Swiss Mutual Fund

The Swiss Mutual Fund or Swisscash is an offshore investment company headquartered in the Commonwealth of Dominica. Despite the inclusion of the word Swiss in its name, the Swiss Mutual Fund's board of directors is composed solely of Dominican citizens,[1] and the company does not appear to have any significant ties to Switzerland.

History

Swiss Mutual Fund originally claimed on its website that it was created after World War II in 1948 by the Cheviot family of France, with operations based in Bern, Switzerland. In 1996, the firm moved to the Commonwealth of Dominica due to changes in financial regulations in Europe.[2] However the Swiss Embassy in Kuala Lumpur has stated the following:

"The Swiss Mutual Fund (1948) and or Swiss Cash are not registered companies in Switzerland. Until proof of the contrary, the Embassy doubts that the remarks about these funds and their historic links to Switzerland as outlined on their original website are genuine. The original website is indeed registered in the USA and the contact telephone number is from New Jersey (USA)."

[3]

This information was also corroborated by the Swiss Embassy in Singapore.[4]

On December 13, 2006, Swiss Mutual Fund (1948) S.A. was struck off the Commonwealth of Dominica's Register of International Business Companies.[5]

The current version of the Swiss Mutual Fund website no longer includes any information about the company's history.

At June 2007, the Securities Commission, Malaysia's capital markets regulator, has already taken action against the promoters of Swiss Cash.[6]

The Swisscash website suddenly went offline on August 27 denying members from logging into the website.

According to internet rumours, the website was down due to a hurricane, and would be back online on 25 August, but it didn't come back on the said date as said. The rumours were repeated with later dates such as 1 September and 15 September, but the website is confirmed to be offline permanently.

Afterward, few similar websites were up. But, no official announcement from Swiss Mutual Fund proved that whether those website are from Swiss Mutual Fund. Those websites only had front page, and could not be login.

On September 17, the Financial Supervision Commission of the Commonwealth of Dominica released a press release which confirms that Swisscash is not a registered or incorporated company and does not have any established business in the island nation.[7]

Criticism

There have been allegations that the Swiss Mutual Fund is a Pyramid scheme, with victims predominantly in Malaysia.[8] The Central Bank of Malaysia has issued warnings regarding Swiss Mutual Fund's legitimacy, and have advised investors to avoid the company and its subsidiaries.[9] The Monetary Authority of Singapore has placed Swiss Mutual Fund in their Investor Alert List.[10]

Hundreds of millions of US dollars have been lost to this scam by investors throughout the world and little or nothing has been done by governments to trace the trail of the money. It is feared that the money is actually used to fund global terrorist networks, and that terrorist networks have been using investment scams to obtain fund for their operations. Or some governments are behind this.

References

  1. ↑ http://www.swissmutualfund.biz/aboutswiss_management.asp
  2. ↑ Welcome to SWISS MUTUAL FUND
  3. ↑ Embassy of Switzerland - Kuala Lumpur
  4. ↑ Information about Misleading Publicity
  5. ↑ http://www.gov.im/lib/docs/fsc/PublicWarnings/dominicaswissmutualfund.pdf
  6. ↑ Swisscash Has Been Busted | Intelligent Investor Club
  7. ↑ http://www.gov.im/lib/docs/fsc/PublicWarnings/dominicanoticeswisscash2.pdf
  8. ↑ http://www.todayonline.com/articles/167644.asp
  9. ↑ BNM Press Statements
  10. ↑ Consumer Portal: Investor Alert List

External links

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