This is actually pretty **** awesome. If you don't trust the guy don't use it. I know it's dangerous on the Internet to trust random people but I say why the hell not, I'm not giving him my credit card information or anything like that.
This app is great, I'd be willing to pay $.99 in the App store or Android market for something like this. If you're able to, PLEASE develop a LoL Forum application, take my money!
Edit: And to some of the concerns above me, remember, "Your password is never saved on the server. There is no database used by the app. The option for remembering your password saves it on your phone, not with us."