FrancSwiss ‘financial adviser’ nabbed by police
July 6, 2007
ABS-CBN’s news program TV Patrol reported today that 26-year-old Eleazard “Ely” Castillo of Baguio City was nabbed by police for allegedly playing a part in the High-yield investment program (HYIP) FrancSwiss.
Castillo is considered the “chief financial adviser” of FrancSwiss and is said to be responsible for bringing in more than P300 million (US$6.5 million) worth of investments to the said online program.
According to the National Bureau of Investigation (NBI), thousands of Filipinos have “invested” in FrancSwiss, including actors, politicians, TV personalities, generals, OFWs, and retirees.
FrancsSwiss – with websites at [www.francswiss.com | www.francswiss.us | www.francswiss.biz] — is an HYIP that offers 4.5% interest per day for 60 days on a minimum investment of $1,000. It is not fully explained, however, how they are able to generate enough profits that would compensate for such abnormally high return.
Earlier this week, the Philippine Securities and Exchange Commission (SEC) and the Bangko Sentral ng Pilipinas (BSP) tagged FrancsSwiss as a Ponzi scheme — an investment program that relies on new investments to pay older investments — and warned people against investing in online HYIPs.
The NBI said other known FrancSwiss personalities have now been placed under their “Wanted List.” They include Jaime Poliquit (Davao City), Garry Espiritu (Metro Manila), alyas Jomarc (Fairview, Quezon City), Edwin Sendana (Pasig City), and Edward Ricalde (Pampanga).
Video of the ABS-CBN news report below.
Video: FrancSwiss “chief financial adviser” presented to the media
Does this mean FrancSwiss is now officially a scam?
Are those identified people really the “bosses” of FrancSwiss or are they merely scapegoat recruiters/referrers?
What will now happen to the investments of those who have not made a profit yet?
Join the discussion in the HYIP: FrancSwiss thread in the PMT Forum.
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