Complaint Review: Glenalt Group - La Trades

Glenalt and LA Trades are a huge rip-off, it seems not only do they cease contact when you try to withdraw any of your money, they also lied about the nature of the investment itself! I have contacted ASIC to register a formal complaing against them, and in their first reply ASIC said "are you sure they told you they were trading shares, as they are actually involved in Sports Arbitrage"......*sigh* I was definitely told before I invested that they were trading in the share market, and no mention was ever made of arbitrage, I would NEVER have signed up for that!! So, I've asked ASIC to let me know what I should do next to try to get my money back, and am expecting to hear back as soon as they can.



To the Melissa from Brisbane who is collecting people who want to file against them - I'd like to join your group. I tried to reply to you as a 'rebuttal' to send you my email adress, but have not heard from you so am guessing it got edited out as yours did.

Glenalt and LA Trades are a huge rip-off, it seems not only do they cease contact when you try to withdraw any of your money, they also lied about the nature of the investment itself! I have contacted ASIC to register a formal complaing against them, and in their first reply ASIC said "are you sure they told you they were trading shares, as they are actually involved in Sports Arbitrage"......*sigh* I was definitely told before I invested that they were trading in the share market, and no mention was ever made of arbitrage, I would NEVER have signed up for that!! So, I've asked ASIC to let me know what I should do next to try to get my money back, and am expecting to hear back as soon as they can.



To the Melissa from Brisbane who is collecting people who want to file against them - I'd like to join your group. I tried to reply to you as a 'rebuttal' to send you my email adress, but have not heard from you so am guessing it got edited out as yours did.

Okay, so turns out they were just stalling me, since last update I have sent emails, faxed, and left many phone messages, all with no reply.
Bob Kennedy and Tony Mercury, if those are your real names (though at this point I seriously doubt it) you are lying scum - I've never bought into the whole religion thing, but at this point I'm rooting for Karma coming round and kicking you in the a*s.
I seriously doubt I'm ever going to see my money again, but I'll be joining in the class action another poster has mentioned. I'm also going to see what I can do on the internet to ruin your reputation and hopefully prevent others from falling victim to this scam.

It seems everything may be okay after all, and LA Tades are the good guys!!!

I have been contacted by an LA Trades customer service person, and explaned my situation, that being - I was told I could not touch the principal investment sum, but could always access the interest, it would take up to seven days to be transfered to my account after calling or emailing a request for trasfer. I had a few bills inconveniently all come due in Feb and so late Jan emailed LA trades and Glenalt and asked for $2000 of the INTEREST (NOT the principal sum) from my account. I did not get a reply, sent reminders, called and left messages, had to do a very inconvenient major last minute re-arranging of finances to pay those bills from other sources, and felt furious and let down that they had not fulfilled their side of the arrangement and had caused me MAJOR inconvenience, that it took a month and me making threats to get a reply, and that I wanted my money back including the interest and subscription fee.

The LA Trades rep explaned that the delays in comunication have been caused by a major upheaval and re-structuring, including the sacking of several Glenalt sales and customer service staff, and is arranging the closing of my LA Trades account and return of my money, and will also deal with getting my subscription fee back to me from Glenalt (THANKYOU BOB!!)

It seems that I was lied to by the Glenalt sales rep (who is apparently among those sacked) regarding the ease and speed of withdrawing money. Unfortunately I do need my money in an account I can withraw from within a predictable timeframe, so despite the excellent returns, this is not the account for me, and I will have to turn to a regular savings account with much lower return, but which I am able to access when I need it.

I wish that I could leave my money in and continue to make such high returns, but clearly this was never the right account for ME, and had I not been lied to, I would not have signed up in the first place.
However, If you are looking to invest and DONT need to withdraw your money, then the high returns may well make this the perfect account for YOU.

I am told it may take a couple of weeks to see my LA Trades money, and longer for the Glenalt subscription fee, but at least I know that I am getting it back (hopefully by the end of the month) and can plan my finances accordingly. I will update and confirm once I have my money back in my bank account.

THANKYOU LA Trades (and Bob in particular) for dealing with this :)