The impersonation of financial service providers authorised in Switzerland or companies registered in the Swiss commercial registry is regularly involved in investment fraud. Once the victims of such frauds realise that the investments or financial services do not exist, they are often contacted by recovery services that are just as fraudulent. The latter offer assistance in recovering the defrauded assets, often claiming that an investigation or legal proceedings are already underway or that they will help them initiate such measures. 

These fraudulent recovery services regularly impersonate a fiduciary entered in the commercial register or a lawyer who is a member of the Swiss Bar Association (FSA). FINSOM also warns against the identity theft of the Swiss financial sector’s mediation bodies or the FIN-NET and INFO-Network organisations.

FINSOM points out that the ombudsman offices of the Swiss financial sector are not competent to conduct investigations, judge criminal offences, order sequestration or demand the return of assets. A mediation body may provide certain information on dispute resolution and attempt to conduct an out-of-court procedure to help parties resolve a dispute themselves voluntarily. However, it is unlikely that a fraudster would voluntarily participate in an out-of-court procedure simply at the invitation or suggestion of an ombudsman office or a mediator, especially as the true identity of the fraudster is unknown to the victim making the complaint. FIN-NET and INFO-Network can encourage and support coordination between mediation bodies at international level and help clients find an ombudsman office. However, they do not conduct or coordinate investigations or proceedings. 

If you have been the victim of investment fraud and a third party approaches you offering to help you recover your assets, be wary. Among other things, ask yourself how the third party knows about the fraud. If in doubt, you can contact FINSOM.