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No Charity, Only Ponzi Scheme: ASJ Forex was Unmasked and Run Away

2022-12-01 Brokersview

Recently, an investor claimed that he was surprised when the website of ASJ Forex was suddenly shut down while he was still in the process of trading. And he couldn't get back the more than $2,000 he had invested, so he suspected that the company had run away with the money.

BrokersView began trying to contact the broker after receiving this complaint, only to find that the scam was much more complicated than we had imagined.


About ASJ Forex

In May of this year, BrokersView exposed ASJ Forex as a scam.

ASJ Forex previously claimed to be a Hong Kong-based company regulated by "FinCEN and FINTRAC", but this is not the truth. Because the so-called "US FinCEN and finrac" are not forex regulators, and there is no information about the company on the websites of the US, Hong Kong or Canadian forex regulators, it is clear that this is a scam. 




Acting under the slogan of charity and doing fraudulent things

According to ASJ Forex's Facebook, we found that the company has been using the "Good and Happy Association (善乐社)", a "charity group", to create a "good corporate image ". One rarely saw Forex-related content in the posts, and there was only one post that briefly introduces the company. Until June this year, the account has been updating with posts about the company's charity events, but the last update stopped on June 27. And we are currently unable to contact the company through the WhatsApp account on its page.



Our staff then expanded the search and found a Facebook account named "ASJ FOREX Global Malaysia" and contacted the owner named A, through the WhatsApp account associated with it.

Later, we accidentally discovered that A and his wife were both former members of ASJ Forex and also victims of this scam.


 



ASJ Forex members found themselves cheated after infighting

A man named "A" was one of ASJ Forex. According to A, his and his wife's previous job at this company was mainly to attract customers (referrals) to invest so that they could develop these clients into their own underlings. And as long as the customers made deposits, A and his wife would get a commission. At the same time, they themselves invested in this platform and had about a $7,000 balance. But A did not always get along well with his leader.


When the number of clients A developed was not satisfactory, his leader at ASJ Forex kept pressuring him and threatened not to share "trading signals" with him if he did not find more referrals.


Perhaps due to pressure from his leader, Mr. and Mrs. A. appeared to have chosen to falsify the number of underlings they had developed, but his leader discovered this while checking a list of IDs and names and ordered him to "well manage" his team.



A's leader also tried to charge him "extra fees" after seeing that he was making money, which made A very unhappy, and asked for a withdrawal. But it is not easy to get back the money that has gone into the scammers' pockets. As ASJ Forex first refused his withdrawal request and then used perfunctory ways to delay the withdrawal request and make A wait for the withdrawal. However, according to A, he has not received the money and he is not able to contact anyone at ASJ Forex.



We also found that the "ASJ FOREX Global Malaysia" account originally had some posts used to solicit clients, but these were removed when our team tried to understand the events in question.



BrokersView reminds you

The ASJ Forex scam is indeed more complicated than the usual scams we see. It claims to be a Hong Kong company, but according to social media and the various screenshots we have received, the scam is actually located in Malaysia, and it is unclear whether it has a physical address. Most importantly, ASJ Forex is scamming even its "own people", as the members who develop clients for it are also victims of the scam. 


We believe that with this pyramid Ponzi scheme, ASJ Forex may have more victims than we have seen. If you also have unrecovered funds on this platform, you can contact Service@BrokersView. And we also recommend that you report the case to the local and the Malaysian police.

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