SMI Swissmetal Inc. SMH Schweizerische Metallhandels AGSMH Schweizerische Metallhandels Panama S.A. Investment Fraud, Ponzi Scheme, Panama City, Panama Panama

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.

How can we connect with others who have experienced

the Swiss Metals Panama scam?

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

 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.

I am also a victim,let me know how to handle it

 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

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

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.

I am in the same situation lets keep in touch and try to do something to get our investments back