How much do you think big scam hyip admin had made?

Wednesday, February 3, 2010

The trend of creating and running a hyip is becoming popular now due to the potential of making huge amount of money online by cheating or scamming other people’s real and hard earned money.
Even tough this activity is unethical, but the facts that running a hyip can make the owner become rich overnight and without any hard work outweigh the morality aspect. Greediness makes people turn to heartless and emotionless monsters.

Here are two examples of former big autosurf program scam which was 12DailyPro and big hyip scam; the Swiss Cash and how much money they had scammed totally.

Do you remember, five years back, 12DailyPro was the biggest autosurf ever existed and also the pioneer for the autosurf program. After more than one year of running, 12DP and its company which known as LifeClicks were brought to justice when they scammed hundreds thousands of people all around the world with funds worth 500 million dollars.

12DP is an autosurf program which claimed to give a 12% return daily for 12 days just by viewing other websites on the automatic rotation. Everything went fine with this program until February 2006 when a scam payment processor which is no longer available now called StormPay froze the 12DP’s accounts with funds worth almost 400 million dollars. Even tough that time 12DP had also accepted other types of payment processors which were e-gold and EMO, but because of 75% of the total 500 million dollars were suspended by the StormPay, it had caused the program to collapse as the owner of 12DP could not sustained the program any longer and continue made pay outs to the members. As a result, the members made reports to the FBI and filed complaints against the 12DP autosurf program to the Securities and Exchange Commissions as well as other related government bodies.

On March 1st, 2006 12Daily Pro and Lifeclicks were placed under the control of Thomas F. Lennon, a United States District Court appointed Receiver over the 12DP’s assets, at the request of the Securities and Exchange Commission. 12DP and the company LifeClicks as well as the owner Charis Johnson were charged with internet-based offering scam and Ponzi scheme.

So, how much funds did 12DP collect during the entire operation. Based on the investigation and the interim report released by Thomas F. Lennon, there are about 175,187 total members involved in 12DP with a total number of investment records of 778,491 worth $514,347,135. Out of this 500 million dollars fund, $385,828,897 was deposited via StormPay, $93,650,774 via e-gold, and $8,074,488 via EMO.
Tens of thousands of members were lost. 64,000 people lost less than $5,000 and 5,100 people lost more than $5,000. One person was recorded as the biggest loser with an amount of $49,901.

Thomas F. Lennon, as the court appointed Receiver for this scam case, had announced that the 12DP receivership estate will receive as much as $11,750,000 from the StormPay. Then this $11.7 million funds from the settlement with StormPay will be added to another $5 million funds currently held by the estate. However, upon deducting the receivership fees and expenses, the remaining balance will be distributed based on pro rate plan to people who lost in 12DP biggest scam.

Now we take a look at the biggest hyip scam which known as the Swiss Cash or Swiss Mutual Fund 1948. This program also ran in 2005 – 2006. There is a group of Malaysian and Singaporean behind this scam. This program claimed that they have registered businesses at

280 Madison Avenue
912-9th Floor, New York
NY 10016, USA
PO Box 2343
The Commonwealth of Dominica

Swiss Cash had promised extremely attractive returns of 300 per cent over 15 months. This program also offered a lucrative multi tier referral commissions and the registration of new members must be through up lines. This kind of system had enticed lots of people to search for new members and made the new members to sign up under them in order to receive nice commissions and bonuses.

On September 2006, Central Bank of Malaysia and the Securities Commission warned the public against investing with Swiss Mutual Fund. Swiss Mutual Fund or Swiss Cash was not licensed or exempted from licensing by Central Bank of Malaysia to accept deposits nor was it licensed by the Securities Commission to carry out asset management activities or investment advisory services in Malaysia.

In June 2007, The Securities Commission with assistance of the Malaysian Communications and Multimedia Commission and Cybersecurity has blocked the Swiss Cash website.

Not only Malaysia, Singapore and Hong Kong authorities also have issued the same scam warning against Swiss Cash and its fraudulent activities. And the authority of Switzerland issued a statement that the Swiss Mutual Fund or Swiss Cash are not registered companies in Switzerland. This company used the denomination "Swiss" in an illegal and fraudulent way to attract customers. Moreover, the promotion of the fund seems to work via agents on a MLM system which appears to be close to a Pyramid scheme and Pyramid schemes are illegal in Switzerland.

In October 2006, the Malaysian authority busted the Swiss Cash office and those who were behind it had been placed under remand. It is estimated about 50,000 people have allegedly deposit money into this Swiss Cash scam since its introduction in April 2005.

So, how much approximately you think Swiss Cash had made. In November last year, the Securities Commission of Malaysia (SC) has entered into a RM31 million (9 millions dollars) settlement in the Swisscash investment scam, the record payout for the restitution of eligible investors who suffered losses in this scam Ponzi scheme.

The High Court also ordered the people behind this scam; Lee, Kelvin Choo Mun Hoe and Dynamic Revolution Pvt Ltd to pay RM280.62 million (83 million dollars) which was the estimate of total funds collected in the scam. The Securities Commission then obtained a worldwide Mareeva injunction restraining the defendants from disposing of their assets.

This year after a court-approved distribution plan, those Malaysian who fall victim with Swiss Cash scam would be asked to produce some documentary evidence of their investments in order to be eligible for compensation. However, bad news to those who were recruiters or up liners as they would not be considered for compensation.

Read More @ Ecommercejournal.


SC appoints administrator to aid Swisscash investors

Tuesday, January 26, 2010

The Securities Commission (SC) has appointed PricewaterhouseCoopers Advisory Services Sdn Bhd as the administrator to manage the restitution process for eligible investors in the Swisscash Internet investment scam.

The administrator would, within this week, be issuing notices calling for claims from claimants as well as the detailed format and supporting documents required, the commission said in a statement yesterday.
It said the notices from the administrator will appear on the administrator’s website as well as in Berita Harian, Malaysia Nanban, News Straits Times, The Borneo Post, The Star, Sin Chew Daily and Utusan Malaysia.

“Once the public notices are issued, all communications with regard to the restitution process should be addressed directly to the administrator and not the commission,” it added.

The administrator would assess and review claims and will then make its recommendations to the SC on the appropriate eligibility criteria for payments to be made, the commission said.      

“This criteria will then be submitted by the SC to the High Court for its approval,” it said.
Meanwhile, the commission also warned members of the public to be wary of unauthorised parties soliciting for donations in its name or that of senior officers.

The commission said in a statement that neither its chairman nor its officers were in any way involved with any such individuals or corporations.

It also advised members of the public who had been approached by such persons and corporations to ignore the solicitations and alert it immediately.

They can also contact the commission’s corporate affairs department at 03-6204 8777.

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