Richard Checkan Asset Strategies International in partnership with SMH Schweizerische Metallhandel Panama, SA Sold me a bad investment by lying about due diligence, insured vaults, bonded warehouses, etc. Rockville Maryland

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.” Jon Swyers of ASI assured me that this was “solid firm” backed by a “reputable Swiss company.” Based upon these assurances and the fact that I had done business with ASI before, I bought a SMH Panama basket of the strategic metals on 11/19/14.

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.”

It seems that the employees basically left with all or most of the assets. 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.