World Asset Group

Stock and Bond Fraud, including Boiler Rooms / Pump and Dump Schemes, Mutual Fund & Hedge Fund Fraud, FOREX scams, plus Churning, Private Placements, Venture and Bridge Funding, IPOs, Viaticals Fraud, HYIP and Prime Bank scams, MTNs, Historical Notes, Recovery Schemes, etc. Includes the Jim Norman Project and the Michael Dotson Project and similar HYIP scams.
Rat River Trapper

World Asset Group

Postby Rat River Trapper » Tue Sep 13, 2011 9:32 pm

The time tested (at least for the fraudsters) standby letter of credit "leasing" scheme is apparently alive and well. "World Asset Group" is promoting a SLBC leasing programme to the Los Angeles, CA Chinese community via posts in English and Chinese on Chineseinla.com See: http://www.chineseinla.com/f/page_viewt ... 90348.html

The offering contains numerous red flags, but the most glaring indicator of a potential fraud scheme is the claim to be able to "lease" a standby letter of credit. SBLC's do exist, and are governed by the International Chamber of Commerce Uniform Customs and Practice for Documentary Credits.

In legitimate business, a standby letter of credit, which is issued by a bank, is most often used to guarantee performance or to strengthen the credit worthiness of a customer in a SINGLE transaction. Normally, the transaction is secured a letter of credit, and the SBLC is a secondary mechanism to ensure payment to the beneficiary.

The standby letter of credit assures the beneficiary of the SBLC of the performance of the customer's obligation. The beneficiary is able to draw on the SBLC by presenting evidence to the issuing bank that the customer has not performed their obligation to pay. The bank is obligated to make payment if the claim presented complies with the terms of the SBLC.

SBLC's have an expiration date expiration date, which can be either a calendar date, or when the underlying business transaction has successfully completed.

Leasing of SBLC's does not occur in the legitimate business world, nor are they sold at a discount to be used as an investment vehicle.

Red Flags contained in the offering document:
    "Leasing" of a Bank Guarantee of SBLC - these do not occur in legitimate transactions
    Implied use of the SBLC as an investment vehicle, which they are not.
    Reference to "Top 25 World Banks" - not a reference used in legitimate transactions.
    Term of SBLC: "One year and one day" is not used in legitimate transactions.
    More than one issuing bank. Not done in legitimate transactions involving Letters of Credit.
    Transfer of document via Bonded Courier. Why? Most legitimate letter of credit transactions are processed electronically.
    Improper SWIFT codes for the type of purported transactions involved.

The offering is attempting to target the Asian Community, and may be a good example of a potential affinity fraud.

The website advertised by the post, worldassetgroup.com, when opened, is simply an e-mail portal. A whois lookup reveals the following location on Ice House Street in HongKong. Curiously enough, that address is the same location and floor for the Bank of New York's HongKong branch. The building is a general purpose 14-storey office building and likely houses a variety of tenants.

A search for the registrant, one Mssr. David Molina, reveals numerous business adverts listing worldassetgroup.com as a marble trading company. Marble and multi-billion dollar bank instruments? Sounds like a very diverse company.....

See this link: http://www.stonebtb.com/davidmolina162/video/
Unfortunately, the video does not appear to function, and we cannot get a peek at Mssr. Molina. He has, however, posted his resume on another website. http://www.postjobfree.com/resume/zaunw ... i-fl-33196


Given Mssr. Molina's claimed "background" in domestic and international finance, one would expect that he has, or had a securities license in the United States. A FINRA search does not reveal one. At one point Mssr. Molina did apparently have a Florida real estate license.

How Mssr. Molina, an apparent Florida resident, manages a multi-billion dollar company located in HongKong, China, is uncertain. Prior to investing any funds with this company, a prudent person would certainly want to ask numerous questions as part of their due diligence.


-------------------------
World Assets Group Limited

New Henry House
10 Ice House Street, Hong Kong 100
Hong Kong

Registered through: GoDaddy.com, Inc. (http://www.godaddy.com)
Domain Name: WORLDASSETGROUP.COM
Created on: 14-Feb-09
Expires on: 14-Feb-19
Last Updated on: 07-Sep-11

Administrative Contact:
Molina, David info@worldassetgroup.com
World Assets Group Limited
New Henry House
10 Ice House Street, Hong Kong 100
Hong Kong
+0.85228779255 Fax -- +0.85228779255

Technical Contact:
Molina, David info@worldassetgroup.com
World Assets Group Limited
New Henry House
10 Ice House Street, Hong Kong 100
Hong Kong
+0.85228779255 Fax -- +0.85228779255

Worldassetgroup

Re: World Asset Group

Postby Worldassetgroup » Sat Feb 08, 2014 12:33 am

David Molina was a consultant for World Asset Group, his job was terminated on Oct 30, 2011.
We've never been involved in BG/SBLC Leasing Business.

Li Huang - COO
World Asset Group


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