Swisscash, beware
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People warned me about Swisscash (NOTHING related to Switzerland) and SE.
Wonder why on earth Swisscash still runing now, tho the websites are down. Switzerland is known as a safe haven for banking, this is just another get rich quick scams. Using the name Swiss makes people think it's a Swiss company.
I better not see people register just to support SC and then vanish. Your public relations sucks if you do it this way. -
this came out in TheStar too, if i'm not mistaken.
Govt bars online sites of scams
Malaysian authorities have blocked two more websites
By Dale Edmonds
Computerworld Malaysia
Malaysian authorities have blocked two more websites, following the Securities CommissionÂ’s (SC) obtaining a worldwide Mareva injunction against the Swisscash Internet investment scheme.
The move brings the total number of sites blocked from public access to 10.
In a statement, the SC said it is working with the Malaysian Communications and Multimedia Commission and CyberSecurity Malaysia to “track, identify and block access to websites promoting investment scams to the Malaysian public”.
The SC also said the same action would be taken against mirror sites, advising investors to withdraw their money immediately as they would not be able to access their accounts once the mirror sites are blocked.
Several press reports suggest that up to 60 websites worldwide are being monitored by Malaysian authorities, who plan to block more soon.
SwissCash, operated by Swiss Mutual Fund, is believed to have attracted more than US$100 million (RM344 million) in investment.
Swisscash is not licensed or regulated by the monetary authorities in Malaysia and Singapore.
A spokesperson from MalaysiaÂ’s SC, who requested anonymity, confirmed that the agency had received many public complaints mainly against Swisscash, which claims to be a high-yielding investment fund but is suspected to be a fraudulent pyramid scheme.
In defence
Meanwhile, the Swiss embassies in Malaysia and Singapore have issued repeated denials of any Swiss connection.
On June 21, in a milestone enforcement action against investment scams, MalaysiaÂ’s SC obtained a worldwide Mareva injunction against persons involved in the Swisscash scam, preventing them from disposing their assets in and outside of Malaysia.
The Mareva was sought following the filing of a civil suit against defendants Albert Lee Kee Sien, Kelvin Choo Mun Hoe, Amir bin Hassan, Dynamic Revolution Sdn Bhd, Swiss Mutual Fund (1948 ) SA, SMF International Limited and SMF (1948 ) International Limited.
In mid-July, Swisscash posted on its website (www.myswisscash.com) that its “management has decided with immediate effect not to allow any new Malaysian investors to sign up or accept any new investments from current Malaysian investors”.
The “painful and shameful” decision, according to its Web posting, was made to protect the company’s global business image from the Malaysian government and mass media’s “malicious” reports on Swisscash and Swiss Mutual Fund.
Scrambling for help
At the same time, Malaysian investors in Swisscash were already looking for help on online forums and from investors outside Malaysia to access their accounts.
Any restitution depends on the outcome of the civil suit in Malaysia.
A comprehensive list of known companies and websites not authorised under SCÂ’s laws to offer securities, investment advice and/or fund management services related to securities or futures can be found at www.sc.com.my/eng/html/licensing/investors/Alert_list.html.
In Singapore, there had been fewer recent complaints against Swisscash, according to a spokesperson from the Monetary Authority of Singapore (MAS) when contacted.
Swisscash and Swiss Mutual Fund have been on MASÂ’ Investor Alert List since September 2006.
The spokesperson also said: “If a consumer chooses to deal with persons, particularly persons based overseas, that are not regulated by MAS, he forgoes the protection afforded under laws administered by MAS.” -
Walau, they sibei shameless siaOriginally posted by ^tamago^:The “painful and shameful” decision, according to its Web posting, was made to protect the company’s global business image from the Malaysian government and mass media’s “malicious” reports on Swisscash and Swiss Mutual Fund.
I rem got few SC defenders here last year
All disappeared liao -
too bad the previous expired le,,,Originally posted by redstone:People warned me about Swisscash (NOTHING related to Switzerland) and SE.
Wonder why on earth Swisscash still runing now, tho the websites are down. Switzerland is known as a safe haven for banking, this is just another get rich quick scams. Using the name Swiss makes people think it's a Swiss company.
I better not see people register just to support SC and then vanish. Your public relations sucks if you do it this way.
http://www.sgforums.com/?action=thread_display&thread_id=186230 -
Actually me a SC ppl.Originally posted by redstone:People warned me about Swisscash (NOTHING related to Switzerland) and SE.
Wonder why on earth Swisscash still runing now, tho the websites are down. Switzerland is known as a safe haven for banking, this is just another get rich quick scams. Using the name Swiss makes people think it's a Swiss company.
I better not see people register just to support SC and then vanish. Your public relations sucks if you do it this way.
invested a bit in 2006 july.
able to cash out my 100% just before 2007 april.
when SC transfer alll my e-points to what "ACF".
and this ACF can only be cash out this OCT 2007.
which really angry me a lot..
they change without any notification..
bloody hell..
but me dun mind.. get back 100% already.
so just wait til oct 2007.
then two weeks ago..
i dun know anyone remember or not..
julian a promotor of SC.
keep calling me to pump in more cash into SC.
told me his senior told him SC can still go on for many years.
I told him no way for me to pump $ til i get money in OCT.
then two days after his call..
www.swisscash.net is down..
he told me server problem.
will be up soon..
waht server need two weeks of maintenence still cannot up one? -
if hell relly exists, they will all regret when they go down dere.
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Another reason I heard is bec they said their servers was hit by hurricane Dane.. (New excuses in world of HYIP) LOLOriginally posted by spycampers:Actually me a SC ppl.
invested a bit in 2006 july.
able to cash out my 100% just before 2007 april.
when SC transfer alll my e-points to what "ACF".
and this ACF can only be cash out this OCT 2007.
which really angry me a lot..
they change without any notification..
bloody hell..
but me dun mind.. get back 100% already.
so just wait til oct 2007.
then two weeks ago..
i dun know anyone remember or not..
julian a promotor of SC.
keep calling me to pump in more cash into SC.
told me his senior told him SC can still go on for many years.
I told him no way for me to pump $ til i get money in OCT.
then two days after his call..
www.swisscash.net is down..
he told me server problem.
will be up soon..
waht server need two weeks of maintenence still cannot up one? -
hit by hurricane..Originally posted by emcom:Another reason I heard is bec they said their servers was hit by hurricane Dane.. (New excuses in world of HYIP) LOL
what hurricane that is so big that it been weeks since it down? -
Where is their servers based?Originally posted by ThomasBRIAN:hit by hurricane..
what hurricane that is so big that it been weeks since it down?
If no building collapse, no infrastructure damaged, then it must be an excuse. -
their servers special one.. no back up or whatever one..Originally posted by redstone:Where is their servers based?
If no building collapse, no infrastructure damaged, then it must be an excuse.
well..
pity those who join just before the server "down"...
my so call upline...just few days before the server down..
keep sms me..
said he got faith to get back money on 01 OCT..
keep pester me to come out with more cash..
luckily i said wait til 01 oct when i get money... -
http://www.moneysense.gov.sg/check_our_list/Consumer_Portal_IAL.html
The Investor Alert List
From time to time, MAS receives information on persons who are possibly conducting activities regulated by MAS without authorisation. These persons may target Singapore consumers, or overseas consumers by giving them the false impression that they are operating in Singapore. Some of these unregulated persons may sometimes use names similar to that of entities regulated by MAS.
Consumers should exercise care when dealing with these persons. Overseas consumers who receive solicitations by persons who claim to have an operation in Singapore should also exercise care and check if they are in fact dealing with persons who are regulated by MAS.
Below is a list of persons, on whom MAS has received information, who are not authorised by MAS in respect of the carrying on of regulated activities. The list is not exhaustive and will be updated.
Sunshine Empire Pte Ltd ["SE"]
Blk 490 #07-10
Lorong 6 Toa Payoh
Singapore 310490
Tel: 6411 4650
Fax: 6411 4654
Website: www.sunshine-empire.com
Swiss Cash/Swiss Mutual Fund
280 Madison Avenue
912-9th Floor, New York
NY 10016, USA
PO Box 2343
Roseau
The Commonwealth of Dominica
Tel: +1 212 386 5570
Fax: +1 212 386 5573
Email: [email protected]
Websites: www.Swisscash.biz
www.swissfund.biz
http://www.dreamkaya.myswisscash.com/
http://www.myswisscash.com/ -
Originally posted by redstone:
just wanna keep this article from Money sense. thanks.
http://www.moneysense.gov.sg/check_our_list/Consumer_Portal_IAL.html
[b]
The Investor Alert List
From time to time, MAS receives information on persons who are possibly conducting activities regulated by MAS without authorisation. These persons may target Singapore consumers, or overseas consumers by giving them the false impression that they are operating in Singapore. Some of these unregulated persons may sometimes use names similar to that of entities regulated by MAS.
Consumers should exercise care when dealing with these persons. Overseas consumers who receive solicitations by persons who claim to have an operation in Singapore should also exercise care and check if they are in fact dealing with persons who are regulated by MAS.
Below is a list of persons, on whom MAS has received information, who are not authorised by MAS in respect of the carrying on of regulated activities. The list is not exhaustive and will be updated.
Sunshine Empire Pte Ltd ["SE"]
Blk 490 #07-10
Lorong 6 Toa Payoh
Singapore 310490
Tel: 6411 4650
Fax: 6411 4654
Website: www.sunshine-empire.com
Swiss Cash/Swiss Mutual Fund
280 Madison Avenue
912-9th Floor, New York
NY 10016, USA
PO Box 2343
Roseau
The Commonwealth of Dominica
Tel: +1 212 386 5570
Fax: +1 212 386 5573
Email: [email protected]
Websites: www.Swisscash.biz
www.swissfund.biz
http://www.dreamkaya.myswisscash.com/
http://www.myswisscash.com/
[/b] -
hmm, knowing MAS to be super strict, why they didnt prosecute those companies listed in the Investors Alert List?
i know for some they couldnt, especially those with no physical presence in Singapore, but how about companies like SE? -
Just to let you all know...
SwissCash suddenly ceased operations in Indonesia.
estimated USD70million of people's investment are said to go with it... -
Originally posted by redstone:
These 2 companies are under the same boss, JAMES PHANG! Only that swisscash is he asked his most trustable disciple B.B to run the whole operation. This JAMES PHANG scammed a lot of ppl for the past ten years according to my uncle.
http://www.moneysense.gov.sg/check_our_list/Consumer_Portal_IAL.html
[b]
The Investor Alert List
From time to time, MAS receives information on persons who are possibly conducting activities regulated by MAS without authorisation. These persons may target Singapore consumers, or overseas consumers by giving them the false impression that they are operating in Singapore. Some of these unregulated persons may sometimes use names similar to that of entities regulated by MAS.
Consumers should exercise care when dealing with these persons. Overseas consumers who receive solicitations by persons who claim to have an operation in Singapore should also exercise care and check if they are in fact dealing with persons who are regulated by MAS.
Below is a list of persons, on whom MAS has received information, who are not authorised by MAS in respect of the carrying on of regulated activities. The list is not exhaustive and will be updated.
Sunshine Empire Pte Ltd ["SE"]
Blk 490 #07-10
Lorong 6 Toa Payoh
Singapore 310490
Tel: 6411 4650
Fax: 6411 4654
Website: www.sunshine-empire.com
Swiss Cash/Swiss Mutual Fund
280 Madison Avenue
912-9th Floor, New York
NY 10016, USA
PO Box 2343
Roseau
The Commonwealth of Dominica
Tel: +1 212 386 5570
Fax: +1 212 386 5573
Email: [email protected]
Websites: www.Swisscash.biz
www.swissfund.biz
http://www.dreamkaya.myswisscash.com/
http://www.myswisscash.com/
[/b] -
omg, have they caught the owner yet?
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Phang has connections to Domica?Originally posted by laurence82:omg, have they caught the owner yet?
Btw:
http://www.worldlawdirect.com/forum/showthread.php?t=683
http://www.profit2us.com/
Exposed! -
Once You invested $, you want another person to cover up your losses.Originally posted by Ponders:Just to let you all know...
SwissCash suddenly ceased operations in Indonesia.
estimated USD70million of people's investment are said to go with it...
and so on and so on.. never ending till the operation is ceased. -
The Newpaper reported on this Swisscash scam!
Man loses $1,500 in 'investment scheme':
I thought it was a good opportunity
By Alvin Chiang
December 23, 2007
INVEST US$1,000 ($1,461) and get back US$250 every month.
Mr G Joseph, with the certificate he was given. --Picture: KENNETH KOH
It sounded like an attractive 'investment', so music teacher GJoseph, 59, signed up.
He forked out US$2,000 last November and was hoping to enjoy the attractive returns from the Swiss Mutual Fund.
ALLEGED SCAM
Known also as SwissCash, it is an alleged scam in Malaysia.
But Mr Joseph didn't realise this till it was too late. He has now lost US$1,000.
He said he found out about SwissCash last November when a man named Alfred called him and invited him to attend a seminar.
Mr Joseph believes the people behind the scheme could have got his number from newspaper advertisements for his music lessons.
The seminar, he said, was conducted last year in a building in Geylang by a man named Kenneth.
Mr Joseph said: 'Kenneth joined the fund for a year and he said he got back his principal sum.'
He added that at the seminar, 'there were people who talked about how they have been receiving money every month'.
'I was even given a nice book to show how the scheme works. I was impressed.'
At a 25 per cent return rate, Mr Joseph invested US$2,000 and got back US$1,000 over two months deposited into his bank account.
After the first two months, Mr Joseph was told that there would not be any payouts for the next 10 months.
He said: 'I was told that the next payout will be on October 2007. I would get back the outstanding interest payments then. October came and went but I received nothing at all.'
He contacted Alfred and Kenneth but the men claimed that they do not know anything.
Mr Joseph, whose monthly income is about $2,500, realised he could have been cheated after he submitted a form online confirming he was an investor.
But he didn't get any money even after that.
He said: 'I didn't know this would happen. I thought it was a good investment opportunity.'
Last year, two Malaysian datuks and six others aided Malaysian authorities in investigations into SwissCash.
They were placed in remand, reported The Business Times.
SwissCash claimed that investors' funds were channelled to business activities ranging from oil exploration to shipping and agriculture in the Caribbean.
END OF NEWS REPORT.
Now here's my input on the link of James to SwissCash.
In my post on Empiredreams here: http://www.sgforums.com/?action=thread_display&thread_id=293815
I listed the mgmt of Empire Dreams as
Management
James Phang
Louis Tiong
Albert Lee
Steven Leow
From the news of the court case against SwissCash...The Mareva was sought following the filing of a civil suit against defendants Albert Lee Kee Sien, Kelvin Choo Mun Hoe, Amir bin Hassan, Dynamic Revolution Sdn Bhd, Swiss Mutual Fund (1948 ) SA, SMF International Limited and SMF (1948 ) International Limited.
Of the names mentioned in the Court case,
I can positively identify Albert Lee and Louis Tiong.
Louis Tiong is identified as he is Admin Contact of Dynamic Revolution in the WHOIS record of empiredreams.com (source here
Albert Lee because of this photo with James Phang and Albert on the extreme right.
and this one also from the archives:-
Which is a match for this photo issued here
And finally 1 famous qoute from the Father James :-
I am sure you have been duped into some kind of business at least once in your lifetime.......
(source: http://web.archive.org/web/20040112021441/http://www.empiredreams.com/com_managejames3.asp)
Much more by clicking here: http://web.archive.org/web/*sr_1nr_30/http://empiredreams.com/* -
Originally posted by abductboy:
"Fool me once, shame on you; fool me twice, shame on me."
[b]I am sure you have been duped into some kind of business at least once in your lifetime.......[/b]
These people blinded by greed with passing judgment....they deserve it.
Same as those SE people, if they lost their saving if SE flops.....they deserve it.
No ones pointing a gun to force them to invest into such scam.
Porbest, SC all already closed down or "Clampdown".....now SE is waiting for their CAD verdict.
ST abit late leh......if i m not wrong by end of Septembers, SC already been concluded is a scam already........
hehe -
i like swiss chocolate
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Birds of the same feather, flock together ~ !Originally posted by abductboy:I listed the mgmt of Empire Dreams as
Management
James Phang
Louis Tiong
Albert Lee
Steven Leow
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So the Father is also behind a multi million worldwide Swiss Cash scam?Originally posted by kyoshirou77:Birds of the same feather, flock together ~ ! 
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Yes he is actually the mastermind behind SC - but he had said previously he does not want to be too prominent so he let one of his lackeys take over the reins.
A few months later that guy is very rich and also MIA I believe...