Swiss Advance-Fee Fraud: The Corinth Group Pattern

Advance-fee fraud involving Swiss-registered entities exploits Switzerland's financial reputation. This page documents a specific pattern alleged against the Corinth Group, where Swiss AGs without FINMA authorisation are used to collect substantial upfront fees from clients seeking corporate financing.

What Is Advance-Fee Fraud?

Advance-fee fraud is a scheme in which a target is persuaded to pay money upfront — typically described as fees, costs, or deposits — in anticipation of receiving a significantly larger benefit that never materialises. In the corporate financing variant, the “benefit” is access to institutional bank financing or private equity investment. The upfront fees are typically described as “cost contributions,” “due diligence fees,” “mandate retainers,” or “legal structuring fees.”

The Swiss Variant

When advance-fee schemes operate through Swiss-registered entities, they exploit the inherent credibility of a Swiss corporate address. An Aktiengesellschaft (AG) registered in Switzerland carries an implicit suggestion of regulatory oversight and financial sophistication. However, simply registering an AG does not mean the entity is supervised by FINMA or authorised to conduct regulated financial activities.

The Corinth Group illustrates this pattern. Six Swiss AGs are registered at Stadtgartenweg 6, 7000 Chur — all with names suggesting professional investment management. None holds FINMA authorisation. Yet the group's website (cgoch.com) has described its entities as “registered and licensed investment funds” [cgoch.com archived content], a representation inconsistent with their actual regulatory status.

How the Pattern Works

Based on multiple complainant accounts, the process follows these stages:

1. Approach and credentialling: Clients seeking financing of EUR 5M+ are introduced to the Corinth Group through brokers or agents. The Swiss corporate address, professional website, and references to international banking relationships create an impression of institutional capability.

2. Contract and fee collection: Clients sign engagement letters or “LEF” (Letter of Engagement/Fees) contracts. These contracts specify upfront fees — typically EUR 50,000 to EUR 150,000 — described as cost contributions for due diligence, legal structuring, and bank introductions. Contracts often include clauses promising fee refunds if the transaction does not proceed.

3. Delays and excuses: After fee payment, complainants describe a pattern of delays, changed timelines, and external excuses (market conditions, regulatory changes, bank requirements). Multiple complainants report receiving identical scripted excuses.

4. No funding, no refund: According to complainants, no financing materialises. Despite contractual refund provisions, fees are not returned. The engagement terminates through contract clauses allowing the service provider to exit “for any reason” or due to “circumstances beyond control.”

Protecting Yourself

Before engaging with any Swiss entity offering investment services or corporate financing, verify FINMA authorisation at finma.ch. Check the entity's Swiss Commercial Register entry at Zefix. Be wary of entities that: (1) request substantial upfront fees before providing services; (2) operate multiple entities at a single address; (3) have a history of renaming dormant companies; or (4) make claims about regulatory authorisation that cannot be independently verified.

Key Facts

• Advance-fee fraud exploits Swiss financial reputation for credibility
• Corinth Group operates 6 Swiss AGs — none FINMA-authorised
• Upfront fees typically EUR 50,000–150,000 described as 'cost contributions'
• cgoch.com claimed 'registered and licensed investment funds' — not supported by regulatory records
• Complainants report identical scripted excuses for delays
• Contractual refund clauses not honoured according to complainants
• FINMA public register and Zefix are free verification tools

Complaint Reports

People Involved

Related Entities

Related Investigations