AFPA Trust Ltd Reports & Reviews (1)
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SCAMPULSE
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SCAMPULSE
If you know any contact information for AFPA Trust Ltd, help other victims by adding it!
Scammer's email [email protected]
Country United States
Victim Location OH 43235, USA
Total money lost $91,550
Type of a scam CryptoCurrency
But by March 2020, the firm began making policy changes without notice or consent. In March I tried to withdraw $2000 and was told there was a minimal 60 waiting period. Then, on March 30, the firm sent an email to all clients demanding an "SEC Tax" worth a sizeable amount of money based on the level of plan you were invested in. Fees ranged from $1000, to $2500, $5000 to $8500 to $16000. The firm would only accept money from outside sources; they would not allow deduction of the fees from existing profits. This was the first sign of a scam and I complained bitterly to the agent who recruited me and the "[email protected]" email that went to some anonymous persons at the firm.
Besides demanding the SEC tax within 30 days, clients were told their accounts were frozen from trades until the amount was paid. Thus, every client lost daily interest profits until the tax was paid. At $770/day, I was losing a lot of money. I pressed my agent further and was told if the amount wasn't paid that my entire interest holdings could be forfeit if I didn't pay the SEC tax. Everything about the SEC tax felt like a mob shakedown and nothing the firm provided eased that fear. At the risk of losing $27000 in interest, I paid the $8500 on a credit card.
The next blow came when the firm said the COVID crisis was forcing them to put all withdrawals on hold indefinitely. I needed the money back I had paid and was told I could not access it.
A month later, the firm said some withdrawals were allowed if you recruited two new clients. I had recruited only one, so my funds were still locked. I wrote complaints to the support email and rarely got any response and if so, responses were rude and favored the business. Clients were treated like dirt.
Throughout the summer, I refused to recruit any new clients because I did not trust the firm but still believed I would get my money out eventually. In August, I was dealt another blow when the firm sent me an email saying that because I had not recruited a second referral, my account would be locked again from daily trades at the end of the month (3 weeks from the date of the email). I did not have the minimal amount of cash to put a referral in someone else's name from my family and would not risk asking a friend to join. In September, my funds were locked again. I asked for a week's time to get some extra cash that I would make a car deal. The deal took about two weeks to complete, so the firm came back and accused me of breach of contract on the delay and charged me with a fine of $6000. This was a bogus claim in that I there was never any formalized verbal or written contract. The firm had only made a vague statement that I had better complete the referral in a week's time. Nothing was said about fines or consequences. I worked in good faith to complete my end, but that didn't matter. I had set up a new referral account by the end of the second week but they would not back down from the fine. Once again I was told my interest funds were at risk, now over $100,000. I scrounged the money from the car deal and cancelled the referral to pay the fine under the assurance I could still get the funds out if I got the second referral later.
After much arguing with support and the agent, I said I would just close my account. But before I did I asked both the support email and the agent if there were any fees tied to closing an account. Neither would give me a response.
I initiated a close request on all the funds of interest and principal and was told there was a "performance fee" of 6% to be paid and the total would exceed $12000. I was livid of course because I had specifically asked this question. There are no rules or guidelines available on the web site and I had asked for policies many times only to be ignored by the agent and the support email.
I have refused on multiple occasions to pay the $12000 up front. I have accrued interest enough to pay it if they would allow me to withdrawal that amount and get this matter settled but the firm refuses to settle any deal other than an up-front payment of the $12000 (in bitcoin) to supposedly release my $200,0000 total balance.
While this case makes me appear a fool for taking so long to know this was a scam, I was reassured by the agent many times that this was a legitimate company and had come to trust her after initial success with withdrawals and interest accumulation. The fact that over time she became less helpful, defensive of the company and offensive toward me and my actions, and less than helpful on many questions I posed to her. I realized that she had betrayed me from the beginning.
I suspect this company is running a Ponzi scheme in which some withdrawals are granted to give the appearance of legitimacy, but overall withdrawals are highly discouraged, and recruitments of new clients has become a requirement for full rights to one's own balance. I confronted the agent with this accusation, but she just got defensive and stopped answering questions entirely.
After further research I have learned that cryptocurrency scams use this technique of luring clients with large sums of money supposedly in their reach, but impost up-front demands in bitcoin to access those funds. There is nothing compelling the company to pay out the client's funds once they have their untraceable bitcoin payment.
This company is supposedly headquartered in the United Kingdom. There was an office running out of Los Angeles up until the COVID crisis but I could not obtain the address. Wykeham Cottage, 50 Ferndale Road, Burgess Hill, West Sussex, RH15 0HG
The SEC, FTC, and Financial Conduct Authority in the UK have no record of this company.
There are no phone numbers of named contacts on the web site.
The agent I dealt with was a Gina Cheng out of Los Angeles, CA. Her email is [email protected] and her Instagram handle is @ginacheng15. Her Google Voice number is 631-633-3626 and she is on What's App under that name and number.
At this point I am at a stalemate with the company. I do not believe I will get my money back because the company is not willing to settle for less that $12000 up front in bitcoin.