Swisscash was a ponzi scam that started from Malaysia and involved more than S$100 million affecting investors from all over the world.
In one of the largest ever case in the history of the prosecution of such scams, the Securities Commission (SC) entered into a consent judgement with two of the defendants in the case for a sum of RM31mil. Previously, the Kuala Lumpur High Court had ordered Albert Lee Kee Sien, Kelvin Choo Mun Hoe and Dynamic Revolution Sdn Bhd to pay in a judgment on Sept 25 last year.
As a norm, investors in such scams should not expect to get anything back. This recovery was very much an exception.
Investors would have to show sufficient documentary proof of their principal investment and must not have been involved as recruiters in the scam. Investors who profited from their initial investment and still made claims would have their profits deducted from the claim sum while other criteria for consideration included whether investors heed the warnings by authorities before investing.
The first batch of restitution payments would be made early next year following approval from the court.
Story reported from The Star: