Changlin Group, Choi Seng Group, Daniel Lin, David Choi

Venture capital fraud

24th of Sep, 2011 by Changlin-ChoiSeng-Victim

A venture capital scam is currently underway that uses various names including Changlin Group, supposedly based in Taiwan and Choi Seng, supposedly from Hong Kong. Victims are introduced to the potential investors by frontmen/middlemen, usually lawyers and investment counselors, and then "prequalified". Everyone prequalifies. You are then asked to put together a business plan and five year cash flow and to meet with the investor over three days of meetings in San Francisco, usually at the Parc55 Wyndham. San Diego may also be used for the meetings.

Victims meet with the supposed Director of Finance from Changlin or Choi Seng. He is variously identified as Daniel Lin or David Choi. The meetings are over three days and each day you pass
a new threshold in the process. He is one and the same person and his picture is attached to this report.

Victims are all eventually "approved" by the Changlin or Choi Seng Board. A commission is negotiated with the middleman. This is a ruse designed to make you think that the frontman doesn't receive anything if you don't receive anything.

Part of the funding agreement asks you to pay half of the incorporation and due diligence costs. Milestone payments are established for the pre-contract period. A fake due diligence company sends you an invoice and bank transfer instructions. The due diligence team is made up of Americans, variously named Nick Trites or Dan Antonov. The visit actually takes place and inevitably companies pass the process. More milestones then occur for legal fees, and more transfers occur.

Paperwork is drawn up. Contracts are signed at a signing ceremony. The investment money never arrives. Excuse emails then follow... there is always a reason stopping a transfer just at the last minute. The middlemen feign disappointment since they supposedly don't receive their "commission" if the company doesn't benefit from any investment. In fact, they take the precontract
transfer money and divide it among the various scammers. If every company sends $75,000 or $100,000 the take quickly adds up.

An investigation is underway. If you want to make a complaint or to know more, contact [email protected] and we will forward the contacts of the authorities in charge.

Key words: Daniel Lin, David Choi, Changlin Group, Choi Seng, Liberty Management Services, Asia Pacific Project Consulting, GAMICUSA, Bountiful Financial, Larry E. Coey, Tim Coey, Tim Vogl, Laurent E. Coey, Nick Trites, Dan Antonov, Dmitri Antonov, Dimitry Antonov

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