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Swisscash Internet Investment Scam: Frequently Asked Questions




1)
What is the Swisscash scheme about?


Swisscash is an internet based investment scam which claimed to have invested in a range of investments such as equities, commodities and foreign exchange. Swisscash and Swiss Mutual Fund had been soliciting investments from investors around the world, including the Malaysian public, through the internet, offering returns of up to 300% within 15 months of investment. However, based on our enquiries and investigations, this scheme is an illegal operation which has been unable to provide these returns to investors. The reason why the scheme is illegal is that the operators of this scheme have engaged in fund management and investment advice without any licence from the SC.




2)
What actions have Securities Commission Malaysia (SC) and other authorities taken to stop the Swisscash programme from operating?


The SC had blocked 4 websites related to Swisscash namely www.swisscash.net, www.swisscash.biz, www.swissmutualfund.biz, and www.swisscashguide.com.



The SC had on 21 June 2007 obtained a worldwide Mareva injunction against the operators of the Swisscash internet investment scheme, preventing them from disposing their assets in and outside of Malaysia.



The Mareva order restrains and prohibits the defendants from:

carrying on the business of Swisscash,
targeting, soliciting and collecting funds from the public for investments in Swisscash or any other internet investment scheme,
hosting or operating the Swisscash websites or operating any other such websites which solicit investments for Swisscash or any other internet investment scheme and
removing from Malaysia any of their assets which are in Malaysia
The Mareva injunction also requires the defendants to disclose information pertaining to all their assets in and outside Malaysia, the companies they have incorporated and the bank accounts they operate.



The SC has taken action against 3 individuals, namely Albert Lee Kee Sien (Albert), Kelvin Choo Mun Hoe (Kelvin) and Amir Bin Hassan (Amir) as well as 3 companies namely Dynamic Revolution Sdn Bhd, Swiss Mutual Fund (1948) S.A., SMF International Limited and SMF (1948) International Limited. We believe that these individuals mentioned are the operators of the scheme in Malaysia.



On 25 September 2008, SC obtained judgment against Albert, Kelvin and their companies in the amount of USD83 million and such further amounts as may be traced for payment. The SC, with the help of other regulators and enforcement agencies has frozen the bank accounts of the defendants in various other jurisdictions. The SC is now working with overseas regulators and enforcement agencies to repatriate these funds back to Malaysia.




3)
Have any monies been recovered against the perpetrators of the scheme?


Currently some of the monies involved in the scam have been frozen and is in a stakeholder's account in Malaysia. The rest of the defendants' monies are currently located in various foreign bank accounts and the SC is actively working with the relevant authorities in those countries to have those monies brought back to Malaysia.




4)
Are any of the monies belonging to the defendants held by the SC?


No, the SC is not holding any of the monies belonging to the investors. Monies in Malaysia are currently being held by a stakeholder. The rest of the monies are in foreign bank accounts.




5)
Where are all the overseas monies currently being held?


The monies that the SC is aware of and have traced are in bank accounts in Singapore, Isle of Man, Jersey, Switzerland and Australia.




6)
When will the SC be able to get the monies from abroad so that I can get my money back?


The money involved in this scam is subject to several court proceedings, not all of which have been concluded. Moreover, the money involved in the scam is located in various bank accounts of the defendants who were sued by the SC. Some of these bank accounts are in countries other than Malaysia and would involve the regulatory authorities and local laws of these jurisdictions. As such, the process of repatriation of the monies to Malaysia will take time.




7)
What are the efforts that are being taken by the SC to secure the monies abroad?


The SC is currently working with overseas regulators and enforcement agencies to repatriate these funds back to Malaysia. As different jurisdictions have different laws governing the monies frozen in their jurisdictions, the repatriation of these monies would require us to follow various local laws and procedures. Some jurisdictions have initiated action to forfeit the monies in their jurisdiction. For example Australia has initiated action under its Proceeds of Crime Act 2002 and if the Australian government's action is successful, the monies in Australia will be forfeited.




8)
How will the SC know who is eligible to make claims for the money which they lost in this scheme?


Currently the SC is collating a list of the people who have suffered loss as a result of the scheme. This is based on the complaints which we have received up to now from the affected members of the public. Additionally, we plan to place advertisements in various newspapers calling for claims to be made against the sums of money which are recovered.




9)
If I had previously submitted a complaint and provided supporting documents, will I need to resubmit the information again after the SC places the advertisements calling for claims to be made?


If you have previously made a complaint to our Investor Affairs and Complaints department and have submitted supporting documents, you will not need to do so again unless you have any additional information or documentary evidence supporting your claim.




10)
Who is eligible to be compensated from the money which the SC recovers?


We will submit a criteria to the court for its endorsement before any payment is made. The criteria will include the following: Eligible persons would be those who have sufficient proof of their principal investment and who have not been involved in the scam as recruiters and upliners. Where profits have been made from their initial investments, such profits will be deducted from the claim sum. Claimants would have to show documentary proof of their investments in the scheme. Additionally, there will be other criteria such as whether they invested in the scam despite the warnings by the authorities.




11)
Who will decide on whether I get my money back?


The criteria for eligibility as mentioned above will be submitted to the court for its approval.





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