Complaint Review: Alternate Business Capital Nia Cano

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, 2003

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 In reality, the company was incorporated in 1998 and incorporation papers have been revoked.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, 2002, 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.

To this day she has not paid anyone back, she has stolen tens of millions of dollars.

She and Helen Tkalec have been scamming people with companies such as Drivers Seat Network. Do a search and you will see the FTC shut her down. She has victims throughout the country. People have lost their homes and she even had people invest with their credit cards. Many have gone bankrupt because of them. She was arrested and is out on bail but she still contiues to operate and scam more people in LA. Most are now Koreans and Hispanic who may not know the law.

She still takes in their money for membership and services that they never get. She takes the money and buys cars for a few people and claims it is a car program for 10% of teh car cost. She does the same iwth her fake home program.

She sets up new entities such as Asset Achievers Associates, E-bottomline.com which her partner Helen operates.

She and Helen lives a lavish lifestyle at the expense of hard working people.

But the law has caught up with her and all the victims must join together and keep up the pressure. She has spent all our money but we can at least help to put her away for a long time. Keep posting to this site and let the authorities know any new information. She has her court date in Salt Lake City in November and the case # is 031900392

Here is something that may help

Nia's has used a crooked attorney named Tracy Nguyen as her front person.

Her new home/company is at 61 Sparrowhawk Irvine, CA
ASAP auto rental. Asset Achivers Associates

Helen home/company E-bottomline.com is at 888-832-4233 tel 888-832-4240 33766 DAILY RD MENIFEE, CA 92584

websites are www.abcsolution.org, www.abcassociation.com, e-bottomline.com

Beware of these ladies, they will contiue to scam people so we must help the authorities put an end to this and recover as much as possible. Let's keep investigating and stay connected!

Abc
Beverly Hills, California
U.S.A.

CLICK here to see why Rip-off Report, as a matter of policy, deleted either a phone number, link or e-mail address from this Report.