swisscash scam

[gettingresults]

Originally Posted by Unregistered

I appreciate your input regarding this fraud. I also will send a similar mail to them reminding them about my documents and mails sent to them. We must not stop at any cost. The more we exert pressure some thing positive will happen. Please post any up date.

S.Kumar.

An update there is. Following is the E-mailed answer I have just received from the MSC. My previous post is reproduced below this answer, which should make it easy for everyone to follow. None of this is particularly heartening, but I think it's better for all of us to know exactly where we stand.
.................................................. .................................................. ...
Dear Mr. XXXXXX,

We refer to your enquiry /complaint relating to your investment with Swisscash of 21 May 2008.
Whilst we sympathise with your predicament, we are at this point unable to give you more information then we have in our previous replies. Swisscash is not licensed by the SC. As such, this company may not deal in securities or undertake any investment advise or fund management activities involving securities, in Malaysia.
The SC filed a civil suit against the persons behind the Swisscash investment scam for breaches of Sections 58 and 178 of the Capital Markets Services Act 2007, i.e. that they have held themselves out as investment advisors and fund managers without a license and have fraudulently induced others to deal in their business by untrue statements on their website. The SC had on 21 June 2007 obtained a Mareva injunction preventing those persons from disposing of their assets in and outside Malaysia.
The SC has also secured a Court Order to direct all Swisscash monies held in certain overseas bank accounts be transferred back to Malaysia. Once transferred back to Malaysia, the monies will be subject to the worldwide Mareva freezing orders pending the outcome of the civil proceedings filed by the SC.
The SC together with the Malaysian Communications and Multimedia Commission and CyberSecurity Malaysia, blocked access in Malaysia to new Swisscash websites namely www.swisscashguide.com, www.swisscash.net, IceWarp Web Mail and www.swissmutualfund.biz. However, please note that the access blocked is to Malaysia and not other jurisdictions. Access to and from other countries to swisscash websites is an issue within the jurisdiction of the relevant regulatory authorities of those jurisdictions.
Please also be informed that the matter is currently pending our investigation and the court process, and the outcome on whether the money will be distributed to the investors is dependent, on the court 's decision. In this regard , the SC cannot guarantee that the money will be distributed to Swisscash investors, and even if it is, the manner of distribution. All this will be issues for the Court.
Should you need any further clarification, please do not hesitate to call Investor Affairs at 03-62048999.
Thank you.

Sujatha Sekhar Naik
Head
Investor Affairs and Complaints
Securities Commission Malaysia
.................................................. .................................................. ...
Originally Posted by gettingresults View Post
I mailed a registered letter (with supporting documents) to the MSC from Japan on 5 October 2007. On 23 October 2007, SUJATHA SEKHAR NAIK, "Head, Investor Affairs & Complaints, Office of the General Counsel", sent me the following reply: "We refer to your complaint dated 5 October and thank you for the additional information. Please note that we will forward your documents to the Investigation Department ("ID"). The Department may contact you if they required any clarification".
On 21 May 2008, I, again, mailed a registered letter to the MSC. The main text of this letter is reproduced below.
"This is to advise you that I haven’t heard anything further either from you or from your “ID” Department since your letter of 23 October (copy attached, page 2), in which you acknowledged receipt of my communication of 5 October 2007 (see the enclosed documents). And yet I can only assume that something worth reporting MUST have happened in a space of… seven months.
There is ample evidence from a number of credible, reputable and professional sources that a very substantial amount of SWISS CASH money has been frozen inside (and outside) Malaysia on behalf of ALL the defrauded SWISS CASH investors. However, very few if any of these investors actually know what is being done or about to be done with the ill-gotten money.
I, for one, would certainly appreciate being given an update. Thank you very much in advance.
Yours respectfully,

XXXXXXXXXXXXX

SWISSCASH / SUNSHINE EMPIRE

SINGAPORE – MALAYSIA REPORTER

With reference to our 7th September 2007 report:

It is rumored that the founder of the Swisscash "mutual fund" investment scheme is this same guy, James Phang. In fact, Swiss-whatever has spawned several variants (see Federal Bank weblinks below). They may not be the same, but the technique is very closely mirrored after the pyramid ponzi schemes we see sweeping Asia today.

Anyway this "MLM" company (Sunshine Empire) uses the same "guaranteed monthly returns" sales pitch to rope in new distributors. Almost word for word the exact pitch of "Swiss mutual funds". i.e. earning something on no MLM downline sponsoring; & earning more upon sponsoring downlines. Thus even attracting traditional MLMers.

It is rumored that individuals have put in 6-figure sums as a front-load investment (buying multiple positions). Otherwise their "normal" startup runs to the tune of an almost US$7,000 front-load.

Similar to Swiss-whatever Scam & many other modern-day "MLM" investment schemes -- at the end of the investment cycle (i.e. 100% ROI) new profits are encouraged to be "reinvested" within the scheme, thus ensuring that less funds get physically cashed out by its "merchants" or better known as suckers!”

Distributors (now better known as "merchants") in Singapore and Malaysia used to be called "investors" until the Federal Banks in Singapore and Malaysia (its 2 largest markets) clamped down on the term “INVESTORS” use. They also helped the government of Singapore and Malaysia put Sunshine Empire on government warning lists.

Sunshine Empire even goes farther to "legitimize" themselves by showing the general public that they are so-called building real-life tangible projects with the profits obtained (more likely the funds they are holding in their "recycling" scheme) -- real estate, theme parks, & IT-telecom projects in Singapore and Malaysia. The news media is critical in both Singapore and Malaysia since there is very little to prove these promotions. A promoted 1000 acre water park in Malaysia turned out to be based on a purchase of a soccer field size piece of property. So much for that lie! Read Below!

Singapore paper attack 1

The Electric New Paper, Singapore - Story Page

Singapore paper attack 2

http://newpaper.asia1.com.sg/news/st...695140,00.html

In the article linked below page-3 article states very clearly that this company performs as an "investment scheme" via e-points generated which can be used to purchase products AND which can also be used to be drawn out as "cash" (Fat Chance)!

i.e. THUS bypassing a tangible product;

i.e. technically becoming a non-product MLM;

i.e. illegal. (but the article stopped short of saying this as the authorities have not acted. yet.)

As you'll see here, Phang outrightly declares " I'm better than Warren Buffett!! "

'I'm a legend - better than Warren Buffett'

Phang ran several failed "MLM" companies dealing with magnetic mattresses, lingerie, etc. i.e. Non-consumable products with a front-loading business startup structure -- FYI this is a common feature of a fair share of local Malaysia/Singapore/Taiwan MLM companies.

Here are Malaysia & Singapore's Federal Authority websites listing Sunshine Empire, The Swisscash Scam & others:

Enforcement

main site: Securities Commission, Malaysia

Consumer Portal: Investor Alert List

(here you will also find the Swiss-whatever Scam variants' websites.)

Note: One of James Phang key collaborator in ripping investors millions of dollars is none other than the notorious Serene Chia. She is now involved in other money game. James Phang have set up new company in HongKong under another name and claimed to have sign up 2000 Nigerians as front lines for the new scam to replace both Swisscash and Sunshine Empire

Originally Posted by Unregistered

Here's a list of members screwed by Serene Chea Alex Lew Dave Pizzuto John Counts

Earl Moore - usear2286201 ($5080.00) June 1, 2007

Kayann Hines - jmkay4016401 ($1100.00) July 5, 2007

Marie Bruce (for Angela Romero) - USang5932601 ($1030.00) July 16, 2007

Lee Todd - uslee6075101 ($1200.00) July 17, 2007

Adrian Allan - usadr5052401 ($1030.00) July 18, 2007

Thomas Kahika - autho9205701 ($1060.00) July 21, 2007

Richard Harper - usric9659601 ($2030.00) July 23, 2007

Damali Kai Little-White - jmdam5906301 ($2000.00) July 24, 2007

Tyrone Robinson - jmtyr5754601 ($6000.00) July 24, 2007

Paul Lewis - uspau4713501 ($2030.00) July 25, 2007

Julia Lannaman - ukjul3016802 ($1500.00) July 27, 2007

Dan Darmer - usdan0778601 ($2030.00) July 27, 2007

Ron Cooper - usron0355901 ($2460.00) July 27, 2007

Brenda Gainey - usbre3921001 ($10,0060.00) July 27, 2007

The above wired money to PENTA TRADING
-------------------------------------------------------------------

Below members who wire money to PENTA EXIM

Bridgette Appow - usbri4040401 ($3030.00) July 30, 2007

Jim Edgar - nzjim4454401 ($2060.00) July 31, 2007

Orlando Paleo Labaen - esorl0710401 ($14,500.00) August 1, 2007

Lynette Grant-Woodford - aulyn7899401 ($1030.00) August 2, 2007

Guy Marechel - auguy9618502 ($3155.00) August 2, 2007

Eugene Gorka - useug6871702 ($8100.00) August 2, 2007

Carol Thompson - jmcar3789301 ($2060.00) August 2, 2007

Leopisa - usleo7759202 ($4060.00) August 8, 2007

Karen Horton - uskar3563701 ($1030.00) August 10, 2007

John Parker - cajoh0188401 ($10,060.00) August 15, 2007

Total defrauded $86,555.00

Our group is in Florida and we want action. Those screwed the worst were the Jamaicans.

Don't let those scamming suckers go free! They are driving Mercedes while you poor guys are living in poverty! Get them at their addresses:

Wen Jie Lew (Alex Lew) Mr Serenea Shackup
blk 538 serangoon north ave 4 , #04-75
Singapore, SINGAPORE, 550538
email: swisscashasia@gmail.com
Tel: (65) 9273-0667

Chea Bee Choon (Serene Chea)
22 Jln Pernama
Singapore , 499263
SINGAPORE
Tel: (65) 6545-8736

Eric Jonathan Lee Woon Mun
blk 560 Ang Mo Kio Ave 10 , #09-1756
Singapore, 560560
SINGAPORE
Tel: (65) 6492-0315

Ho Wai Choy (Alex Ho)
blk 94 Lor 4 Toa Payoh #04-42
Singapore, 310094
SINGAPORE
Tel: (65) 6352-5293

Samuel Chng
Purple Invest Corp
purpleinvestment.com (gone)
Trading # sgsam2824601 & sgkun9927801
samuelchng@hotmail.com
Tel: (65) 6611-3537
sg (65) 9797-2918
my 6017 783-1498
China (86) 135-9035-4918
Thai (66) 868-972-118

Some of the above addresses might have been changed as they are all hiding for their lives.

Latest news release from Securities Commission Malaysia on SwissCash monies...... http://www.nst.com.my/Current_News/N...cle/index_html

All our monies in SwissCash are frozen in Malaysia!!!

[olive]

This below has been flying around--have not checked it out yet.

____


The Securities Commission (SC) is trying to resolve the RM35 million Swisscash monies case as soon as possible, said its chairman Datuk Zarinah Anwar.

“We have frozen all the accounts and we have seized all the monies, which were illegally obtained. (Now) we are trying to resolve the case as soon as possible,” she said, when asked on the latest development of the case, which was reported in 2007. The SC last year achieved a breakthrough in its civil enforcement case against Swisscash Internet investment scheme when it secured a court order to direct one of the defendants, Amir Hassan, to transfer back to Malaysia all Swisscash monies held in bank accounts overseas.

Approximately RM35 million was held in six bank accounts in Hong Kong and eight bank accounts in Singapore.

As Swisscash is a worldwide scam that operates in the borderless Internet realm, the SC is working closely with regulators from seven other countries to combat these illegal activities, the SC said in a statement last year.

It said this cross-jurisdictional collaboration has led to the discovery of valuable information that has facilitated investigations.

Once transferred back to Malaysia, the monies will be subjected to the worldwide Mareva freezing orders pending the outcome of civil proceedings filed by the SC early 2007 against Amir Hassan, Albert Lee Kee Sien, Kelvin Choo Mun Hoe, Dynamic Revolution Sdn Bhd, Swiss Mutual Fund (1948) S.A., SMF International Limited and SMF (1948) International Ltd.

This achievement in SCs civil proceedings ensures that Swisscash monies are held safely, and within the jurisdiction of the Malaysian courts so they can be subjected to any order made in the proceedings.

Somebody is trying to bring the scam back with Swiss Mutualfund

Appears to be Indonesians.

The guy promoting this scam again is out of Singapore and working with Alex Lew, Serene Chea, and Indonesians. Goes by online username 'Wisleyong'

Ong Chi Po
wisleyong75@yahoo.com.sg
+6597689305
Blk 210 Serangoon Central #04-250
Singapore, SINGAPORE, 550210

Starts off all his forum promotional posts as

"Dear All"

Now look at the website intro!!!

scammer!

I would like to ask how many here have been cheated by this man?

Eric Jonathan Lee Woon Mun
blk 560 Ang Mo Kio Ave 10 , #09-1756
Singapore, 560560
SINGAPORE
Tel: (65) 6492-0315

The phone btw is not working.

go there and demand justice

Hi all;

SWISSCASH WAS CREATED BY MALAYSIANS AND SINGAPOREANS.

THE EVIDENCES IN THE AFFIDAVITS AGAINST SWISSCASH IN THE MALAYSIAN COURT'S CASE, CLEARLY INDICATED THESE.

WHOEVER SCAMMED BY SWISSCASH SHOULD LODGE A POLICE REPORT.

DON'T LET THEM ENJOY YOUR HARD EARNED MONEY. ACT NOW.
WHOEVER GAINED FROM THIS SCAM PONZI, SHOULD REPENT AND GIVE BACK AS THE MONEY WAS NOT FROM REAL INVESTMENT. IT WAS ALL PURE CHEATING - PYRAMID SCHEME.

CHECK OUT THE EVIDENCE AT Free file hosting by Savefile.com