As an intermediary wealth manager and advisory, Aspen Asset Management Ag, provides its clients with trading recommendations for private equity trades across Asia. As a new client, Aspen Asset Management AG will suggest to its clients to take a position in a private company that it claims is a target for hedge fund takeover.
They will suggest that you can buy shares for $1 and that they have the sale of the shares locked in at a much high price, say $2.85. They will confirm that date and time of the expected sale transaction and will tell you that the hedge fund has already put the money in the escrow account so there is zero risk for the transaction not to complete. They will provide you will a receipt and a statement of account when the shares have traded.
Moreover, separately you will be able to confirm with the share registry of the company whose shares you have purchased to confirm that you have acquired the shareholding. A week or two after you have sent your money and you follow up to confirm that the sell transaction with the Hedge Fund has completed, they will positive first of all, but will then respond with an excuse that the transaction is incomplete because of a factors outside of their control.
Moreover, they will suggest that the transaction can be completed but it will require you to top of your shareholding to increase the volume that’s required to fulfil the proposed transaction. Once you have fallen for this, they will manufacture another excuse next time around, which will be what they call ‘equity bonding’, that is buy more shares in the target company that is providing the hedge fund with a bond to ensure that the transaction is completed……and so it goes on…..rinse and repeat. In the end, they will tell you that you can’t be part of the trade to the Hedge Fund because you don’t meet the criteria required and now you are stuck with the shares.
Now the real problem is that the company that you are buying shares in is in a company that either doesn’t actually exist or if it does exist, it’s a penny company that they have sold you in to for a dollar. Again, if background check their details, you will find it’s a company with a website and has been registered for a few years.. Don’t be fooled by press releases found on the internet. It’s unlikely to have any personnel associated with it for good reason…
So how does Aspen Investment Management AG benefit out of this? Firstly, it the traditional wealth management fees which they are entitled provided they have no other conflict, however, they are selling a dud investment with either possibly fake share certificates, or have simply misrepresented a penny stock that they have sold you into for a dollar.
As the client, requests a trade out of stuck trade, they will tell you that they need to focus on completing the Hedge Fund trade before they can look at liquidating your shares at a fraction of the price you paid for them. They will put you in a precarious place financially and then offer a rescue package, this is what charlatans do.
This is exactly what happened to me, Christian Lawrence was the ‘account manager’ and came across as a slippery used car salesman, perfect for the role conman on the occasion, in my opinion.
My advice is to stay far away from Aspen Asset Management AG, they are not reputable as they are running a fraud deception scheme and are currently under investigations by the authorities in South Korea, Hong Kong and other jurisdictions.