FrancSwiss ‘financial adviser’ nabbed by police

July 6, 2007

Stocks, Mutual Funds, Forex, Finance Philippines

Make Money Online, Stocks, Mutual Funds, Philippines

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).

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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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Topic keywords for this post:

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Written by James | PinoyMoneyTalk.com · Filed Under FrancSwiss, Scams and Scam Updates

Join the discussion! Post a comment below

andre

Yehey to FRANCSWISS.Alam nyo mga peeps, hindi masama ang FRANCSWISS.Its an investment na talagang may result.Like me, I bought a new car (CRV2008) because of FS.I paid for it cash.With a 9 to 5 job, it would of probably taken me a long time, maybe a life time.I have been a member for almost 2months.Your not forced in making the investment.Its pretty much up to the person investing.Its true, that everyones results are different, but the bottom line is all the investors were making money.Until the government stepped in.

The (NBI),(SEC) and (ABS-CBN) had stepped in because someone paid them to.Like the owner of VITAPLUS.Her company was going bankrupt like other MLM companies, and thats the reason they went to the media with these bazaar aligations.All the leaders from these companies saw a better investment that didn’t require you to sell anything.So thats why everyone is investing in these investments.(Francswiss.biz),(Deutchfrancs)
etc.Everything you see on tv is pretty much one sided.If all the investors making money came out, it would be a different story.But on the other hand it would be scary to come out because of the NBI and SEC.They would hunt you down and probably ask for money.I think its called “EXTORTION.”Hee3. Thats pretty much how our government works.Money talks bullsh*t walks..

This investment has an all star cast.People from different parts of goverment, showbiz, etc.Like Korina Sanchez, she is in the States because FRANCSWISS came out on her network and her name wa s brought up as an investor.She won’t admit she is an investor, because that would mess up her career.She’s playing safe!!!You would be suprised at some of the investors of FRANCSWISS.These are very powerful people.That’s why the NBI and SEC better becareful!!!!
- Cityboy
  
  grabe nman makreply ung iba prang nakasali d2.. heheehhe
rizz

yeah im from cebu too. u better investigate INGRID TAN. i was victimized by her,
la lang

better file complaints kung feeling nyo eh niloko kayo
http://- jose tungko

mga investors ng francswiss, kawawa naman kau… mahirap paniwalaan na lahat ng pinambayad na interest ng francswiss sa inyo e galing sa FOREX trading… siguro nga may mga yumaman sa FOREX trading, pero yung sinasabi niyo na yun ang dahilan kaya malaki magbigay ng interest ang Francswiss ay mahirap paniwalaan… e di sana madami ng company na ganyan ang ginawa kung alam nila na sobrang dali lang pala magparami ng pera sa FOREX trading lang… e di sana lahat ng nag-invest sa Francswiss may hummer at navigator na… ponzi scam yan mga kosa… too good to be true? talaga kasing hindi totoo… kung 400% ng investment ang kikitain ng isang company sa isang araw dahil sa FOREX, e di wala pa isang buwan lahat ng investors nila sobrang yaman na… e bakit parang yung examples niyo ng mga yumaman sa Francswiss iilan lang? yang mga ponzi scam na ganyan, laging yayaman yung mga unang nag-invest… kasi sila yung una mababayaran ng interest galing sa downline nila… mga kababayan naman, di na ba kau nadala sa mga get rich fast schemes? akala niyo ba si warren buffet yumaman lang sa loob ng ilang buwan? pinaghihirapan yan… oo may mga sinuwerte at yumaman bigla, pero di ibig sabihin pwede din mangyari sa inyo yun… oo, di masama mangarap, pero isusugal mo lagi yung kakarampot na ipon mo sa isang bagay na di mo alam kung saan nakukuha ang ipambabayad sa iyo? madami jan ibang paraan para i-invest pera mo… kung legit yang francswiss e di sana libo-libo na sa mga investors ang naging milyonaryo… asan sila? asan?
stick

Ingrid Tan alam ko mga gawa mo. dahan ka lang kc ur happy days are over…
sticks

hi ingrid kumusta na ang milliones mo?? heard u keep on shopping ha… ganyan talaga if ang dami nang pera.. hope AMLA will investigate this lady… im 101% sure that she got a lot of money from FS.
Solinus

This is what you get for being ignorant about pyramid scams. To those who are defending it, I really hope your conscience gets to you.
la lang

malamang eh mob rule ang mangyari dito. bugbog kapag natyempuhan. para sa mga uplines, ibalik nyo na lang pera sa downlines nyo
carlo garcia

nakita ko yang jaime poliquit na yan last week meron silang kausap sa crowne plaza… parang si castillo ata ung isa dun sa kasama nila… medyo maikli na kc hair compaired sa picture dito. pero mukhang meron na naman cgurong planong gumawa ng kalukuhan… di ba nahuli na yan sila bakit gumagala pa rin? dapat di na yan bigyan ng non-bail na ung case nila. kilala ko kc yang jaime na yan kc downline nya ako dati sa TPG (the professional group)… malakas kumita yan…kaso iwan ko ngayon bakit sa scam sumasali yan.
guest

they are back with a different name
be careful clixsters