Swisscash in Jamaica : Swisscash drops off the radar

Sunday, September 9, 2007

Admin, September 08, 2007

Swisscash drops off the radar
published: Friday | September 7, 2007

Swisscash, an Internet-based investment scheme which advertises itself as a 50-year-old mutual funds company, has disappeared from the radar, Financial Gleaner checks have revealed.

The company, which wooed investments with promised returns of 25 per cent or more per month, has been under the scrutiny of securities commissions in Asia and more recently in Jamaica.

The Malaysian Securities Commission, earlier this year, had secured a worldwide Mareva injunction against Swisscash and its associated companies, freezing their assets and barring them from transacting business, after a civil suit was filed against the investment company in that jurisdiction.

Website down

On Wednesday, Jamaica's Financial Services Commission (FSC) confirmed it had been receiving calls saying the Swisscash website had closed down. Such persons, said the agency, also wanted to know whether it had any means of contact with the company, whose offices were listed as Madison Avenue, New York in the United States, and Roseau in Dominica. The latter address was given only as a post office box number.

The Financial Gleaner was first alerted on Monday via email by a man purporting to be a Swisscash investor, who said he had been unable to access the websitefor 18 days.

The FSC in July had issued an alert against Swisscash, saying it was not authorised to sell securities in Jamaica, having detected the presence of the high-return scheme.

Information posted on the website prior to its lockdown, suggested that pooled funds are invested in development projects, hedge funds, high-yield investments, the foreign exchange market and other areas, and that this portfolio gives SwissCash returns of 25 per cent to 45 per cent per month from which it pays dividends to investors.

Its targeted principal investment from foreign-based investors was US$10,000 to US$100,000.

The FSC said it would shortly be putting out another public notice about Swisscash.

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