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SMI Swissmetal Inc. SMH Schweizerische Metallhandels AGSMH Schweizerische Metallhandels Panama S.A. Investment Fraud, Ponzi Scheme, Panama City, Panama Panama
From 2012 thru 2016 a group of criminals calling themselves variously Swiss Metal Group, Swiss Metal Assets, SMH Panama,and SMH Schweizerische Metallhandels AG sold strategic and rare metals to investors who wanted to diversify their investments with real physical assets. Through Internet marketing and direct selling at International Living Seminars and various other venues they sold "Baskets" of metals such as Hafnium, Gallium, Gallium, Dysprosium that are used in high tech industries to produce electronics, aviation and defense industrial products.
They proported to provide storage of the metals in secured vaults in Switzerland and Panama, and said they would provide resale brokerage when the metals had appreciated. Sales would be to other investors or to industrial customers.
I bought several "Baskets" of various metals in 2014. In 2016 I decided to sell some of my metals. The company never completed the sale, and in October I was notified by a lawyer from Panama that the company was being liquidated and my purchases might not exist. He said he was going to perform an inventory of the metals in storage and would liquidate the metals identified to be mine and send me the proceeds.
I now know that most of the money I "invested" was never used to purchase metals to be held in secured storage for me, but rather was diverted to personal use by the principals of these companies. The liquidator was only able to find 15% of my purchases. As far as I know only the Swiss based company is still operating.
I hope that other investors in SMH Panama and Swiss Metals will contact me so we might proceed to recover the money stolen from us.
9 Updates & Rebuttals
Bob
North St Paul,Minnesota,
Also Ripped Off
#10Consumer Comment
Wed, September 06, 2017
I heard about SMH Schweizerische Metallhandel Panama, S.A. through an Asset Strategies International newsletter dated 11/6/14. In the Featured Article by Rich Checkan, he promoted the purchase of rare strategic metals and promised their storage for 5 years. The article concluded with this P.P.S. “I believe so strongly in these baskets, after two years’ worth of due diligence, I bought one myself and another for our employees retirement plan.” The sales brochure created jointly by Schweizerische Metallhandel Panama and ASI states that the “metals are securely stored in private, insured, Swiss and Panama Duty Free Zone vaults” and “are stored in our bonded customs warehouse.”
On 10/13/16, I received a letter stating that “We regret to inform you that SMH SCHWEIZERISCHE METALLHANDEL PANAMA, S.A., has initiated a liquidation process of the company as the liabilities are higher than the assets and the company can no longer afford the operations.” On 10/21/16, I received an email from Rich Checkan saying “this is not a good situation. … I have searched for options for those of you affected by this. ... I expect to hear back early next week (from an attorney), and I will email you the moment I do.” I never heard from him again in spite of my numerous calls and emails begging for advice.
In The Nestmann Group 11/1/16 newsletter, Mark Nestmann told his clients not to sign the SMH Panama consent agreement but rather to hire a recommended Panama attorney, Rainelda Mata-Kelly. I did so and paid them significantly in advance. On 7/10/17, Rainelda Mata-Kelly informed me that “there are no metals left in Panama that we can find and secure” so “continuing with the lien request at this time would be futile.”
Thus, I lost my entire investment and feel that Rich Checkan lied in saying that ASI had done “two years’ worth of due diligence”. Further, I feel that SMH Schweizerische Metallhandel itself should have exercised more care in setting up this operation in the first place. I filed a Ripoff report about this under Asset Strategies International on 8/11/17.
Juanita Fread
Canyon Lake,Texas,
USA
Swiss Metals Panama - also ripped off
#10REBUTTAL Individual responds
Fri, May 19, 2017
How can we connect with others who have experienced
the Swiss Metals Panama scam?
Frank M
Waddell,Arizona,
USA
Also Ripped Off
#10Consumer Comment
Sun, April 23, 2017
In April 2014, while at a conference in Panama, My wife and I invested around $20K with Swiss Metals. I have heard nothing from this company and am now finding out that this was probably a scam
Reynolds
Santa Rosa Beach,Florida,
USA
My father was ripped off by this same group
#10Consumer Comment
Fri, March 31, 2017
I am trying to help my father recover as much as possible. He was scammed in the exact same way. He thought he "purchased" assets in both Switzerland and Panama. He would like to join a class action lawsuit or any other multi-party action to try and recover his money. The Swiss group that originated the scam should be held to account.
ruby
houston,Texas,
USA
i am a victim
#10Consumer Comment
Tue, February 21, 2017
I am also a victim,let me know how to handle it
Henry
New Orleans ,Louisiana,
USA
SMH Swissmetal Fraud
#10Consumer Suggestion
Thu, February 16, 2017
I just filled out a report on my experience with this company.Let's try to work together to determine how to best proceed. Henry
Charles
Beaufort ,North Carolina,
USA
Looking for other victims
#10Consumer Comment
Mon, February 06, 2017
It appears that Panamanian counsel is needed for this. There is already a firm that is representing some International Living victims, but they are not accepting any new plaintiffs.
Let's get in contact through rip off report to get some buying power with each other and find a Panamanian attorney to represent us.
Charles
Get in contact
#10Author of original report
Fri, February 03, 2017
Roque,
You need to file a report of how you were defrauded, and register so that we can make contact. I have found some other victims. Look forward to hearing from you.
roque
ASUNCION,Alabama,
Paraguay
SMH Panama,and SMH Schweizerische Metallhandels AG
#10REBUTTAL Individual responds
Tue, January 24, 2017
I am in the same situation lets keep in touch and try to do something to get our investments back