The FrancSwiss scam



FrancSwiss (www.francswiss.com | www.francswiss.biz | www.francswiss.us) advertised itself as an investment program that aims “not only to produce millionaires but also to lead those millionaires on how to have a right attitude towards financial freedom” and the company’s mission was “to bring the best financial opportunities to our valued members.”

Three weeks before it was officially declared a scam, we wrote an article warning our PMT readers that FrancSwiss may be a potential scam. In July 2007, its website became inaccessible and investors stopped receiving any payment — confirming our initial assessment that it was a scam.

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* * * * * FRANCSWISS UPDATES * * * * *

  • July 6 (8 p.m.): The alleged “chief financial adviser” of FrancSwiss — a 26-year-old native of Baguio City — has been caught, according to TV news reports. Watch the video in the FrancSwiss ‘financial adviser” nabbed by police article. Does this mean the end of FrancSwiss? We’ll soon find out.
  • July 6: All FrancSwiss sites are now down and inaccessible. [www.francswiss.biz] gives a “Page Not Found. 404 Error.” [www.francswiss.com] and [www.francswiss.us] redirect to a parked domain. As of this writing, it cannot be determined yet if FrancSwiss has totally closed down. We’ll have to wait for new developments in the next few days.
  • July 5: More media companies warn the public against investing in FrancSwiss. The HYIP was reported in the Philippine Daily Inquirer, ABS-CBN’s TV Patrol and Bandila news programs, and GMA7’s 24 Oras.
  • July 3: The Bangko Sentral ng Pilipinas (BSP), the Securities and Exchange Commission (SEC), and the media have now all called FrancSwiss a Ponzi scheme and warned people against investing in similar online investment scams.
  • June 24: www.francswiss.us is now just a parked domain and www.francswiss.com is still inaccessible, but www.francswiss.biz is still up and running, taking new investments.
  • June 22: We wrote an article warning our readers that FrancSwiss may be a potential scam (see: Is FrancSwiss a scam?).

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