Swiss Mutual Fund

The Swiss Mutual Fund or Swisscash is an offshore investment company headquartered in the Commonwealth of Dominica. Despite the inclusion of the word "Swiss" in its name, the Swiss Mutual Fund's board of directors is comprised solely of Dominican citizens [http://www.swissmutualfund.biz/aboutswiss_management.asp] , and the company does not appear to have any significant ties to Switzerland.

History

Swiss Mutual Fund originally mentioned on its website that it was created after World War II in 1948 by the Cheviot family of France, with operations based in Berne, Switzerland. After 48 years (1996), the firm moved to the Commonwealth of Dominica due to changes in financial regulations in Europe. [ [http://web.archive.org/web/20060117072419/www.swissmutualfund.biz/aboutswiss_company.asp Welcome to SWISS MUTUAL FUND ] ] However the Swiss Embassy in Kuala Lumpur has stated the following:

"The Swiss Mutual Fund (1948) and or Swiss Cash are not registered companies in Switzerland. Until proof of the contrary, the Embassy doubts that the remarks about these funds and their historic links to Switzerland as outlined on their original website are genuine. The original website is indeed registered in the USA and the contact telephone number is from New Jersey (USA)." [ [http://web.archive.org/web/20060518132221/http://www.eda.admin.ch/kualalumpur_emb/e/home.html Embassy of Switzerland - Kuala Lumpur ] ]

This information was also corroborated by the Swiss Embassy in Singapore. [ [http://www.eda.admin.ch/eda/en/home/reps/asia/vsgp/ref_bufor/bussgp/sinpub.html Information about Misleading Publicity ] ]

On December 13 2006, Swiss Mutual Fund (1948) S.A. was strucked off from the Commonwealth of Dominica's Register of International Business Companies. [http://www.gov.im/lib/docs/fsc/PublicWarnings/dominicaswissmutualfund.pdf]

The current version of the Swiss Mutual Fund website no longer includes any information about the company's history.

At June 2007, the Securities Commission, Malaysia's capital markets regulator, has already taken action against the promoters of Swiss Cash. [ [http://www.intelligentinvestorclub.com/scams/swisscash-has-been-busted Swisscash Has Been Busted | Intelligent Investor Club ] ]

The website went offline on August 27, members could not log into the website.

According to internet rumours, the website was down due to a hurricane, and would be back on 25 Aug. It did not come back online on August 25.

Afterward, few similar websites were up. But, no official announcement from Swiss Mutual Fund proved that whether those website are from Swiss Mutual Fund. Those websites only had front page, and could not be login.

Internet rumors said website down was due to upgrade and maintain, and would be back at 1 Sep 2007. Nothing happen at 1 Sep.

Internet rumors said Swiss Mutual Fund would be back at 15 Sep 07. Nothing happened at 15 Sep.

On Sept 17, the Financial Supervision Commission of the Commonwealth of Dominica released a press release which confirms that Swisscash is not a registered or incorporated company and does not have any established business in the island nation. [http://www.gov.im/lib/docs/fsc/PublicWarnings/dominicanoticeswisscash2.pdf]

Criticism

There have been allegations that the Swiss Mutual Fund is a Pyramid scheme, with victims predominantly in Malaysia. [http://www.todayonline.com/articles/167644.asp] The Central Bank of Malaysia has issued warnings regarding Swiss Mutual Fund's legitimacy, and have advised investors to avoid the company and its subsidiaries. [ [http://www.bnm.gov.my/index.php?ch=8&pg=14&ac=1299 BNM Press Statements ] ] The Monetary Authority of Singapore has placed Swiss Mutual Fund in their Investor Alert List. [ [http://www.moneysense.gov.sg/check_our_list/Consumer_Portal_IAL.html Consumer Portal: Investor Alert List ] ]

External links

* [http://www.swissmutualfund.biz Main Website for Swiss Mutual Fund]
* [http://answers.google.com/answers/threadview?id=780606 Thread on Google Answers regarding Swiss Cash and Swiss Mutual Fund]
* [http://www.thelocalking.com/singapore/miscellaneous--others.../swiss-cash/swiss-mutual-fund.html A full list of warnings posted by Newspapers, government, finance agencies about Swiss Cash/ Swiss Mutual Fund]

References