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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Swisscash scam: SC secures RM31m settlement

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Pelabur SwissCash dapat balik duit

KUALA LUMPUR - Suruhanjaya Sekuriti (SC) berjaya menyelesaikan kes pelaburan haram terbesar dalam sejarah membabitkan sejumlah wang sebanyak RM31 juta yang akan dikembalikan kepada pelaburnya.

Pengerusi SC, Tan Sri Zarinah Anwar berkata, penyelesaian tertinggi sebelum ini ialah kes dagangan dalaman Bernas berjumlah RM2 juta yang juga telah diagihkan kepada pelabur.

Pembayaran yang mencatat sejarah itu adalah susulan penghakiman persetujuan yang dibuat dengan dua defendan pelaburan SwissCash dan ia akan digunakan untuk membayar balik kepada pelabur yang layak setelah mengalami kerugian daripada skim berkenaan.

"Sehingga kini, kira-kira 3,000 orang telah membuat laporan kepada SC terutamanya dari Malaysia dan beberapa negara lain yang mendakwa mengalami kerugian dalam skim berkenaan," katanya pada sidang akhbar di sini semalam.

Kosmo! pada 5 September 2006 pernah membongkar mengenai skim SwissCash atau Swiss Mutual Fund (1948) yang tampil dengan pelan pelaburan tanpa had dan jaminan keuntungan lebih 'meyakinkan' sehingga berjaya menarik RM190 juta wang rakyat Malaysia.

Skim yang mengutip deposit awam itu bergerak secara haram dan tidak pernah mendapat kelulusan pihak berkuasa kerana operasinya yang menyalahi undang-undang.

Menurut Zarinah, penghakiman untuk AS$83 juta (RM280.2 juta) itu merupakan jumlah yang dinyatakan dalam saman yang dikemukakan SC terhadap Albert Lee Kee Sien, Kevin Choo Mun Hoe dan Amir Hassan.

SC memperoleh penghakiman persetujuan dengan Albert Lee dan Amir Hassan pada 6 November lalu dan mereka bersetuju membayar SC kira-kira RM30 juta yang akan digunakan untuk membayar balik wang pelabur.

Sumber @ http://www.kosmo.com.my

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SC obtains RM31 million for investors in Swisscash settlement

The Securities Commission Malaysia (SC) has entered into the largest settlement in its history involving a sum of approximately RM31 million. The milestone payout, made possible following a consent judgment entered with two Swisscash investment scam defendants, will be used to restitute eligible investors who have suffered losses as a result of the scam.

The judgment, entered with Albert Lee Kee Sien and Amir Hassan, marked the culmination of three years of intensive efforts by the SC in pursuing the perpetrators of the Swisscash scam which involved cross-border investigations spanning seven countries and cooperation from foreign regulators. So far, some 3,000 people have lodged complaints to the SC alleging losses in the scheme.

The restitution will be carried out based on a court approved distribution plan. Once the court's approval has been obtained, an administrator appointed by the SC will manage the processing of claims.

In order to be eligible for the restitution, investors must produce documentary proof of their principal investments. Other criteria include whether they continued to invest in the scheme despite the SC's warnings. Investors who were also recruiters or upliners in the scheme would not be eligible. The SC will soon publish a notice setting out the process for Swisscash investors who have yet to register their claims.

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SwissCash Press Conference

Good morning ladies and gentlemen

Thank you for coming. We have invited you here so we can update you on the progress we have made with regard to the Swisscash investment scam.

I am pleased to announce that the SC has entered into the largest settlement in our history involving a sum of approximately RM31 million. This is a milestone payout which is made possible following a consent judgment entered with two Swisscash defendants. The money will be used to restitute eligible investors who have suffered losses as a result of the scam.

This is a very significant achievement not only because of the magnitude of the payout 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 7 jurisdictions over more than three years. So far, some 3,000 people have lodged complaints to the SC alleging losses.

The restitution will be based on a court sanctioned distribution plan. Once the court's approval has been obtained, the SC will appoint an administrator to manage the processing of the claims.

To be eligible for compensation, Swisscash investors must produce some documentary evidence of their investments. I would like to say at the outset though, that not all investors who have invested in this scheme will receive restitution. Investors who were also recruiters or upliners in the scheme will not be considered for compensation. The SC soon publish a notice setting out the process for Swisscash investors who have yet to register their claims.



I would like to remind investors that they must be vigilant at all times when making investment decisions in schemes such as Swisscash which promises extraordinarily high returns within short periods of time. These are ponzi schemes in which the returns paid to investors comprise nothing more than the principal investments made by other investors. These schemes are doomed to collapse, thus most investors will not only not get any profits that they have been promised, but they will also lose their principal investments.



I would like to stress that investors in illegal schemes cannot, as a matter of course, expect the regulators to get their money back for them. 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 have been receiving from our counterparts in the various countries. But not all cases will yield similar success as in this case.



Thus it is vital that investors exercise caution and vigilance and ensure that they scrutinize and understand the details of any investment offer that they wish to accept. If they are uncertain, they must ask for advice. I would like to reiterate that investors must check to ensure that they are dealing only with licensed fund managers who offer approved investment schemes. This information is available on the SC website.

Before I end, I would like to express my deepest gratitude to fellow regulators in the other jusrisdictions for their assistance and cooperation in making possible this successful outcome of a very protracted investigation. I would also like to thank BNM, the Malaysian Communications and Multimedia Commission and Cybersecurity for their assistance. The assistance rendered by the MCMC and Cybersecurity were insturmental in helping us identify and block access to the SwissCash-related websites by the Malaysian public, very early into our investigation. Otherwise more Malaysians could have been victims of this scam.

Finally I would like to thank all our staff who have worked tirelessly on this case over the last three years.

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Swisscash Investment Scam Settlement: FAQS

Q1:What is the current status of the civil suit taken by SC against those involved in the Swisscash activities?

A:The SC has entered into consent judgment with Albert Lee and Amir Hassan on 6 November 2009 in which they have agreed to pay the SC in total a sum in excess of RM30 million which will be used to compensate investors.

Q2:How soon will investors be able to get their monies back?

A:While the SC would like payments to be made as soon as possible, there are several steps that need to be taken including submitting the criteria for eligibility to court, appointing an Administrator, posting the advertisements in the newspapers etc. Realistically therefore, we expect the first batch of payments to be made early next year.

Q3:What happens now? What steps will be taken now by SC?

Step 1:

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

Step 2:

Get the court order approving the framework

Step 3:

The Administrator will manage the processing of claims which includes advertising for claims and deciding on the eligibility of investors.

Step 4:

Eligible investors will be notified and payment will be made.

Q4:How will you decide on the eligibility of investors?

A:Eligible persons would be those who have sufficient proof of their principal investment and who have not been involved in the scam as recruiters. Where profits have been made from their initial investments, such profits will be deducted from the claim sum. Claimants would have to show documentary proof of their investments in the scheme. Additionally, there will be other criteria such as whether they invested in the scam despite the warnings by the authorities.
Q5:How much will I be eligible to receive?

A:That will depend on whether you have met all the criteria of eligibility or not particularly acceptable documentary proof for your claim.

Q6:What proof will I need to submit to the SC?

A:Please submit proof of your investment with the Swisscash investment scheme, photocopy of your identification card or passport and proof of payments to the Swisscash by way of Telegraphic transfer, bank transfer, internet banking. We will only be able to compensate investors who can prove that they had invested with Swisscash and had lost their initial investment. Claims can be processed and approved speedily if proof is provided to aid the auditors assessing your claim.

Q7:I only have photocopies of payment I have made to the Swisscash scheme. Can I still submit a claim?

A:Yes you may still submit your claim but that may not assure you of being successful in your claim.

Q8:What if I do not have proof of payments as I had handed over cash to an upliner?

A:You may not get your investments back as the payment has to be administered based on the strict criteria.

Q9:Why did the SC only obtain RM30 million when the judgment obtained in 25 September 2008 was for the sum of USD83 million?

A:The judgment of USD83 million was the amount mentioned in the suit we filed against Albert, Kelvin & Amir Hassan. The evidence which we had gathered during investigation indicated that there was possibly up to USD83 million in total investments made by Swisscash investors. So when we applied to court for judgment at the time, we quoted the maximum investments that were made.

If we had been successful in repatriating all the sums we had traced overseas, the figure would have been close to the settlement amount of RM31 million.

Q10:Will I get all my money back?

A:As the SC has a fixed amount of funds to compensate investors, approximately RM30 million, we will need to assess the total number of affected investors who submit claims coupled with the eligibility factors mentioned above. Additionally investors will be compensated based on the amount of their initial investment only. Profits will be deducted from the amount of investment.

Q11:I have previously submitted a complaint to SC. Will I need to resubmit my complaint?

A:If you have previously submitted a complaint to our Investor Affairs department, you will not need to do so again unless you have additional documentary evidence to support your claim.

Q12:I invested after the SC's warning was issued on its website on 5 September 2006. Will I be able to get my money back?

A:There is a possibility that you may not get your investments if you have invested past this date. However, the SC will propose a reasonable cut off period so as to ensure that investors who may not have been aware of the scam are compensated.

Q13:I helped to recruit others to join and invest in the scheme. Will I be eligible to get my money back?

A:One of the eligibility criteria in compensating investors is whether or not the investor was actively involved in recruiting others and therefore be considered as abetting the scheme. Any investor who was also involved in the scheme as a recruiter or an upliner would not be eligible to claim their money back.

Q14:What happens to the monies in foreign jurisdictions that the SC was trying to repatriate?

A:We will not continue with these efforts as the consent judgment is intended to allow the SC to use the monies provided by the defendants for purposes of restitution.

Q15.I am a foreign investor. Will I be able to get my money back?

A:Your claim will be processed together with the other claimants. However you must furnish sufficient proof of your claim. We will however need to determine whether a separate set of criteria is necessary for foreign investors and this criteria will be submitted to the court for its endorsement.

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Suruhanjaya selesaikan penipuan babit RM31 juta, bayaran dikembalikan awal tahun depan

KUALA LUMPUR: Pelabur skim cepat kaya Swisscash yang mengalami kerugian akan mendapat semula sebahagian wang mereka berikutan kejayaan Suruhanjaya Sekuriti (SC) menyelesaikan penipuan yang membabitkan RM31 juta itu.

Mereka yang layak mendapat ganti rugi perlu memenuhi beberapa syarat, termasuk mempunyai bukti kukuh sebagai pelabur prinsipal dan tidak terbabit merekrut pelabur lain.

Pengerusi SC, Tan Sri Zarinah Anwar, berkata setakat ini kira-kira 3,000 pelabur membuat laporan mendakwa mereka kerugian akibat menyertai skim pelaburan internet itu.

"Kira-kira 80 peratus daripada mangsa adalah golongan profesional lelaki. Pembayaran ganti rugi akan berdasarkan kaedah peng-agihan yang ditentukan oleh mahkamah dan pelabur perlu mengemukakan dokumen serta bukti berkaitan bagi pelaburan mereka. Bayaran dijadual bermula seawal tahun depan," katanya di sini semalam.

Beliau berkata, ia adalah kejayaan terbesar SC dalam sejarah menyelesaikan kes penipuan pelaburan berikutan selesainya kes penghakiman terhadap dua tertuduh kes berkenaan, Albert Lee Kee Sien dan Amir Hassan pada 6 November lalu.

Beliau berkata, pembayaran dibuat hasil persetujuan penghakiman dengan dua tertuduh untuk membayar kepada SC kira-kira RM31 juta dan digunakan sebagai ganti rugi kepada pelabur.

Skim pelaburan internet Swisscash diharamkan oleh kerajaan dan laman webnya ditutup pada 2007.

Zarinah menjelaskan jumlah RM31 juta yang dipersetujui dibayar oleh Lee dan Amir adalah hasil daripada saman berjumlah AS$83 juta (RM280.3 juta) yang dikemukakan SC terhadap kedua-dua tertuduh dan seorang lagi rakan mereka, Kevin Choo Mun Hoe.

Katanya, penghakiman itu menandakan berakhirnya usaha gigih tiga tahun SC dalam siasatan kes Swisscash yang membabitkan siasatan rentas sempadan, kerjasama dengan tujuh negara serta pengawal selia luar negara.

Beliau juga berkata, pembayaran akan dilaksanakan dengan pelan yang diluluskan oleh mahkamah yang kemudian diuruskan oleh pengurus yang dilantik oleh SC.

"Untuk melayakkan mereka mendapat bayaran, pelabur mesti mengemukakan bukti dalam bentuk dokumen sebagai pelabur prinsipal. Mereka yang merekrut pelabur tidak layak.

"Selain itu, mereka yang melabur selepas SC mengeluarkan amaran jangan melabur dalam skim itu pada 5 September 2006 mungkin tidak layak. Namun SAC akan mencadangkan had tempoh bersesuaian bagi memastikan pelabur yang tidak menyedari penipuan itu turut mendapat ganti rugi," katanya.

Sementara itu, penyanyi terkenal, Deja Moss kerugian lebih RM30,000 dalam skim itu pada 2007, bersyukur kerana akhirnya nasib mangsa penipuan itu terbela.

"Saya sangat gembira mendengar berita ini kerana selepas menyedari tertipu, kami seperti hilang harapan mengenangkan wang yang dilabur lenyap begitu saja," katanya ketika dihubungi.

Beliau bagaimanapun berkata, sukar bagi kebanyakan mangsa membuktikan mereka pernah melabur dalam skim berkenaan kerana tiada resit rasmi dikeluarkan pihak pengendali pelaburan.

"Bagaimana kami hendak menuntut wang jika tidak mempunyai bukti pelaburan. Diharapkan SC memberi bantuan kepada pelabur seperti itu menuntut kembali wang pelaburan," katanya.

Sumber @ Berita Harian

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Pelabur skim cepat kaya Swisscash yang mengalami kerugian akan mendapat semula sebahagian wang

KUALA LUMPUR: Pelabur skim cepat kaya Swisscash yang mengalami kerugian akan mendapat semula sebahagian wang mereka berikutan kejayaan Suruhanjaya Sekuriti (SC) menyelesaikan penipuan yang membabitkan RM31 juta itu.

Mereka yang layak mendapat ganti rugi perlu memenuhi beberapa syarat, termasuk mempunyai bukti kukuh sebagai pelabur prinsipal dan tidak terbabit merekrut pelabur lain.

Pengerusi SC, Tan Sri Zarinah Anwar, berkata setakat ini kira-kira 3,000 pelabur membuat laporan mendakwa mereka kerugian akibat menyertai skim pelaburan internet itu.

"Kira-kira 80 peratus daripada mangsa adalah golongan profesional lelaki. Pembayaran ganti rugi akan berdasarkan kaedah peng-agihan yang ditentukan oleh mahkamah dan pelabur perlu mengemukakan dokumen serta bukti berkaitan bagi pelaburan mereka. Bayaran dijadual bermula seawal tahun depan," katanya di sini semalam.

Beliau berkata, ia adalah kejayaan terbesar SC dalam sejarah menyelesaikan kes penipuan pelaburan berikutan selesainya kes penghakiman terhadap dua tertuduh kes berkenaan, Albert Lee Kee Sien dan Amir Hassan pada 6 November lalu.

Beliau berkata, pembayaran dibuat hasil persetujuan penghakiman dengan dua tertuduh untuk membayar kepada SC kira-kira RM31 juta dan digunakan sebagai ganti rugi kepada pelabur.

Skim pelaburan internet Swisscash diharamkan oleh kerajaan dan laman webnya ditutup pada 2007.

Zarinah menjelaskan jumlah RM31 juta yang dipersetujui dibayar oleh Lee dan Amir adalah hasil daripada saman berjumlah AS$83 juta (RM280.3 juta) yang dikemukakan SC terhadap kedua-dua tertuduh dan seorang lagi rakan mereka, Kevin Choo Mun Hoe.

Katanya, penghakiman itu menandakan berakhirnya usaha gigih tiga tahun SC dalam siasatan kes Swisscash yang membabitkan siasatan rentas sempadan, kerjasama dengan tujuh negara serta pengawal selia luar negara.

Beliau juga berkata, pembayaran akan dilaksanakan dengan pelan yang diluluskan oleh mahkamah yang kemudian diuruskan oleh pengurus yang dilantik oleh SC.

"Untuk melayakkan mereka mendapat bayaran, pelabur mesti mengemukakan bukti dalam bentuk dokumen sebagai pelabur prinsipal. Mereka yang merekrut pelabur tidak layak.

"Selain itu, mereka yang melabur selepas SC mengeluarkan amaran jangan melabur dalam skim itu pada 5 September 2006 mungkin tidak layak. Namun SAC akan mencadangkan had tempoh bersesuaian bagi memastikan pelabur yang tidak menyedari penipuan itu turut mendapat ganti rugi," katanya.

Sementara itu, penyanyi terkenal, Deja Moss kerugian lebih RM30,000 dalam skim itu pada 2007, bersyukur kerana akhirnya nasib mangsa penipuan itu terbela.

"Saya sangat gembira mendengar berita ini kerana selepas menyedari tertipu, kami seperti hilang harapan mengenangkan wang yang dilabur lenyap begitu saja," katanya ketika dihubungi.

Beliau bagaimanapun berkata, sukar bagi kebanyakan mangsa membuktikan mereka pernah melabur dalam skim berkenaan kerana tiada resit rasmi dikeluarkan pihak pengendali pelaburan.

"Bagaimana kami hendak menuntut wang jika tidak mempunyai bukti pelaburan. Diharapkan SC memberi bantuan kepada pelabur seperti itu menuntut kembali wang pelaburan," katanya.

Sumber @ Berita Harian

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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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3,000 dapat semula wang pelaburan Swisscash

Biarpun jumlah mangsanya sebelum ini dikatakan ramai, tetapi hanya kira-kira 3,000 pelabur skim pelaburan haram Internet, SwissCash berpeluang mendapat semula wang pelaburan mereka seawal tahun depan.

Skim pelaburan yang mana 80 peratus disertai profesional lelaki dan pernah menggemparkan negara itu melibatkan pelaburan RM30 juta, kata Pengerusi Suruhanjaya Sekuriti (SC), Tan Sri Zarinah Anwar pada sidang akhbar mengenai perkembangan penyiasatan SwissCash di sini hari ini.

Menurut Zarinah, pembayaran itu dibuat berdasarkan penghakiman terhadap dua defendan Amir Hassan dan Albert Lee Kee Sien, perancang utama skim itu, pada 6 November lalu.

Semasa penghakiman itu mejavascript:void(0)reka bersetuju membayar RM30 juta kepada SC dan wang itu digunakan untuk membayar pampasan kepada para pelabur skim berkenaan.

Zarinah berkata, pampasan yang bakal diberikan itu mengikut pelan persetujuan pengagihan yang diputuskan oleh mahkamah.

Berdasarkan perintah mahkamah, SC perlu melantik pentadbir dan mengiklankan di dalam akhbar makluman dan prosedur pembayaran, katanya.

"Kami ingin menegaskan bahawa hanya pelabur-pelabur yang layak dan mempunyai bukti pelaburan berhak mendapat pampasan tetapi individu yang menjadi perancang utama dan merekrut ahli dalam skim ini adalah tidak layak.

"Pampasan itu turut mengambil kira keuntungan yang diperoleh sebelumnya. Ini bermakna wang pampasan yang diterima adalah setelah ditolak dengan keuntungan yang pernah diperoleh pelabur.

"Kriteria lain yang diambil kira dalam proses pembayaran adalah pampasan juga hanya dibayar kepada pelabur yang membuat pelaburan sebelum amaran dikeluarkan oleh SC mengenai skim tersebut,'' jelas beliau.

Pada 25 September tahun lalu, SC telah mendapat perintah Mahkamah Tinggi membeku dan merampas akaun tiga defendan termasuk Dynamic Revolution Sdn. Bhd. berjumlah RM35 juta itu.

Sebelum itu, mahkamah turut mengarahkan Amir Hassan memindahkan semula kesemua wang itu yang disimpan di dalam enam akaun bank di Hong Kong dan lapan akaun di Singapura dipindahkan ke Malaysia. Ia merupakan kejayaan SC dalam kes penguatkuasaan sivilnya terhadap skim pelaburan Internet itu.

Kegiatan SwissCash yang menjanjikan dividen 300 peratus selepas pelaburan selama 15 bulan terbongkar kira-kira setahun lalu.

Difahamkan skim pelaburan haram itu menerima deposit antara RM380 juta dan RM3.8 bilion daripada kira-kira 100,000 pelabur Malaysia.

Beliau menegaskan, mangsa-mangsa penyelewengan SwissCash diminta mengemukakan bukti pelaburan, kad pengenalan atau pasport dan bukti pembayaran bagi pelaburan yang dibuat melalui pemindahan telegraf, transaksi bank dan perbankan Internet.

Zarinah berkata, SC masih melengkapkan segala perincian penipuan itu setiap hari dan setakat ini, akses kerugian yang dicatatkan adalah sekitar RM31 juta.

Katanya, badan itu telah mula menerima pertanyaan berhubung skim tersebut sejak Januari hingga September 2006 tetapi hanya bertindak menyekat laman web itu pada Jun 2007.

"'Kami mengambil masa untuk menyekat laman web SwissCash kerana dalam tempoh berkenaan SC hanya menerima pertanyaan bukannya aduan penipuan.

"Tetapi pada 5 September 2006, SC ada mengeluarkan amaran kepada pelabur-pelabur dalam laman web rasmi SC ,'' ujar beliau.

Ditanya sama ada SC akan membayar pampasan kepada pelabur yang membuat pelaburan pada dan selepas tarikh tersebut, Zarinah berkata:

"Kemungkinan pelabur tidak akan dibayar pampasan tetapi SC akan mencadangkan tempoh tertentu untuk memastikan pelabur yang tidak menyedari akan amaran itu layak diberikan pampasan.''

Zarinah mengingatkan pelabur tempatan supaya berhati-hati ketika membuat pelaburan dalam skim seperti SwissCash yang menjanjikan pulangan tinggi luar biasa dalam tempoh singkat.

"Ini adalah Skim Ponzi, yang mana pulangan dibayar kepada pelabur awal daripada pelaburan yang dibuat oleh pelabur-pelabur lain.

"Skim seperti ini pasti akan mengundang kerugian, pelabur- pelabur bukan sahaja tidak akan menikmati pulangan yang dijanjikan tetapi juga kehilangan pelaburan prinsipal,'' kata beliau.

Beliau menegaskan, para pelabur skim-skim haram tidak boleh pada bila-bila masa mengharapkan badan pengawas selia kewangan memulangkan semula wang pelaburan mereka seperti kes SwissCash.

"Dan, bukan semua kes berjaya diselesaikan seperti SwissCash,'' tambahnya.

Sumber @ http://www.utusan.com.my

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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)”.

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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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