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Greatest Scams in Technology Today

blog spine | April 15, 2022 | 5 Minutes to Read

Asenqua Ventures, The Shell Game Disguised As A VC Firm

Image of an office space with nothing but a chair and boxes
Source: fortune.com

A 2001 MIT alumnus, Albert Hu, created Asenqua Ventures, a venture capital firm. Hu used a “hedge-fund method” to persuade various individual investors to spend about $5 million on technological startups.

Hu stated four years later, in 2005, that he needed to shift Asenqua to Singapore for tax and privacy concerns. Albert’s deceptions caught up with him. He got deported from Hong Kong to the United States in 2009 to face seven counts of wire fraud. Hu received a conviction and got a 12-year sentence.

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