For information:
This is from The Star newspaper, a Malaysian Daily:
http://thestar.com.my/news/story.asp?file=/2006/9/3/nation/15323129&sec=nation
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For information:
This is from The Star newspaper, a Malaysian Daily:
http://thestar.com.my/news/story.asp?file=/2006/9/3/nation/15323129&sec=nation
Hey Pinetree - you're certainly right about one thing. I have no intention to invest!
But legitimate companies ALWAYS respond to enquiries from identifiable sources.
Yes. But if they are "public" companies. Most of the "private" closed corporation owned by a family or families are Not Necessarily respond toQuote:
Originally Posted by Owen Platt
enquiries even from identifiable sources. They are like the Exclusive Private Clubs. I also point out that a mutual fund is an financial institution as well as an IBC.
pinetree
"mutual fund is an financial institution as well as an IBC."
That really is the point. An IBC cannot act as a financial institution or fund.
And, by the way, who does own Swiss Mutual Fund?
By advertising for and accepting funds from the general public, a company forfeits the right to privacy. They become, in effect, a public company.
Investors have a right to demand to see the accounts.
An IBC, even though it may have Mutual Fund in its name, is not allowed to function as a financial institution.
And if the company will not divulge any details (unless you happen to have $2 million lying around idle), the only proof of their 60 years existence and the $10 billion assets comes from their website. Sound familiar?
Quote:
Originally Posted by Owen Platt
Swisscash is not based on "Pyramid scheme." Its incomes are generated from investments,not from the sales of products and services. Referring new members are Not Required, investors are 100% assured of a modest monthly net return of 13.4 % or 20% average including the returns of the principal over 15 months.
Below is the explanation of Pyramid scheme
quote.
Pyramid scheme
From Wikipedia, the free encyclopedia
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The unsustainable geometric progression of a classic pyramid schemeA pyramid scheme is a non-sustainable business model that involves the exchange of money primarily for enrolling other people into the scheme, usually without any product or service being delivered. Pyramid schemes have existed for at least a century. Matrix schemes use the same fraudulent non-sustainable system as a pyramid; here, the victims pay to join a waiting list for a desirable product which only a fraction of them can ever receive.
There are other commercial models using cross-selling such as multi-level marketing (MLM) or party planning which are perfectly legal and sustainable. Most pyramid schemes take advantage of confusion between genuine businesses and complicated but convincing moneymaking scams. The essential idea behind each scam is that the individual makes only one payment, but are promised to somehow receive exponential benefits from other people as a reward. A common example might be an offer that, for a fee, allows the victim to sell the same offer to other people. Each sale includes a fee to the original seller.
Clearly, the fundamental flaw is that there is no end benefit; the money simply travels up the chain, and only the originator (or at best a very few) wins in swindling his followers. Of course, the people in the worst situation are the ones at the bottom of the pyramid: those who subscribed to the plan, but were not able to recruit any followers themselves. To embellish the act, most such scams will have fake referrals, testimonials, and information.
Although pyramid schemes have been declared illegal in many countries, they still persist in various forms, nowadays usually by having a cover business, a product or service.
unquote.
Hi Pinetree - thanks for the explanation of pyramid schemes although actually I was cognisant of this.
However, your answer rather begs the question of why Swiss Mutual should claim to have been in business for sixty years when they haven't, be a licenced financial entity when they're not and have an asset base of 10 billion dollars without offering any proof. Puts the Marsdens to shame, I would think.
And who actually runs Swiss Mutual? The original directors must be getting a bit long in the tooth by now unless they started out very young. Sixty years is a long time in business!
I advise you to send an e-mail to: [email protected] and ask for more info on Swiss Mutual Fund. Re: Original Director, I know that Den Otter was CEO of Swiss Mutual Fund from 1994-96. Den Otter also worked at IMF for several years before he became SMF CEO. Re: the proof of the 60 years history of Swiss Mutual Fund, I was also told to submit the Proof of Fund showing the Balance of at least $5 million and once accepted, I will have access to that kind of information and oher company documents.Quote:
Originally Posted by Owen Platt
Meanwhile, I heard from a very reliable source that a Japanese enterpriser visited NY(virtual) Office and was able to meet Swiss Consultant. And several weeks
after,the Japanese invested several millions dollars with Swiss Mutual Fund. May be, that is the reason why SC/SMF just started releasing a Japanese language news and updates in the website. ALL LOOKS VERY WELL.
pinetree
Well I am going to pass pinetree.Sorry mate but I have heard all this before.
Minimum funds before you see the books was the same as KUM.BTW,they also never missed a payment.
I have been informed that despite the HSBC Bank info in previous posts,members wishing to join are now asked to invest new funds via egold or send funds to an upline members personal bank account? The latter is an absolute no-no in my opinion.
Finally,the 1948 fund cannot be verified past 1990's and has absolutely no connection with switzerland.I checked with the Swiss authorities and they advised me to read this.http://www.worldlawdirect.com/article/1934/Swiss_Cash___Swiss_Mutual_Fund_1948_scam.html
http://www.bnm.gov.my/index.php?ch=8&pg=14&ac=1299
On the plus side I appreciate that Swisscash has never missed a payment but neither did pips for us oldies.
Wishing you all the best.
Quote:
Originally Posted by Dreamer
The Malaysian Authorities Have No Jurisdiction Over SwissCash/Swiss Mutual Fund since SwissCash has no physical office in Malaysia. The reason why SwissCash in the Warning List is because some SwissCash members are promoting or soliciting Malaysian to join without obtaining the Malaysian Financial Brokers` License. The Malaysian Authorities are just giving "warning" to the public that since SwissCash/Swiss Mutual Fund are Not Registered or their have no "Registered" representatives" in Malaysia, the Authorities have no control over these companies and ,thefore, those Malaysian who are dealing with the promoters or representatives with no brokers` licenses issued by the Authorities must be aware of "Risks" and should not holdd the Authorities responsible for whatever consequences they might incur. This still remain as "a Warning" only. They can not take any legal action against SwissCash/Swiss Mutual Fund. Re: The Letter, SwissCash is not recommending e-gold or e-bullion for New Members for funding their SwissCash e-point account. It clearly says that new members who want to "fund" their e-point accounts should go to SwissCash Dealer for "Funding" instead of sending Bank wires to Swiss Mutual Fund because SMF simply is not capable of handling the rapidly increasing number of the Incoming Bank wires UNTIL SMF complete the "Outsourceing" of This Services to a Number of Regional Banks all over the world. This is a temporary measure. In the region where no SwissCash Dealer is present, all new members are advised to go to their Uplines for appropriate "funding arrangements". I agree that this is a "setback" in recruiting new investors.
pinetree