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Phillipine SEC Warning – FrancSwiss, SwissCash, Universal Forex System, Global America and Private Forex Trade, Inc.
HYIP Scam Warnings, HYIP ScamsTags: FrancSwiss, Global America, Private Forex Trade, SwissCash, Universal Forex System.
The Republic of Phillipines SEC has issued the following warning:
SEC WARNING
BEWARE OF INTERNET-BASED PONZI INVESTMENT SCHEMES
The Securities and Exchange Commission (SEC) has received reports that the following entities are allegedly engaged in internet-based ponzi investment schemes: FRANCSWISS. SWISS CASH, UNIVERSAL FOREX SYSTEM, GLOBAL AMERICA, and PRIVATE FOREX TRADE, INC. These entities are NOT REGISTERED with the Commission, and have no permit DJ authority to solicit investments from the public Private Forex Trade, Inc. has in fact been found to be misleading the public by showing a fake SEC Certificate of Registration on its website.
The following are some of the features of an internet-based ponzi investment scheme:
• No SEC registration
• Investment in foreign currency, preferably in US Dollars
• Offers or guarantees a huge profit in a very short period
• Utilizes a binary network (i.e. upline and downline) to earn commissions
• No paper trail (i.e. contracts, receipts) - Promises tittle or no financial risk
• Provision for a lock-up period where an investor cannot touch the investment (i.e. 60 days)
• Assures pay-off of investments in a short time
• Uses high-pressure methods to convince investors to reinvest their earnings
• Unknown principal office, address, founders, directors or officers
• Orientation seminars are conducted informallyThis investment scheme ordinarily collapses as fast as they are created while leaving its investors behind and unable to recoup their investments.
The public is therefore urged to report any offer of investment made by persons who represent the above-mentioned entities or other entities using similar modus operandi to the undersigned in order that the appropriate enforcement action can be taken:
Director Hubert B. Guevara
Compliance and Enforcement Department
Securities and Exchange Commission
5/F SEC Building, EDSA, Greenhills, Mandaluyong City
(632) 727-3367
ced@sec.gov.ph
Thanks to the administrator at Sulit Forum for this information.
JMO – Sharon
Popularity: 8% [?]
F**k SEC!
What about SEC? The public is being that SEC, Media, BSP, NBI and other government entities are the ones who took all of the investors money.
They claimed that it was a scam, yet they havent proven anything yet to substantiate their allegations.
Check this out…
Guys, c Ely nasa NBI Manila sa anti-trafficking division. Tuesday pa sya dinampot. Hiningan ng 50M na ransom ala maibigay kaya tinuluyan. Mahigit 10 ang dinampot pero sya lang ang d nakabayad kaya sya lang ang idiniin. mahugit 20 SUV ang nakuha ng nbi sa mga uplines.
Warning: NBI Manila Anti-trafficking Division ang biggest kidnapping syndicate sa Pinas kaya ingat kayo. Since 2000 pa sila nag-ooperate. Ang target nila is scammers, illegal aliens, tax evader or kahit sino na may legal problem basta mayaman.
BTW, isa c genghiskan sa yahoo answer, etc… ang nagsimula ng kaguluhan kc nag-market sya sa blogs at forums ayan tuloy mga gago, gobyerno at sec ang nakuha nya…. Apektado tuloy FS…
And A-1 info to: Doyee Tactacan-Tumpalan, owner of First Quadrant and Vitaplus, Sister-in-law of Mike Defensor, ang nagpa-press sa atin. 3M ang ginastos! Ang text nya is ganito: “Let them feel my wrath. I don’t care who I step on!”
Some guys are also pointing at Bengco but it’s not an A-1 info. But If by chance may nag-recruit sa inyo na ang Daily Interest is 8 to 10%, HYIP na ni Bengco yan.
palabas lang yung pagkakahuli sa tv patrol para hindi magmukhang pinalagpas lang ang mga balita. currently, nakalabas na si ely ngayon, im sure they’re goin’ to fix this sa dami ba naman ng investors nila na may gov’t officials and generals pa.
From FS Baguio: FrancSwiss Advisory!!! FS will go on despite the HARASSMENT now going on. Top leaders are now in Singapore to tackle the legal issues. In a few days our WEBSITE will be open again. Nothing to worry and nothing to fear. FS no. 1. Mr. Ely Castillo was released already. No case was filed against him.
BREAKING NEWS TO ALL FRANCSWISSERS!
FRANCSWISS COMMITTEE WERE ABLE TO PROVE TO NBI THAT THEY ARE A LEGAL COMPANY IN THE US, SINGAPORE AND NOW IN AUSTRALIA.
FS IS DOING EVERYTHING THEY CAN TO LEGALIZE THEIR COMPANY HERE IN THE PHILIPPINES. IF THEY WERE ABLE TO MEET ALL THE DEMANDS OF OUR GOVERNMENT THEY WILL BE PERMITTED TO GO ONLINE AGAIN. BUT EXPECT TAX TO BE DEDUCTED FROM OUR INCOME AND FSDI WILL BE LOWER.
DON’T LOSE HOPE PEOPLE. GOOD LUCK TO ALL OF US!
THIS MESSAGE WAS FROM A VERY RELIABLE SOURCE. PLEASE PASS.
Anyone notice the similiarity between thiss
http://francswiss.ws and this http://frankyswiss.50webs.com/serene
Many say Francswiss is from Singapore and SwissCash own team from there.
More news about the francswiss scam here:
NBI Press release on Francswiss
Francswiss financial adviser nabbed by police
Is FrancSwiss a scam?
I think that SEC and NBI has connected with BIR because of TAX in Online Business. I think that their is no Law that allow to TAX the Business In the Internet if i’m not wrong. In short FrancSwiss is Monitored by NBI with alligation of BIR and because they can’t put tax to FrancSwiss. So they come up with decoy that their should be complainant so that the FrancSwiss will commit mistake by laws. In other words they Plan to trap FrancSwiss so that the FrancSwiss can pay to the goverment of the philippines with the Law of TAx over the Online. Let me ask you about this… Does the FrancSwiss Founder and other members who already earned money has already pay the TAX.. in Philippines?
USA and its efforts to control all the world lol…
If the program belong to another country and you don´t accept USA citizens… why can you be registered in SEC?, are they the country to regulate all the investment programs around the globe with those features? lol
I understand that it can be an advise to USA citizens only.
And about the lock-up period: many reliable banks offer a profit locking-up during some time your funds. Are they also ponzis?.
Some reliable programs need to lock the funds during a period or the program will crash if people can suddenly withdraw the money and this program is trading at the long term with a risk in the positions.
And dollar is the most used currency in the world. If you accept money it´s logical that it can be in dollars.
I agree with the rest of features.
Oh, sorry… I misunderstood this post due to SEC name, is there a SEC in Philippines?…
Hi Jose,
Yes, many countries have a Securities and Exchange Commission, which they refer to as the SEC. This one is the Philippine government.
I can see where you could mistake it for the US SEC, though. It seems that the US SEC is to blame for most things in HYIP land. LOL
JMO,
Sharon
Don’t worry about it, Jose. It was a fine rant nonetheless.
dati pyramiding scam, ngayon dahil nauso ang internet, dinagdagan lang ng internet-based, nagoyo na nman ang mga pinoy..
whats next..?
It looked to me what Scammer had fed us was a wistful thinking effort we can’t vouch with. It carries so very little weight we can’t rely on, but just giving a flicker of slim hope to the many Francswiss investors who parted away with their beloved cash ($1000 at least). The only thing each investor can do now is to strongly demand from his/her immediate upline or recruiter whatever uncollected sum of money still due him/her. No more no less. If this action would fail, then on other recourse but to go to the NBI if you have the guts. If you can’t do this, then say goodbye to your precious bucks forever…
Well, well, where is Francswiss in the Philippines?
One among the many lessons learned here is that the public should not underestimate the public warning released by SEC.
The Commission will not give a Sec Warning for the public for nothing.
To ddyo: The Law states that all businesses in the country by it small to large scale pay taxes. As good citizens, business owners have to pay taxes. Now small businesses like sari-sari stores and cigarette vendors are exempted from paying taxes from their earnings since their business is too small and volatile for registered with SEC. But they too pay taxes when they purchase their inventory (packs of cigarettes). (Hey, even when you buy from Ebay and websites, you still have to pay for taxes.)
There are a lot of disadvantages for local based On-line busisness that are not SEC registered. For one, they cannot apply for on-line credit card charging facilities since banking institutions will require that they be SEC registered first.
Now money/investment owed by Francswiss to investors are their liability. Investors cannot demand that SEC give back their money after the company fall out because the business transaction is between the investor and Francswiss.
The SEC is there to protect the public. If you transact with non-SEC registered businesses, you’re putting yourself in a lot of risk. SEC can revoke business permits once proven that a business has illegal transactions and/or is a threat to the public.
So better to be safe than sorry.