Investors are being warned about the fraudulent activities of purported private investment firm Swiss Private Capital and its offers of interests in 'Aussie Super – Superannuation Fund'.
The company claims to be a Dubai-based investment firm with branch offices in New York, Frankfurt, Geneva and Melbourne.
Its website also claims that it is now managing Australian Super and to have average returns of over 35 per cent per year for the last five years, the Australian Securities and Investments Commission (ASIC) stated.
Following an investigation, the regulator found that Swiss Private is not a registered Australian company and does not hold an Australian financial services licence.
In addition, the address for the company is a virtual office and no company representatives occupy or attend this address.
While the regulator managed to successfully remove the Australian and US-based Swiss Private websites, members of the public have reported an unsolicited letterbox drop on the Sunshine Coast recommending consumers switch their superannuation to Swiss Private, offering a 20 per cent per annum return and a $500 rollover bonus.
According to ASIC, Swiss Private is not a registered superannuation entity licensee for Australian Prudential Regulation Authority (APRA) purposes, and Aussie Super is not an APRA-registered superannuation fund
"Potential investors should scrutinise all investment opportunities closely and seek professional, licensed advice before making an investment decision," ASIC commissioner Greg Tanzer said.
