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

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
and
PO Box 2343
Roseau
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.

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Malaysia: Eligible Swisscash scam victims to be compensated

KUALA LUMPUR, Nov. 13 (Xinhua) -- Eligible investors, including foreigners, suffering losses from investing in the Swisscash investment scam will be restituted as soon as early next year, a Malaysian official said here on Friday.

Chairman of Securities Commission (SC) Malaysia Zarinah Anwar made this remark at the media briefing on the current status of the civil suit taken by the SC against those involved in the Swisscash activities.

Zarinah said that the payout of 31 million ringgit (8.86 million U.S. dollars), the largest settlement in the SC's history, was made possible following a consent judgment entered with two Swisscash investment scam defendants.

Zarinah said that investigations found that the masterminds behind the Swisscash investment scam were two Malaysians who had used an international platform to run the activities.

The SC first received inquiries from the public, both local andforeign, in 2006, regarding the Swisscash investment scheme.

When investigations showed that the Swisscash investment was an unsustainable ponzi scheme promising extraordinary high returns within a short period of time, immediate actions such as blocking the Swisscash website in June 2007 and issuing warnings to the public were taken.

Zarinah said the huge payout amount indicated a very significant achievement not only because of the magnitude of the payout itself but also the scale and scope of the scam.

"It had affected thousands of investors and prompted painstaking cross-border investigations and legal actions spanning seven jurisdictions over more than three years. Some 3,000 people have lodged complaints to the SC alleging losses," said Zarinah.

Zarinah said Swisscash investors must produce documentary evidence of their investments in order to be eligible for compensation.

However, she stressed that investors who were also recruiters or up liners would not be considered for compensation.

The SC will appoint an administrator and will work with him to provide the court with a framework for the eligibility of claimants and the plan for distribution.

Once the framework is approved by the court, the administrator will manage the processing of claims which includes advertising for claims and deciding on the eligibility of investors.

Read More @ http://news.xinhuanet.com/english/2009-11/13/content_12450747.htm

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SC enters RM31m settlement in Swisscash scam

KUALA LUMPUR, Nov 14 — The Securities Commission (SC) has entered into a RM31 million settlement in the Swisscash investment scam, the record payout for the restitution of eligible investors who suffered losses in the Ponzi scheme.

The largest payout in the SC’s history was made possible following a consent judgment entered into with two Swisscash defendants, Albert Lee Kee Sien and Amir Hassan, its chairman Tan Sri Zarinah Anwar said at a press conference yesterday.

Zarinah described the “milestone payment” as a very significant achievement not only because of the magnitude of the payout but also the scale and scope of the scam which had affected thousands of investors — the bulk from Malaysia — had prompted painstaking cross-border investigations and legal actions spanning seven jurisdictions, including Singapore, over the past three years.

The recovery notwithstanding, Zarinah stressed that Swisscash was an exception and that investors in illegal schemes could not “as a matter of course, expect the regulators to get their money back for them”.

Indeed, investors who are successful in getting a restitution are fortunate given the elaborate scam by the Malaysian masterminds who went to great lengths to establish set-ups in a number of jurisdictions in an attempt to appear legitimate. “The site had every feature of an investment net.com,” observed SC senior general manager, general counsel Foo Lee Mei who estimated that “a hundred-odd investors” were from Singapore.

The commission initiated civil proceedings in the High Court against Lee, Kelvin Choo Mun Hoe and Dynamic Revolution Sdn Bhd and last September, the court ordered them to pay US$83 million (RM280.62 million) — the estimate of total investments in the scam. The SC then obtained a worldwide Mareeva injunction restraining the defendants from disposing of their assets.

More than 3,000 people have lodged complaints alleging losses with the SC which continues to receive claims and which estimated the total amount invested in excess of RM31 million.

Swisscash had promised extremely attractive returns of 300 per cent over 15 months. Out of every five investors, four were professional males, observed Zarinah, the rest “housewives, teachers, your typical uncles and aunties”. The largest sum invested was several million ringgit.

Swisscash investors must produce some documentary evidence of their investments to be eligible for compensation, at the earliest next year after a court-approved distribution plan. However, those who were also recruiters or upliners would not be considered for compensation. The SC plans to publish a notice setting out the process for investors yet to register their claims.

The SC began receiving enquiries about Swisscash in 2006 and Zarinah said that if not for the assistance of the Malaysian Communications and Multimedia Commission and Cybersecurity in blocking the Swisscash site in June 2007, there might have been more victims.

Prior to Swisscash, the commission’s biggest settlement was RM2 million and related to a case of insider trading in rice distributor Bernas.

Read More @ The Malaysian Insider

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Swisscash scam: SC secures RM31m settlement

KUALA LUMPUR: The Securities Commission (SC) has entered into the largest settlement in its history involving RM31 million over the Swisscash investment scam and it will use the money recovered to restitute eligible investors affected by the investment scam, said SC chairman Tan Sri Zarinah Anwar.
The payment is made possible following a consent judgment entered on Nov 6, 2009, with two Swisscash defendants, Albert Lee Kee Sien and Amir Hassan. This marked the SC's three-year investigations, including cross border, to pursue the mastermind of the Swisscash scam in Malaysia.

“It had affected thousands of investors and prompted painstaking cross-border investigations and legal jurisdictions over more than three years. So far, 3,000 people have lodged complaints to the SC alleging losses,” she said at a press conference on Nov 13. The investors were Malaysians and some foreigners.
Zarinah said the first batch of payments was expected to be made early next year. However,  there would be several stages involved, including submitting the criteria for investors' eligibility to court, appointing an administrator and also placing of advertisements in newspapers.

"But not all (complaints) will be entertained. Investors must show proof of their investments,” she said adding investors who were also "recruiters or upliners in the scam will not be considered for compensation". Investor which invested in Swisscash after the SC issued the warning on Nov 5, 2006 might also find difficulties in securing compensation.

Investors would only be compensated based on the amount of their initial investment, without any profits. The SC would also soon publish a notice, setting out the process for Swisscash investors yet to register their claims.

Zarinah stressed investors in illegal scams could not expect the regulators to help regain their their investments, pointing out Swisscash was an exception as the funds were recovered by SC’s effort and close cooperation and support from SC’s counterpart in various countries.
To recap, since 2006, the SC had been receiving queries about Swisscash from the public since 2006. Upon discovering SwissCash was a form of pyramid scam, SC took down the website in 2007 with the cooperation from Malaysian Communications and Multimedia Commission (MCMC) and Cybersecurity.
“The assistance rendered by the MCMC and Cybersecurity were instrumental in helping us identify and block access to the SwissCash-related website by the Malaysian public,” Zarinah said, adding that prior to the website closure, SC had been issuing warning to investors.

The four Swisscash-related websites which the SC had blocked -- www.swisscash.net, www.swisscash.biz, www.swissmutualfund.biz and www.swisscashguide.com.

On June 18, 2007,  the SC filed a civil suit at the Kuala Lumpur High Court against Albert Lee and six others involved in the Swisscash scam operated over the internet.  In the same month, SC obtained a World Wide Mareva injunction to prevent all defendants from disposing their assets.
By September, one of the defendants, Amir Hassan was ordered to transfer RM12.5 million from overseas bank accounts back to Malaysia and in November, the SC succeeded in entering into consent order with Albert and Amir for a total sum of RM30 million.

Asked on the profile of investors that were duped in the scam, Zarinah said it was surprising as 80% were professionals, male, and the rest housewives, teachers and older people. She said that same investors had even invested “in the region of several millions (ringgit)”.

Read More @ http://www.theedgemalaysia.com/business-news

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Swisscash victims to get back part of their money

KUALA LUMPUR: Investors in the Swisscash Internet-based investment scam will now be able to get back part of their money following a consent judgment the Securities Commission (SC) entered into with two of the defendants in the case for a sum of RM31mil.

The SC said in a press release that the Swisscash scam involved an estimated total amount of US$83mil, which was what the Kuala Lumpur High Court ordered Albert Lee Kee Sien, Kelvin Choo Mun Hoe and Dynamic Revolution Sdn Bhd to pay in a judgment on Sept 25 last year.
According to SC chairman Tan Sri Zarinah Anwar, the SC entered into a consent judgement with Lee and Amir Hassan for the settlement sum.

She said the settlement was the largest ever in the history of the prosecution of such scams, which affected thousands of investors globally and prompted cross-border investigations involving seven other jurisdictions.
The previous largest settlement amount under the SC’s jurisdiction was RM2mil for insider trading in Padiberas Nasional Bhd, which was also distributed to affected investors.

“This is a milestone payout which is made possible following a consent judgment entered into with two of the Swisscash defendants,” Zarinah said, adding that the restitution would be based on a court-sanctioned distribution plan.

She told a media briefing yesterday that investors in illegal schemes could not expect regulators to get their money back for them as a matter of course. “Swisscash is an exception, in this case the recovery was only made possible not just by extremely painstaking efforts on our part but also by the close cooperation and support that we’ve been receiving from our counterparts in the various countries,” Zarinah said.

She said investors would have to show sufficient documentary proof of their principal investment and must not have been involved as recruiters in the scam. Investors who profited from their initial investment and still made claims would have their profits deducted from the claim sum while other criteria for consideration included whether investors heed the warnings by authorities before investing.

Zarinah said the first batch of restitution payments would be made early next year following approval from the court. She said 80% of the investors were male professionals and the profile was “not so typical of this kind of scam”.

She said to-date, there were 3,000 complaints filed against the scam.

Read More @ http://biz.thestar.com.my/news

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RM35 million Swisscash monies held overseas ordered to be transferred back to Malaysia

The Securities Commission (SC) 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 within seven days.

Approximately RM35 million is currently 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. 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 subject to the worldwide Mareva freezing orders pending the outcome of civil proceedings filed by the SC earlier this year 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 Limited.

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

Investors are again reminded that neither Swiss Mutual Fund nor Swisscash are licensed by the SC. To date, the SC has blocked four websites related to Swisscash namely www.swisscash.net, www.swisscash.biz, www.swissmutualfund.biz and www.swisscashguide.com.

SC will continue to take all measures to combat investment scams including blocking access to more websites, and taking appropriate enforcement action against its operators and agents.

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SC blocks new Swisscash website- Remind investors of the need for continued vigilance

As part of its on-going efforts to combat illegal investment schemes, the Securities Commission (SC), together with the Malaysian Communications and Multimedia Commission and CyberSecurity Malaysia (formerly known as NISER), has blocked access to a new Swisscash website which offered an illegal investment scheme promoted by Swiss Mutual Fund.

The new website, www.swisscashguide.com, has recently surfaced on the Internet amidst the SC's proactive and on-going efforts to block such illegal investment websites.

This latest move brings to four the number of websites related to Swisscash that have been blocked. Earlier in June, the SC had blocked three such websites namely www.swisscash.net, www.swisscash.biz and www.swissmutualfund.biz.

Investors are again reminded that neither Swiss Mutual Fund nor Swisscash are licensed by the SC. In fact the activities of Swiss Mutual Fund/Swisscash have also been declared illegal in several other countries such as Jamaica and China.

Members of the public are also urged not to be taken in by assurances of the scam's operators and agents that the promised returns will be paid through SMS or mail, or once the websites are unblocked.

The SC will continue to take all measures to combat investment scams including blocking access to more websites, and taking appropriate enforcement action against its operators and agents.

Meanwhile, in the civil suit filed by the SC against the persons behind Swisscash, the court is scheduled to hear on 24 September 2007 the inter parte Mareva injunction together with an application filed by the SC for orders directing one of the defendants, Amir Hassan to transfer his overseas monies back to Malaysia.

The SC had on 21 June 2007 obtained a worldwide Mareva injunction against persons involved in the Swisscash investment scam, preventing them from disposing their assets in and outside of Malaysia. The Mareva requires the defendants to disclose information pertaining to all their assets in and outside of Malaysia, the companies they have incorporated, and the bank accounts they operate.

The other defendants in the civil suit are 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 Limited.

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Swisscash in Jamaica : Swisscash drops off the radar

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.

lavern.clarke@gleanerjm.com

Source : http://www.jamaica-gleaner.com/gleaner/20070907/business/business3.html

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