did not look like a trader, he did not have any business card nor was there any mention of this software or the company on the web. I took the lack of information online to actually be in their favour as they said they had been operating for over a year and as such any disgruntled customers would have made mention of the company somewhere on the web. As there was no mention it seemed that the customers were probably as happy as my colleagues. Daniel also told us that we had to open trading accounts with Halifax bank and that because of the softwares success over the past year, we were eligible for discounted transaction fees. He was extremely proud of the fact that he was having face to face business meetings with people at Halifax bank and made it sound like the bank endorsed his software.
After about a weeks consideration I decided to follow my colleague and invest the $5000.00 to purchase the software. I was asking numerous questions and wasnt getting much in the way of answers except from my colleague who wouldnt shut up about how great it is.
On February 9th 2011, with much hesitation I handed over the $5000.00 cash (he wouldnt accept bank cheque, surprise, surprise!) I did however make an audio recording of the entire transaction on my mobile phone.
Daniel arrived and gave me a USB thumb drive which contained the software. He was also supposed to provide a windows based laptop as part of the package, but didnt bring it. (It would take another 3 weeks for me to receive the laptop.)
I had been told a few days prior that I would need to setup a trading account with Halifax bank, which i had done. The next step after receiving the software was to be shown by Daniel how the software worked and to paper trade for a week or 2 until I felt comfortable.
Because I didnt receive my laptop at the time of purchase I was unable to begin paper trading for several weeks.
During this time all my Winmour colleagues suffered significant losses. Some were following the "rules" set out by Daniel, others were attempting to manually trade, thereby not using the software at all.
A meeting was held about a week later which Daniel attended where 9 of us sat around discussing the losses and why the software was buying in when it was too risky, or buying in long when a novice trader was able to spot the trend was going the opposite direction. This is when my colleagues began to question the softwares effectiveness.
We had purchased an analyser program that was supposed to make the decision when to buy in and how to buy in. this was supposed to be coupled with support from the sales agent Daniel Seymour. We had know idea who the developer of the software was except that he was "a very smart man with years of experience". After a week of paper-trading and several weeks of watching my colleagues lose real money, I was convinced that the software didn't work. I called Daniel and asked for a refund.
He suggested we meet up, so several days later we met at a coffee shop. I asked for a refund citing my belief that the software doesn't work. He tried to convince me that it does, by showing me the past years trade data. It showed more loss than win. I advised that I wanted a refund as under Australian law I was entitled to one if the product did not match the description. He refused but said the only way it might happen would be for me to email the mysterious "Admin".
I have since emailed this Admin several times requesting a refund citing financial reasons as I had hoped it may increase my chance of refund. Instead all that has happened is several weeks of emails back and forth, with the Admin asking for more and more personal information in order to "investigate" my refund request. It is my belief that this Admin person is Colin Irwin from Moura QLD as he is listed as the Director of Winmour PTY LTD on the company search on the ASIC website.
The Admin person rarely answers any questions, they simply advise that they need more information for their investigation and then ignores you for another week. There is no postal address or office. The only contact I have ever met is Daniel Seymour and he never answers his phone. He lets it ring out, then sends a text claiming to be in a meeting and will call you back later that day. he never calls. The Admin only ever uses the generic email address: winmour[at]consultant.com. According to Google results the [at]consultant.com email address is popular amongst scam artists.
I (along with the people who invested in Winmour WFX Analyser at the same time as me) have questioned Daniel Seymour and asked for him to provide proof of the positive results from the 100+ happy clients he claims to have. We have received none.
I have also discovered that a Colin Irwin from Moura (population 3000) has been "disqualified from being a trustee or a responsible officer of a body corporate that is a trustee, investment manager or custodian, of a superannuation entity under subsection 126A(1) of the SIS Act" from a letter dated 20/08/2010
link to the letter:
It is my firm belief that this software is bogus, we were told it would increase our success rate on the FOREX market, but it has been proven by our own losses not to work. Daniel Seymour and Colin Irwin have registered the domain name www.winmour.com.au and intend to commence mass marketing their product very shortly.
I have written this report out of sheer frustration as Daniel and the faceless Admin refused to refund my money. Daniel also threatened physical harm. I have sent a copy of this letter to both the ACCC and ASIC. Please dont let anyone you know invest in this scam. I lost $5000.00 on the software. Daniel has already said the RRP is about to climb to $20,000.00 so the stakes will be a lot higher for anyone else who invests in this product.