Hyip weekly report – hope for Swisscash victims

As we reported in middle of August, The Securities Commission (SC) of Malaysia was trying to resolve the US$10 million of Swisscash money scam case as soon as possible. They have had frozen all the accounts and they also had seized all the funds, which were illegally obtained. They were trying to resolve the case as soon as possible," she said, when asked on the latest development of the case, which was reported in 2007.

It was reported before that SwissCash was unlicensed to raise funds, therefore it was an illegal online investment scheme.

Their modus operandi is based on the transfer transactions in local banks, over the internet and also the use of e-currency.

Previously, Swisscash had offered a no limitation investment with a lucrative rate of return of up to 300% within 18 months together with nice percentages of referral commission that have attracted investment of between US$110million to US$1billion collected from about 100,000 investors in Malaysia.

The Securities Commission of Malaysia last year had succeed in its civil enforcement case against Swisscash online investment scheme when it secured a court order to direct one of the defendants, Amir Hassan, to transfer all Swisscash funds held in bank accounts overseas back to Malaysia.

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

And now here is the new progress on Swisscash case on the Supreme Court of Malaysia as published on local national newspaper recently.

It is now hope for victims of the Swisscash investment scam to recover some of their investments.

The Securities Commission (SC) of Malaysia has obtained a decision requiring two men and a company involved in the scam to pay US$83mil or any other amount after that amounts to the Commission.

The money will be recovered eventually assigned to the victim as compensation.

The decision is important in the sense that the Commission gives a strong bite from now, when the hunt for other perpetrators of fraud.

The verdict against Albert Lee Kee Sien, Melvin Choo Mun Hoe and Dynamics Revolution Sdn Bhd was awarded on September 25th by the High Court here.

With this decision, the Commission will be able to work with their counterparts in other countries, including Switzerland, Isle of Man, Jersey, Australia and Singapore to locate and repatriate Swisscash’s funds amounting to US$8.5 million which is known to be held abroad to meet the sentence.

Investors will be compensated once these funds have been repatriated successfully. In addition, the defendants were prohibited from resuming the operation of the Swisscash company and act as managers of funds and investment advisers without authorization.

They are also prohibited to raising funds for investments in any kind of investment regardless via online or offline.

The decision also allows the Commission to take further action against the defendants of Swisscash fraud if they continue to perform activities or any other investment.

This progress also allows the Commission to take action against three of the four defendants named in the civil suit which was filed in June last year. The fourth defendant, Amir Hassan, is still contesting the civil action.

Based on its findings, the Supreme Court granted a Mareva injunction in June 2007 to prevent defendants from disposing of their properties inside and outside Malaysia.

A warrant was also obtained in September 2007 to address one of the defendants to transfer Swisscash’s money which amounting to US$10million back to Malaysia.
The Commission also reminded investors that neither Swiss Mutual Fund nor Swisscash investment funds are authorized by them.

The Vice-President of Bar Council, Ragunath Kesavan said that very unlikely there will be a provision in a civil action for recovery. Therefore, it is a positive step and in the right direction and he hopes that regulators will take a more proactive approach to protect the public interest.

Do you still remember about Asdcashgenerator and Ad Surf Daily, also known as ASD had closed immediately after the company had been raided and the assets been seized by the Secret Service Agents in early of August.

The General Attorney had filed a lawsuit accusing the company and its owner Andy Bowdoin Jr, as of operating a huge pyramid scheme. According to the lawsuit, the pyramid scheme promoted by ASD is a violation of Section 849.091, Florida Statutes, and a per se violation of the Florida Deceptive and Unfair Trade Practices Act found in Part II of Chapter 501, Florida Statutes.

They also believe this business was a "Ponzi scheme that he masked as an advertising company which located at 13 South Calhoun Street in Quincy.

We found that there is a new program which said to be a clone of ASD which known as Adgateworld.com. This program is still in a pre launch. According to one of the hyip bloggers, this new program is running by some big players in former ASD. He also stated that Ad Gate World is operating in Panama, so the Securities Exchange Commission of United States could not do much to shut the program.

As written on the Ad Gate World, this program promises to pay a return of 125% for members who upgrade and view daily advertisements. Members also have an opportunity to advertise their own business too.

In our opinion, as ASD had collapsed, so will Ad Gate World. Maybe those players who had been the victim and lost money in former ASD want to re gain their lost by running another pyramid scheme and trick other players. And by registering the program offshore gives the owners an advantage to run it more ‘heavenly’ with less disturbance from the authorities which purported to protect their citizens from giving away money to scammers. In fact, an Offshore autosurf is more safe and secure for the owners instead for the members.