Updates on the FrancSwiss scam

Here are recent developments on the online investment fraud FrancSwiss.

July 11. The National Bureau of Investigation released an artist's sketch of the supposed leaders of the FrancSwiss investment scam. The alleged masterminds include: Roger Smith, Raymond Chua and Bensy Fong, both Singaporeans, and alias "Mike" and "Michelle" who work for Chua.

 

More updates after the jump.

July 13. An "executive" of the FrancSwiss investment program, Jomarc dela Paz, filed a complaint of "illegal arrest," "kidnapping" and "grave abuse of authority" against the NBI following his arrest the previous week. Dela Paz complained that he was arrested without a warrant and that the NBI kept him for more than 36 hours without formal charges being filed against him. The NBI, however, denied the charges and maintained the innocence of their men, saying they expect "harassment suits because Francswiss is well-organized and well-funded."

July 17. The NBI issued an apology to ABS-CBN broadcaster Korina Sanchez and cleared her of involvement in the FrancSwiss investment program. As soon as her name was dragged into the issue, Sanchez has maintained that she was not involved and she never placed any money in the program.

July 18. More FrancSwiss investors from Cebu flocked to the NBI regional offices to file a complaint that they too were victims of the scam. The complainants alleged representatives of the investment scheme made a presentation last May or June in a well-known hotel in Cebu City to entice investors to place money in the program.

July 19. Ex-Philippine Basketball Association (PBA) Bonel Balingit confirmed that he was among those who invested in FrancSwiss. He said he personally invested around $3,000 and identified Ely Castillo and Edwin Saldaña as the ones who convinced him to invest in the program. 

Join the discussion in the HYIP: FrancSwiss thread in the PMT Forum.