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Thread: SwissCash

  1. #1

    SwissCash

    hi, anyone heard of swisscash? www.swisscash.biz
    sound too good to be true.

    they advertise:
    Average Investment Return – 20% per calendar month
    300% Returns in 450days
    More Income for Financial Consultants
    Built USD78 million fund within 6 months of global launching
    Expected to hit USD1 Billion by 2007
    Principal guaranteed by Swiss Mutual Fund(1948)

  2. #2
    Join Date
    Jun 2006
    Posts
    3,120

    Re: SwissCash

    If you know it is too good to be true, why are you even considering?

  3. #3

    Re: SwissCash

    sorry late reply. i have couple of friends into this and they had already received their money. will try out in march and let you know the results.

  4. #4
    Join Date
    Dec 2004
    Posts
    459

    Re: SwissCash

    Quote Originally Posted by theresetan27
    sorry late reply. i have couple of friends into this and they had already received their money. will try out in march and let you know the results.
    Getting paid is not an indicator of a program's legitimacy. Just proof that someone at the top of the pyramid is robing someone at the bottom.

    I have serious doubts that swisscash will survive until March.

    Malaysian Government’s Investigation Towards Swiss Cash Scam

    A highlight on today’s Malaysian local news:

    Two Datuks held over Internet scam

    KUALA LUMPUR: Two Datuks and six others have been placed under remand to help investigations into a get-rich-quick scheme that allegedly promised “huge returns for a minimum investment.”

    The Datuks, aged 47 and 57, were produced before a magistrate’s here yesterday together with the others, aged 26 to 58, after their arrest on Monday.

    Magistrate Azniza Mohd Ali ordered them to be remanded for five days, until Oct 7.

    The police are investigating the case under Section 420 of the Penal Code for cheating.

    The alleged scam, known as SwissCash or Swiss Mutual Fund (1948), was uncovered early last month and reported in a Malay tabloid.

    Over 50,000 people have purportedly signed up for the scheme since its introduction in April last year.

    The Swiss Embassy here has denied that its government had approved the scheme and also rebuffed claims that it was based in Switzerland.

    SwissCash, which operates through the Internet, claims to be an “easy, fast and secure scheme.”

    It claimed investors’ funds were channelled to business activities ranging from oil exploration to shipping and agriculture in the Caribbean.

    Investors are required to pay a registration fee of US$30 (RM110) to join the scheme, which allegedly offers huge returns for a minimum investment of US$100 (RM370).

    Those behind the scheme also claimed that investments of US$1,000 (RM3,700) or more could earn a profit of up to 300% after 15 months.

    However, after the report appeared in the tabloid, the Securities Commission and Bank Negara released statements saying SwissCash had no licence to collect funds.

    Prime Minister Datuk Seri Abdullah Ahmad Badawi also issued a statement calling on those duped by the scam to quickly lodge reports.

    Among the scheme’s purported victims are a lawyer, a consultant, a technician and the secretary-general of a government ministry. They claimed they had been cheated of nearly RM20mil.”

    http://ecommerce-journal.com/?q=node/1238

  5. #5
    Join Date
    Feb 2007
    Posts
    6

    Re: SwissCash

    I joined Swisscash out of support for my friend and are also curious about how long it will survive in the market. Surprisingly, so far, I was paid nine times. I am still skeptical about how long it will last, given the huge number of investors going in with huge sums of money. In my experience with involving with HYIP in the past, such programs will not collapse when they are not doing well.

    On the contrary, they will close down when they are doing too well. The reason is because that is the time for the operator to run away with the fortune. By doing so, they also avoid paying the huge number of investors which their program promised to pay out.

    With the lead of Swisscash in making so much money out of the market, HYIP companies that emerged recently to follow suit includes buyebarrel.com, esuissefund.com, xthrem.com, sunshine-empire.com and others etc. Many of them are operated by the same group of owners or collaborated group fo networkers.

    Still, it is hard to resist the temptation to join them, especially when you take a look at their presentation and promises to give you a return of up to 800% in a years time.

    What do you think?

  6. #6
    Join Date
    Jan 2007
    Posts
    90

    Re: SwissCash

    Anybody that gets into ANY HYIP deserves what they get - end of story.

    Common sense dictates that if things were as easy as they make it appear, wouldn't everybody be doing it?

  7. #7
    Join Date
    Mar 2006
    Posts
    11

    Re: SwissCash

    don't get me wrong, there are valid higher yield investments I participate in that are 100% legitimate as I understand the markets and know the owners face to face.

    However something like this just smells wrong for some reason. I'm not sure exactly what it is that rubs me the wrong way - maybe it's the dodgy FAQ around the securities questions, perhaps it's the amateurish website with the stock photos, or maybe it's their ridiculous answer to the question:

    As a Muslim (believer in Islam), we are not allowed to invest in corporations that have dealings with industries such as gambling, alcohol, tobacco or any other that is related to unhealthy living. Does your investment cover such sectors?
    In fact we do not, as these are high risk and low return sectors. Our investments are mostly spread into utilities, I.T., viable project developments, natural resources, agriculture commodities and money markets.

    (which seems to be the only vague reference they make to what they actually put their monies into)

    As well as:

    I tried to search for Swiss Mutual Fund information but could not find any under the Securities Commission/SEC listing.
    We do not list our entity directly with SC/SEC.

    -=-

    many of the other groups I deal with are either known by the SEC, and are abiding by their rules and regulations staying out of the securities arena, or have registered and are an actual reporting body.

    I suppose I'll send in some people to check out what they can find. Does anyone have a decent checklist of due dilligence items that they use on a regular basis to help filter out the fake opportunities?

  8. #8
    Join Date
    Nov 2005
    Posts
    607

    Re: SwissCash

    SEC renews warning vs Internet-based Ponzi schemes

    By ZINNIA B. DELA PEŃA
    The Philippine Star

    The Securities and Exchange Commission has renewed its warning to the public against the re-emergence of companies engaging in Internet-based Ponzi schemes.

    A Ponzi scheme is a type of investment fraud wherein an operator promises high financial returns that are not expected from traditional investments. Instead of investing the victims’ funds, the operator pays the original investors with the money given by subsequent investors. Usually, enough money is returned to the original few investors to make them believe that profits are actually being realized.

    In a notice to public, the SEC said Francswiss, Swiss Cash, Universal Forex System, Global America and Private Forex Trade Inc. are not registered entities and are thus not authorized to solicit investments from the public.

    SEC Compliance and Enforcement Department head Hubert Guevara said Private Forex Trade has been found to be misleading the public by showing a fake SEC certificate of registration on its website.

    The following are some of the features of an Internet-based Ponzi investment scheme: no SEC registration, investments should be made in foreign currency, preferably in US dollars; uses a binary network to earn commissions, no paper trail, promises little or no financial risk, assures pay-off of investments in a short time, uses high-pressure methods to convince investors to reinvest their earnings and unknown principal office, address, founders, directors or officers.

    “This investment scheme ordinarily collapses as fast as they are created while leaving its investors behind and unable to recoup their investments,” Guevara said.

    Guevara has advised the public to immediately report to the SEC any offer of investment made by persons who represent these entities or other entities using similar modus operandi to ensure that appropriate enforcement can be taken.

    Pseudo-investment firms offer high interest rates ranging from five to 15 percent a month to entice the public to put in their hard-earned money.

    The yields are significantly higher than the four to five percent annual rate on Treasury bills.
    http://www.abs-cbnnews.com/storypage.aspx?StoryId=83376

  9. #9
    Join Date
    Nov 2005
    Posts
    607

    Re: SwissCash

    Singapore Business Times
    Published July 3 2007

    KL files civil suit over online scam

    By S JAYASANKARAN IN KUALA LUMPUR

    In an unusual move, the Securities Commission, Malaysia's Capital Market regulator, has taken civil action against the promoters of an alleged investment scam over the Internet that could have bilked Malaysian and other investors by as much as RM285.5 million (SG $126.7 million)

    In documents lodged in the high court of Malaya, the regulator accused the promoters of 'dishonesty' and 'fraud', of operating without necessary Fund Management and Investment Licenses, and of money laundering - all offenses that are criminally punishable.

    Indeed, it might be noted that promoters of the alleged scam would also have fallen foul of Malaysian Banking Laws for accepting deposits without a License. But the Central Bank wasn't involved and the commission chose to take the civil action, in tacit acknowledgment, perhaps, of the generally unsuccessful nature of previous prosecutions.

    Quite a part from the presumption of fraud implicit in the investor schemes, the action of the authorities also signals an attempt to police the internet - at least the Malaysian Investors - through judicial means.

    On June 21 2007 , the high court grated sweeping injunctions to the commission to freeze the assets - primarily deposits in Malaysian Banks - of three Malaysians and four companies linked to the individuals. The promoters named by the SC are Albert Lee Kie sien , Kelvin Choo Mun hoe and Amir Hassan, who, the commission alleges, used their so called Swiss Mutual Fund and SwissCash as high yield schemes that promised investors '300% returns over 15 months'. The government has already blocked the websites but the court further restrained the defendants from continuing to promote their schemes.

    Meanwhile, when full trial begins, the SC is asking that all monies collected by the trio be returned for redistribution to investors as well as cost and other relief. It isn't clear if the case will even be fought at all: according to the SC the affidavits, none of the promoters, except Mr Amir Hassan, have inquired about the freezing of their and their company's Bank Accounts. Neither has there been any attempt to lift the injunctions.

    According to the Affidavits, was first alerted to the schemes after Hong Kong Securities and futures Commission placed SwissCash on a list of scam websites following complaints from Hong Kong investors. This was followed by a denial from the Swiss Embassy in Kuala Lumpur that SwissCash had any Swiss roots. It isn't even clear how far flung the schemes were. The affidavits state the SwissCash was under investigation by the Jersey Financial Services Commission , which froze one of Mr Lee's accounts in Barclays Bank there in December last year. When Mr Lee asked to close his account, which had over US $1.7 million and transfer it to Julius Baer (SINGAPORE) Ltd, the bank refused citing the police investigation.

    Clearly Hong Kong Investors were also involved. The affidavits said that SwissCash investors were told to transfer their monies to a HSBC account in Hong Kong operated by Amir Hassan. In April, according to the affidavits, the account's balance stood at nearly HK $16 million (S$3.1 million)

    It is believed that Malaysian and other investors may have handed over as much as RM285.5 million. The angst over the internet scams exhibited by Kuala Lumpur is also rooted in the fact that many of the investors were ethnic Malays. Indeed, the National Fatwa Council in April declared such high-yield internet investment schemes as 'Haram' and , thus beyond the pale of any Muslim.

    Currently 22 Malaysian Bank Accounts - cumulatively holding about RM2.9 million - operated by the three men and their companies have been frozen by the authorities pending the outcome of the trial. According to Bankers close to the commission, Malaysian Agency officials met with their Singaporean counterparts last week to discuss the SwissCash Scam, but it is not known if anything has materialized
    http://www.businesstimes.com.sg/sub/...39612,00.html?

  10. #10
    Join Date
    Nov 2005
    Posts
    607

    Re: SwissCash

    Uh Oh, looks like the rats are deserting the sinking ship:

    Special Announcement For Dreamkaya Affiliates

    To all great DREAMKAYA's Affiliates, thank you for all your support given for what DREAMKAYA achieved today. With sadness we have to announce that DREAMKAYA has withdrawn from any activities related to SwissCash effective immediately. This decision taken after several dicussions among all the DREAMKAYA's leaders and advice from our legal advisory and authorities. This decision taken is also based on the strong action from Government as DREAMKAYA's BANK ACCOUNTS and mine have been apprehended and more leaders account will follow if we continues. 1 million MYR fine or 10 years injail await if all the leaders still act as an agent (Refer to Securities Commission's FAQ). All activites after this will be held as an INDIVIDUAL capacity as an investor and not as DREAMKAYA's name. Thousands appologize for all the things that has happened, and in Allah's willing all the things that happened must have a REASON. DREAMKAYA will still be a platform for other online business and still a platform in producing Netpreneurs as many as possible. Our main focus now is webucation with SCORE-A. If interested, please refer to your nearest leader. THE FIGHT IS NOT OVER YET.

    AMIR HASAN
    DREAMKAYA FOUNDER

  11. #11
    Join Date
    Dec 2004
    Posts
    459

    Re: SwissCash

    Francswiss was another one of their scams

    Tuesday, July 10, 2007

    MISSION IMPOSSIBLE
    By Marit Stinus-Remonde
    Francswiss scam

    Who can say no to a 4.5-percent profit a day? Hundreds, maybe thousands of Filipinos couldn’t and put their hard-earned money in an online investment scheme called Francswiss. Some borrowed money in order to come up with the minimum investment of US$1,000. Many raked in big profits. Then the Securities and Exchange Commission issued a warning against Francswiss and similar schemes. These are scams that use the money of subsequent investors to pay the interest due other investors. The scheme collapses once new investments are insufficient to pay the interest of existing investments. “One day the site’s up and the program is paying, but the next day you get a ‘Page Not Displayed’ error when accessing the site and you have stopped receiving payments from them,” www.phinoymoneytalk.com explains.

    SEC refers to the scheme as a Ponzi investment scheme, named after Charles Ponzi who, in 1919, was jailed over what seems to be the world’s first known pyramid scam (www.pinoymoneytalk.com). Features of Ponzi or pyramid schemes are: a promise of huge profits at no risk, no paper trail, and no information about the owners, office address and the like. Nowadays, there’s simply a website.

    The National Bureau of Investigation reports that movie stars, TV personalities, OFWs and generals were among the investors. The bureau has arrested the “chief financial adviser” of Francswiss, a 26-year-old man from Baguio City.

    Francswiss recruited through its website and through the promise of a 10-percent commission to investors who could bring in two more recruits. Recruitment meetings were done in expensive hotels all over the country, according to www.mylot.com. Some desperate investors, knowing that a slowdown in new investments would deprive them of profit, accused ABS-CBN of attempting to extort from Francswiss’ founders and when the latter refused, Francswiss was exposed. Francswiss’ website went down a few days after ABS-CBN TV Patrol reported the scam.

    Recruitment for Francswiss was allegedly rampant among AFP personnel. One soldier told me that the recruiters claimed that no less than the Intelligence Service of the AFP had cleared the scheme. This source believes that Francswiss could be linked to future destabilization efforts. According to him, many of the Oakwood mutineers had lost substantial amounts in a similar pyramid scam, and this was the major reason for their joining the mutiny. They had nothing left to lose.

    “Is Francswiss a scam?” www.pinoymoneytalk.com asks in a June 22 posting, and answers “Not yet, but it will be. Soon. Trust us. We’ve been there and done that.” And that’s the point. We’ve seen pyramid scams before. We’ve seen the victims who lost their lifetime savings, entire families losing everything, including money that they had borrowed. Investors know that there is no way that a legitimate business can make the 4.5-percent daily interest that Francswiss promised. Yet, the “company” raised more than P300 million. Even if the NBI will be able to arrest and file charges against those behind Francswiss, the investors whose investments were used to pay the profits of the earlier investors, are unlikely to get their money back. It probably isn’t any consolation to them, but at least they didn’t make money at the expense of others. A pyramid investment scheme is robbery, plain and simple.

    http://www.manilatimes.net/national/...70710opi6.html

  12. #12
    Join Date
    Dec 2004
    Posts
    459

    Re: SwissCash

    Anyone who has been a member or associated with any of the SwissCash family of companies/schemes, which could be upwards of 50, should sit down, grab a hand full of Kleenex and prepare for some unpleasant and emotional times in the next few days. That's the price you pay for not doing your due diligence http://www.sc.com.my/eng/html/resour...0710mareva.pdf.

    Here are some of the emotions you will likely experience. http://www.youtube.com/watch?v=LOJn3o2Mxls

  13. #13
    Join Date
    Feb 2007
    Posts
    512

    Re: SwissCash

    I posted this one up a long time ago. Anyone who didnt bother to read it deserves all they get.

  14. #14
    gsam4089@hotmail.com Guest

    Re: SwissCash

    I don't know about this one, but I know of an opportunity that has been around for over 17 years and provides excellent income, training and support. For more information, visit www.PowerToProduceWealth.biz and www.SixFigureIncomeSchool.com. Learn how to change YOUR financial future at these website links! I did and it changed my life!

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