This Alert concerns a restitution fund established by the Securities Commission Malaysian (“Malaysian SC”) in a settlement involving various entities operating under the name “Swisscash”, including “Swiss Mutual Fund (1948),” and through websites encompassing variations on the names “Swisscash” and “SwissMutualFund.”
On November 13, 2009, the Malaysian SC announced a settlement with Albert Lee Kee Sien and Amir Hassan, two of the principals of Swisscash. According to the Malaysian SC, Swisscash is an internet-based investment scam that operated worldwide under variations on the name “Swisscash.” Swisscash claimed to have invested in a range of investments such as equities, commodities and foreign exchange, and promised investors returns of up to 300% within 15 months of investment. Instead, according to the Malaysian SC, Swisscash did not produce the promised returns, and the scheme defrauded investors worldwide of as much as $83 million.
As part of the settlement, the Malaysian SC plans to make a distribution to injured investors. The Malaysia SC has informed SEC staff that it will establish a procedure for investors to make claims against the approximately $9 million in its settlement with Albert Lee Kee Sien and Amir Hassan. If you invested in Swisscash, and wish to register a claim with the Malaysian SC, you may do so by contacting:
Investor Affairs & Complaints Department
Securities Commission Malaysia
No 3 Persiaran Bukit Kiara
50490 Kuala Lumpur
Tel: 603 6204 8999
Fax: 603 6204 8991
More information about the Malaysia SC’s settlement and the proposed distribution to investors may be found here:
The Office of Investor Education and Advocacy has provided this information as a service to investors. It is neither a legal interpretation nor a statement of SEC policy. If you have questions concerning the meaning or application of a particular law or rule, please consult with an attorney who specializes in securities law.