in China, UK, USA

Asia Beijing Corporation is running a recovery room scam, targeting Bar Works victims

Asia Beijing Corporation is cold calling victims of Renwick Haddow’s scam, Bar Works. Asia Beijing Corporation claims to be able to “exchange the toxic asset” for shares in Ant Financial Services Group. Of course, Asia Beijing Corporation is running a ridiculously obvious recovery room scam.

We’ll look briefly at Asia Beijing Corporation’s recovery room story, followed by the red flags raised.

Asia Beijing Corporation claims to be “involved in the preparation for the eventual listing on the stock exchange in Hong Kong or the United States of Ant Financial Services Group/Alipay”. Asia Beijing Corporation tells Bar Works victims that Ant Financial needs UK individuals as shareholders so that it can list on the London Stock Exchange.

“That is the reason why,” Asia Beijing Corporation writes in an email follow-up to its cold calls, “Asia Beijing Corporation is interested in exchanging your investment from you for a small profit in exchange for shares in Ant Financial Services Group/Alipay at no additional cost to you.”

Obviously, this is all nonsense.

Here are Asia Beijing Corporation’s red flags:

Asia Beijing Corporation is cold calling Bar Works victims

red flagHow does Asia Beijing Corporation know who has invested in Bar Works? The answer is that the names are on a “sucker list”. These lists consist of names, addresses, phone numbers, and background information about victims of scams.

Boiler room operations collect details about the people they have scammed. Scammers sell this information, called “sucker lists”, to other boiler room operations.

Asia Beijing Corporation does not appear in a Google search

red flagA search on Google for “Asia Beijing Corporation” gives no results. And a search for 亚洲北京公司 (Asia Beijing Corporation in Chinese) gives only eight results, none of which shed any further light on the company.

That’s pretty strange for a company that claims to have been founded more than 20 years ago.

It’s even stranger for a company that claims to be involved in the listing of Ant Financial Services Group.

Ant Financial is the biggest financial technology company in the world. There are more than 60,000 news stories about Ant Financial listed on Google. Yet not a single one mentions Asia Beijing Corporation.

The company’s website is obviously fake

red flagA quick look at the company’s website (www.beijingmagroup.cn.com) reveals beyond reasonable doubt that Asia Beijing Corporation is a scam.

The website states that,

Based in Beijing, Asia Beijing Corporation main focus of business since formation in 1997 has been in the procurement of mergers and acquisitions consulting, merchant banking services, real estate investments linked with corporate finance options and solutions along with legal, fiduciary and structural products.

But the website provides no information about what the company has actually achieved, which corporations the company has worked with, who formed the company, who is on the company’s board, anything about the company’s history, or any annual reports.

The company’s website was registered in October 2016. Which is peculiar for a company that claims to be more than 20 years old.

The website includes a photograph of three men in suits, giving the distinct impression that these people are employees of Asia Beijing Corporation:

In fact, it is a photograph of Cui Tiankai, China’s Ambassador to the United States, at the United States China Business Council in June 2013.

Asia Beijing Corporation doesn’t seem to know when the company was founded

red flagOn its website, Asia Beijing Corporation claims to have been founded in 1997. But an email sent out as a follow-up to a cold call, Asia Beijing Corporation attached a Chinese Business Licence which states that the company was founded in 1995 (click on the image for a larger version):

It’s slightly out of focus and difficult to see, but Asia Beijing Corporation provides a translation:

成立日期:4月12日1995年
Date of Establishment: April 12th 1995

Incidentally, the Business Licence gives the name “Roger Green” as the legal representative of Asia Beijing Corporation. But a search on Google for “Roger Green” Beijing gives no relevant results.

Asia Beijing Corporation claims to be an agent for Bar Works Management Incorporated

red flagAlso attached to the follow-up email is a letter supposedly from the China Securities Regulatory Commission to Asia Beijing Corporation, dated 5 October 2017. The letter is gibberish.

It starts by quoting from China’s Securities Law. Specifically By-Law 17, Notice 23. But a search on Google for “By-Law 17” Securities Law China gives no relevant results. Neither does a search for the first sentence of the By-Law.

The letter then quotes “a letter of confirmation from the American regulators with respect to your company’s takeover of Bar Works Management Incorporated”.

There is a large, glaring problem with this. In October 2017, when the letter was supposedly written, the US Securities and Exchange Commission was suing Bar Works and Renwick Haddow through the New York Southern District Court.

Why would the SEC allow any company (let alone Asia Beijing Corporation!) take over a company that it is pursuing through the courts?

(Last week, Judge Lorna G. Schofield, in her final judgement, imposed penalties of more than US$83 million against Bar Works 7th Avenue, Bar Works, Inc, and Bitcoin Store – three of Renwick Haddow’s scam companies.)

Here’s a screenshot of the letter (click on the image for a larger version):

The letter is signed by Zhui Choi, supposedly the Director of the Department of Intermediary Supervision at the China Securities Regulatory Commission.

But (surprise, surprise) Zhui Choi is nowhere to be found at the Department of Intermediary Supervision. Neither is there any trace of him at the China Securities Regulatory Commission.

If you are contacted by Asia Beijing Corporation (or any other company that claims to be able to “exchange” your investment in Bar Works for shares in another company) please report them to Action Fraud, the Financial Conduct Authority, and the Securities and Exchange Commission.

 

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18 Comments

  1. @mike – Thanks for the comment. I hope you reported the call to Action Fraud, the Financial Conduct Authority, and the Securities and Exchange Commission.

  2. Now they use:

    Richard Peter Marsden

    VP, Mergers Acquisitions
    Minority Shareholder
    Director, Member Audit Committee

    Shanghai Yuan International Group
    Shanghai City Time Square Office Tower, Annex P.H.
    Huaihai Zhong Road, Luwan District
    Shanghai, PRC 200021

    Phone: +862 151 167 174
    Web: Web: http://www.shanghaiyuan.cn.com
    Email: rpmarsden@shanghaiyuan.cn.com

    What is the Fraud, when they not want new money?
    Why they do it?
    What is the pourpose?
    What is the damage?
    How they earn on it?

  3. But now Richard P Marsden and his side kick Jeremy now wants more money to buy more shares because you are not a majority shareholder…
    That’s how they make their money…. I just spoke to both of these guys today requesting payment to receive 2000 shares so then the final payment can be made…

  4. It looks like I have fallen for another scam, the two people mentioned, ie Richard & Jeremy got $15000 off me, I was a BarWorks investor.

  5. @Barry Simm – I’m sorry to hear this. Unfortunately you’re on what the scammers call a “sucker list”. Richard and Jeremy won’t be the only recovery room scammers contacting you. You can read more about sucker lists and recovery rooms here.

    A few years ago I wrote a post about what to do if you’ve been scammed into buying carbon credits as an investment. I know Bar Works wasn’t selling carbon credits, but the list of suggested actions still applies – particularly the last two (what not to do).

  6. I think Corserve are doing the same, with pink tickets on Prime Time.

    Dear Mr. Radford,

    I just want to inform you that the compensation process is going according to the schedule. I have personally paid out a few clients in United Kingdom just this past week but I am a bit worried because I haven’t had any news from you and your case is falling behind the normal schedule and it would be a pity you missing on this. If you need confirmation I could try to see if I can put you in contact with one of the clients that already got paid so you can share your experience with someone that has already been through the entire process in your native language. Please contact me so I know where we stand with your case.

    Regards,

    James May
    Senior Vice President of Accounts
    Coreserv Financial Services Inc.
    Phone: +81 6 4560 4026 Ext. 2042
    Fax: +81 6 7635 8547
    james.may@coreservfs.com

  7. I believe I have been scammed. Please advise. I recognize the names Richard Marsden and Jeremy.

  8. This is a very wide ring of scammers. I’m a former Bar Works victim fallen prey to this in a big way. Actors involved:
    Jeremy Phalen: Shanghai Yuan International Group
    Jeremy O’Brien: SYIG. Reported to have suffered a stroke on 03 Jan. No doubt false.
    Mark Blake: CEO Ping An Financial Group
    Ellis Lawton-Smith: trader, PAFG
    James Delaney: compliance, PAFG
    Wallace Longshore: unknown, working with both SYIG and PAFG in Mexico?
    Zui Choi: supposedly China Security Regulatory Commission
    Ming Hong:supposedly CSRC

    Alipay shares ‘purchased’ and were to be paid out in August 18. Many intervening ‘factors’ which prevented this. Any investment is now worthless. SYIG has gone off grid as of 16/01. I will be reporting this to Shanghai police once I figure out how to do this. I’ve contacted a lawyer in China at the advice of the British Consulate Shanghai.

    There may be 40 or so victims to this latest scam. The perps are sophisticated and most likely covering their tracks.

  9. @Tim Pavelle,
    Please drop me a line at barworksfight@gmx.com.
    I don’t know anything about Asia Beijing Corporation or any of the names that are mentioned in this blog, but you were a Bar Works investor who was then tricked into investing in bogus shares in Alipay. We have a client who was also a BW investor who was tricked into investing in bogus shares in Alipay, along with bogus Spotify and Tesla shares.
    Ultimately we have reason to believe all roads lead to the same scam group. It is not an easy or quick process because the scams are very well constructed, but we are in communication with prosecuting authorities over the Spotify, Alipay and Tesla scams.

  10. Calling all investors scammed by Shanghai Yuan International Group, Asia Beijing, Ping An Financial Group. Comment on this and let’s get in touch.

  11. I have been scammed a substantial amount too. Started with China Beijing Mergers and Acquisitions seeking to transfer shares I held in Global Energy Systems. Next was the funds being converted to shares in Alipay IPO and moved to Shanghai Yuan International Group (SYIG). More Alipay IPO shares were granted/purchased, reviews undertaken by US Regulators/Mexican Regulators/ Canadian Regulators and China Regulators assessing Withholding Taxes plus exchanges. Names I have dealt with by phone/email and correspondence are; Brad Jacobs, CEO, China Beijing Mergers & Acquisitions, Robert Jacobs (Brother), Director Compliance, China Beijing Mergers & Acqusitions, Xi (Mike) Phung,Chief Attorney, Legal Department, China Mergers & Acquisitions, Sun Zhiqiang, Director General, National Taxaction Bureau, State Administrationof Taxation, Foreign Non-Resident Division, Jeremy O’Brien CEO, SYIG, Ellis Bentley, Vice President, Private Equity, SYIG, Zang Qiang, Legal Director, SYIG, Lucy Pritchard, CFO, SYIG, Zang Qiang, Director Legal, SYIG, Sheng Laiwa, Chief Financial Officer, SYIG, Zhui Choi, Director, Department of Intermediary Supervision, China Securities Regulatory Commission, WU Maggie, Vice President, Finance ALIBABA (China) CO., LIMITED, Jason Booi and Hongbo, Directors, International Settlement, Internetional and Commercial Bank of China. Wallace Longshore, Director, Business Banking, MATRIX INDUSTRIAL S. A. DE C. V. ESCROW ACCOUNT, China Construction Bank (based in Mexico), Ernesto Gromez, Director Institucional Accoines Comercio, BBVA Bancomer Mexico.

  12. Kevin, I feel your pain. Feel free to contact me on alipayscam@yahoo.com and I can discuss my situation.

    There must be many, many more people impacted. Please drop me a line at the address above. We need to unite in a common and private forum.

    Tim

  13. @Kevin – It’s up to you whether you write to @Tim Pavelle or not. But please bear in mind that he’s just some guy on the internet. He could be anyone. He’s commented a couple of times on this post, but beyond that, I know nothing about him.

    If he (or anyone he introduces you to) asks for money, or private information, I would recommend the Arkell v. Pressdram response.

  14. Chris, good points and I respect you for calling this out. Happy to discuss on this forum or other. Too many people have been hurt by these guys.

  15. As I prepare my financial accounts and look toward recovery from this scam, I only hope others come to this forum to determine what we can do to. Get in touch using this forum and let’s move forward.