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ACE Holdings Bhd: RM814 Million Scam

In April 2019, the Securities Commission Malaysia (SC) told the public that ACE Holdings Bhd had issued corrective disclosures on 1 April 2019 after the sections the watchdog had issued on 11 December 2018.

As a result, ACE Holdings Bhd aka ACE Group had to issue an unconditional redemption offer to all investors who had placed private investments between PPM 2015 and 2018. 

—— Start of Notice—–

DMCA Notice by ACE Holdings BHD, aka ACE Group

It seems ACE Holdings BHD has hired the services of a Reputation Agency to try and suppress this page. Yesterday, they filed a Copyright Notice with Google to take down this link from Google’s search engines.

You can see the notice at – https://lumendatabase.org/notices/28231736

Since this is a critical review and a newsworthy story, ACE Holdings is not aware that this falls under the fair usage policy of the copyright law. Appropriate counter notice has been submitted with our contacts at Google and we’ve been told that this article will be reinstated with Google within 7 business days.

Due to this attempt by Internet Removals Pte Ltd on behalf of ACE Holdings, we’re now looking deeper into this shady company and will soon be publishing our latest findings on Gripeo, and our other network sites plus a handful of friendly portals and media houses. We intend to bring the facts and maximum exposure to potential customers (and victims) of ACE Group.

—— End of Notice—–

Note that ACE Holdings Bhd aka ACE Group had raised RM814 million during this period and now had to return the entire sum to the investors. 

The Securities Commission Malaysia released a notification about this matter on 4 April 2019 for the investors. At the time, they had 21 days to submit their application to get the refund. 

Also, SC had recommended the investors to seek professional financial advice in case they had any doubt or confusion regarding the matter.

Why Did ACE Holdings BHD (ACE Group) Get Sanctioned?

The SC had sanctioned the private investment firm for using false and misleading statements while promoting its fund-raising projects. 

For example, the company used to market one of its fund-raising projects as “ACE Credit Sdn Bhd offers potential subscribers a stable investment in the consumer credit industry with security dividends from an increasing cash flow.” 

Their promotion also claimed that it had a business model which generates recurring income with constant growth and a “rising standard of living”. 

ACE Holdings Bhd aka ACE Group modified it to “AHB provides investors with a unique investment opportunity in the consumer credit industry”. 

ACE Holdings Bhd had been trying to acquire Apex Equity in 2018-19 and in February 2019, the SC granted a conditional approval for the proposed merger between Mercury Securities Sdn Bhd and Apex Equity. 

What was the condition for this approval? The SC wanted ACE Investment Bank Ltd to exit the deal. It was a subsidiary of ACE Holdings Bhd which is now popular as ACE Group. 

Furthermore, ACE Investment Bank Ltd didn’t agree to these terms. It was unclear if the SC had explained the reason why they imposed such a specific condition onto the deal. 

The Aftermath: 

Apart from the changes I mentioned above, ACE Holding Berhad also disclosed that its present authorized and paid up share capital was at 50 million ordinary shares of RM1 each. Prior to the sanctions, they used to claim the figure was 100 million ordinary shares of RM1 each. 

Also, the company changed a statement for PPM 2018 to reflect the raising of funds exceeding RM250 million under PPM 2016. 

Furthermore, they used to claim that they had raised funds for investment in Islamic financial products such as Islamic capital market activities, Islamic pre-IPO investments and the Islamic credit industry. 

In reality, they used RM142.47 million for shares, RM64.7 million for internal financing, RM33.72 million for property, RM79.95 million for retail financing and RM423.42 million for corporate financing. 

They didn’t use the funds for what they had raised them. 

At the time, ACE Holdings Berhad had shares in

OCR Group Bhd

ConnectCounty Holdings Bhd

Sanchem Holdings Bhd

Apex Equity Holdings Bhd

Technodex Bhd

People Behind ACE Holdings Berhad: Board of Directors and Owner: 

The Group Managing Director and ACE Group CEO is Annie Chang aka Chang Al Nee. She is also the founder of the company.  

Similarly, Choong Chee Meng, Calvin is the Group Executive director. And Yeo Wee Sun, Sunny is the Group Director, Group Managing Director Office. 

The Group Chairman of ACE Holdings Bhd is Ybhg. Tan Sri Dato’ Seri Dr Ting. Also, Tuan Yang Terutama Tun Dato’ Seri Utama Ahmad Fuzi Bin Haji Abdul Razak is the Eminent Shareholder of ACE Group. 

Conclusion: Should You Invest with ACE Holdings Bhd (ACE Group)?

After seeing how ACE Holdings Bhd lied to its investors in the past, it’s very difficult to recommend this company. They have faced reprimands from the SC Malaysia and had to return millions. 

Certainly, it’s no small matter. 

Seeing the history of the company, it would be best for investors to steer clear of this investment firm. There are plenty of better and more reliable investment companies in Malaysia. You don’t have to choose the one with a terrible past.

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Letter from Aterso01 Debt collection agency: Know The Truth

Did you receive a letter from the Aterso01 collection agency? If so, you must be worried about what this letter means to you and whether you should pay your debt or contact your lawyer. I will explain the facts, and you decide whom to contact!

Let’s get started…

The debt collection agency that has raised controversy is Aterso01(Aters001), allegedly a branch of Convergent Outsourcing Inc.

Questions about Aterso01’s legitimacy and connection to Convergent Outsourcing have emerged, as numerous complaints and allegations point to dubious practices.

This article will unravel the truth about Aterso01’s methods and its possible affiliation with Convergent Outsourcing.

Additionally, we will explore ways for consumers to protect themselves and avoid falling victim to any potential fraudulent activities.

Is Aterso01 a Scam?

Although Aterso01 is not BBB accredited and has a low rating of 1.37/5.00 on the Better Business Bureau, its legitimacy remains questionable. Their postal address is reportedly linked to the Commonwealth Health Billing Office in Oaks, Pennsylvania. Keep in mind:

Lawsuits: No information on lawsuits involving Aterso01 could be found.

Regulatory authorities: Lack of an official regulatory status.

Reviews: Negative reviews on BBB.

Origins: Unclear connection with Commonwealth Health Billing Office.

Proceed with caution if dealing with Aterso01.

The Link Between Aterso01 and Convergent Outsourcing

Various observations make it evident that Aterso01 and Convergent Outsourcing have a connection. Here are a few key points:

Shared Headquarters: Both organizations are located at 800 SW 39th St, Renton, Washington 98057-4975.

Common Website: They share the same website address, although according to the BBB website, Aterso01 is believed to be out of business.

Letters from Aterso01: Many people received letters from Aterso01 with Convergent Outsourcing’s address, suggesting a relationship between the two.

Aterso01 as a Convergent Branch: Aterso01 is reported as one of the 25 branches of Convergent Outsourcing.

However, there are some differing aspects:

Different Names: Aterso01 is the only branch unrelated to Convergent’s name, raising suspicions.

Debt Collection Activities: Convergent Outsourcing has a long history of debt collection for various sectors and is on the US debt collectors list, while Aterso01 is not.

Based on the evidence, it’s reasonable to deduce that Aterso01 is a branch of Convergent Outsourcing Inc. However, always exercise caution and verify the legitimacy of any debt collection letters or contacts you may receive.

Reach out to the Consumer Financial Protection Bureau or the Federal Trade Commission (FTC) for assistance if needed.

How to Handle Aterso01 or Convergent Outsourcing Inc. Dubious Practices

To deal with potentially dubious practices from debt collection companies like Aterso01 or Convergent Outsourcing Inc., it is crucial to:

Confirm the authenticity of calls or letters, and avoid settling debts through online methods, phone, or mail without verification.

Refrain from sharing personal information with unknown callers, which could lead to false debt claims.

Avoid purchasing items with questionable history, which could result in inherited debts.

When in doubt about owing a creditor, send a debt validation letter through certified mail to gather additional information, such as the amount owed, the creditor’s name, and the original date of debt acquisition.

Aterso01 and Convergent Outsourcing Inc collection letter sample.

Certified mail helps create a paper trail and receipt confirmation. Carefully review the validation letter for inaccuracies and file a dispute if necessary.

If you determine the debt is not yours, inform the agency to cease contact. You may also file a complaint with credit bureaus such as the Consumer Financial Protection Bureau if the harassment persists.

How online scammers manipulate you

Show “Relatable & Hopeful” Ad/ Cold Call

Online scammers often run ads on social media platforms and search engines such as YouTube, Instagram, Facebook, and Google. They might target a specific audience which depends up on the kind of scam. Online scammers invest a lot of money in marketing and branding, this is to ensure more people fall prey to their schemes. A relatable and hope-giving ad is shown to the target audience. And if you click on such ads, you will be redirected to a landing page where the next step of the scam takes place. By the way, if you click away from the landing page, chances are you will see the ads even more, as you become part of their “retargeting campaign”.

Sometimes the scammers directly cold call you, which is a common practice in offshore forex scams.

Schedule A Meeting With An “Expert”

Once you fill in the details required on the landing page, including your name, email, income, and goals, you are prompted to schedule a “free” consultation call. This call is usually with a self-proclaimed “expert” while they are usually manipulative salespersons. You will schedule it through a calendar app, which makes it feel very legitimate and gains your trust. In the call, they will read a test script to show you testimonials/screenshots of other “students” or “investors” who have made money. This is not solid proof and should be taken with a grain of salt. You will be asked to commit financially at the end of the call, such as purchasing their course or investing in their scheme.

Taking Money

Once the victim is convinced they are prompted to make a purchase or an investment. The amount of money will depend on the scale of the scam but it usually ranges from $3000-10,000 for fake guru scams and $20k-50k for forex scams.

Upsell The Victim

Once the scammers convince you to give them money, they gaslight you until your pockets are empty. They might entice you with increased profits or more reach or even an “opportunity of a lifetime”. This tactic works more often than you might expect and online scammers make a lot of money doing so.

Don’t Refund

After paying thousands of dollars, the victim might realize they have made a mistake and ask for a refund. Usually, scammers start ghosting the victim and blocking all contact. Sometimes, scammers gaslight the victim into thinking they are better off without fighting for a refund.

Optional: Delete Complaints From BBB, Trustpilot & YouTube

The victim might try to file a complaint online to prevent others from falling victim. However, online platforms such as BBB, Trustpilot, and Sitejabber have repeatedly received complaints alleging the deletion of reviews. So even when they try, victims are silenced and give up in a few weeks. That’s where we come in.

Consumer Protection Rules from Debt Collection Agencies like Aterso01

Understanding your rights under the Fair Debt Collection Practices Act (FDCPA), a national law governing debt collection for personal, family, or household purposes. Some of the rules include:

Debt collectors can only call between 8 am and 9 pm and are limited to seven weekly calls for a specific debt.

They must avoid abusive language, threats, and false statements regarding the amount owed.

Collectors cannot misrepresent themselves or credit-related information.

Ways of Improving Your Credit Score Damaged by Convergent

If Convergent Outsourcing has negatively impacted your credit score, consider the following options:

Request a goodwill deletion of the debt collection if you have settled the debt with the original creditor.

Engage a credit repair company to assist with removing the negative mark from your credit report.

Seek legal advice if all other methods are unsuccessful.

Remember to be vigilant about your rights concerning debt collection. Dispute any inaccuracies with the credit bureau. Validating debt collection letters from agencies like Aterso01 or Convergent Outsourcing can help protect your finances from deceptive practices.