This lady and her partner are career scam artisits and crooks who scam people out of their money with a fake association promising services that they don't deliver, a car and home program and an illegal investment schem that promoses high interest offshore and provacy. See what the FBI and Utah officials say
For Immediate Release
January 23
Four accused of running investment scam
investigators looking for alleged victims
You may have lost money and not even know it. The Utah Attorney General's Office has filed felony charges against four executives with Alternate Business Capital for allegedly bilking hundreds of investors out of millions of dollars. Now investigators are trying to find the money and all of the alleged victims.
Alternate Business Capital (ABC) is based in Corona, California but has an office in Sandy and conducted seminars in Utah. ABC is also affiliated with Mutual Benefits Union Corporation (MBU), Pro-Fin and Sell More.
According to court papers, ABC and MBU gave seminars in 2001 and 2002 that promised investors the same opportunities available to rich people. ABC and MBU said the money would be pooled into one or more of three programs with annual returns between 6% and 300%. Two of the three programs also offered a 100% guarantee on the principal and returns. However, many investors say they haven't been able to recover their money and that the company made many misrepresentations, including:
MBU is 57 years old and is the world's fourth largest financial institution.in reality, the company was incorporated in 1998 and incorporation papers have been revoked.
The company is exempt from the SEC and IRS and has two attorneys for every state to assist members with financial problems. Actually, ABC and its affiliates did not qualify or seek an exemption from securities laws.
The president of MBU successfully fought allegations that she operated a pyramid scheme called Credit Development International.instead, the FTC issued a permanent injunction against her on June 23,1998.
Bonnie J. Kunz, 39, South Jordan; Michael Q. Spencer, 49, West Jordan; Nia S. Cano, 52, Huntington Beach, California; and Francisco "Frank" A. Candedo, 31, San Diego were all charged on January 17 with multiple counts of securities fraud and racketeering. Cano, Candedo and Kunz were arrested in Las Vegas and are being held in the Clark County Jail. Arrangements are being made for Spencer to surrender to authorities. All defendants are presumed innocent until and unless proven guilty.
On July 11, the Utah Division of Securities issued an emergency order to cease and desist against ABC, MBU, Kunz and Spencer. Assistant Attorney General Charlene Barlow is prosecuting and the Utah County Sheriff's Office and the Utah Division of Securities are conducting the investigation. Anyone with information about this case should contact the Utah Division of Securities at (801) 530-6600.
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