Swiss Trust Trading Group AG
Investors Allege: Roger A. Brunner Swiss Trust Trading Group AG Fraud
Roger A. Brunner, Swiss Trading Trust AG, caused millions in damages – new Scam with Credit-linked notes (CLN)
Update & Alert (Sept. 26)
The publisher of this article agreed to remove the original publication (May 2026) at the request of two international debt collection agencies because they wanted to negotiate a settlement with Brunner. However, it became clear that Brunner only fictitiously committed to cooperate—in fact, it is alleged that he is in the process of committing yet another scheme to deceive the aggrieved investors once again, namely by fobbing them off with so-called Credit-Linked Notes (CLNs).
CLNs are risky securities that have absolutely no place in the portfolios of small and private investors. An external analysis has shown that the transaction is structured so that the issuer, Agilvest Issuing Solutions Ltd (Guernsey), will collect up to CHF 30 million from new investors and pass this amount on as a loan to Morongy SA (account at Banco Continental Paraguay). Brunner is behind this as well.
There are structural and economic contradictions that show this investment cannot work for investors either:
1. Coupon vs “bank default guarantee”: The Brunner prospectus claims that the loan, interest, and repayment are secured by a bank default guarantee and insurance policies. A genuine bank default guarantee would make the product virtually risk-free; in that case, a 12% annual return would be economically inexplicable. A high coupon rate and an alleged bank guarantee are, in fact, mutually exclusive. Neither the bank nor the insurers nor any policy or guarantee numbers are named. This scenario surely sounds familiar to you.
2. Concentration risk: A single debtor (Morongy) in Paraguay. If this debtor defaults, the investors (CLN holders) will suffer a total loss. We do not even know whether any cattle, land, etc., actually exist in Paraguay. In the case of the “Cattle Business 2023,” we were able to prove that the information provided there about farms was either false, misleading, or unsubstantiated.
3. Term/Cash Flow Discrepancy: Building the herd from 20,000 to 100,000 animals is a multi-year project, but the notes are due after 12 months. Repayment in one year requires refinancing or a rollover—i.e., new investors service the old ones. Or Brunner tries to foist another “security” on you and has gained more than a year again. This dynamic is prone to snowball or Ponzi-like patterns when there is no real operating cash flow, which appears to be the case here. Brunner thus pockets up to 30 million through Morongy. The fact that this is to be repaid after one year is impossible given the alleged cattle business. Even if he spends a few million on the CLNs for the forestry clients, it remains a good deal for him. The clients, however, are left with a new, worthless security.
There is also a lack of transparency from a regulatory perspective:
1. Brunner’s prospectus describes itself as “advertising within the meaning of Art. 68 FinSA” and “intended only for professional investors.” This circumvents prospectus requirements. In practice, however, such products often reach retail clients through asset managers or intermediaries.
2. Abusive Use of the FINMA Reference: The FINIG license granted to 4E Capital AG as an asset manager (supervised by AOOS) is prominently displayed. However, it does not cover the issuance or any guarantee of these notes and does not imply any FINMA review or approval of the product. This is a ploy to create the appearance of legitimacy!
3. Transaction through the debtor itself: All investor communication takes place via [email protected] or Brunner. The borrower thus controls the fundraising process. It’s a vicious cycle.
InCore Bank, Zurich is expressly designated only as a paying agent, not as an issuer, debtor, or guarantor. A paying agent is purely a technical disbursement agent: it forwards to CLN holders only what the issuer actually makes available to it. The issuer is Agilvest Issuing Solutions Ltd (Guernsey), a shell company. InCore Bank pays nothing from its own funds, bears no liability for repayment, and guarantees neither the face value (amount stated in the CLN) nor the 12%. If it receives no money from the issuer, it pays nothing—without this creating any obligation on the part of the bank itself. Furthermore, the paying agent may resign from its mandate. The debtor of the CLN is Agilvest Issuing Solutions Ltd (Guernsey). Its sole asset is the loan receivable from Morongy SA. Such a special purpose vehicle (SPV) can only service investors if Morongy repays the loan plus interest, which, as explained, is predictably impossible. Furthermore, the issuer’s liability would be limited to the assets (the Morongy loan); investors would have no access to Agilvest’s remaining assets, if it had any. All in all: a worthless security!
Warning: Do not buy these CLNs from Brunner. Do not accept conversion shares in exchange for CLNs (instead of repaying your investment). If you have already purchased notes, demand a reversal of the transaction or hire a lawyer or a debt collection agency to handle the reversal.
Published in May 2026 (expanded and updated)
Roger A. Brunner caused millions in damages.
Roger André Brunner, born June 4, 1968, last residing as Roger Rambow CH-4622 Egerkingen From 2022 to 2024, Brunner raised at least 25 million CHF in investment funds for alleged forestry projects in Latin America and promised unrealistically high returns, partly through loans and partly from the sale of shares in Swiss Trust Trading Group AG (STTG, Hinterbergstrasse 18, CH-6312 Steinhausen). No credible documentation was ever provided. STTG is in liquidation; the bankruptcy petition was dismissed on September 18, 2025, due to lack of assets. Warnings: K-Geld warning on Debtor-Watch Brunner is stringing along the victims with far-fetched and unsubstantiated “stories.” More in the detailed article.
Roger A. Brunner, personal background & family
Born June 4, 1968, allegedly an “agricultural engineer who has been successfully active in the agricultural sector for over 30 years.” Last registered addresses in 2025 at Krummackerstrasse 16 and 483, 4622 Egerkingen
Roger A. Brunner caused millions in damages.
Was married to Mrs Rambow, Egerkingen. Current relationship status unknown. Stepfather to two of Katy Rambow’s children, Anna Rambow and a son. Stepdaughter Anna Ivana Rambow, born Dec. 28, 1993, formerly of Zurich, currently in Thailand but without a permanent residence permit. Stepson Mischa Rambow, reportedly with a spinal injury at the Nottwil Paraplegic Center (unconfirmed). The role of family members in Brunner’s fraudulent activities and the extent to which they benefited financially from them is unknown.
Prior to his new “business” activities in Switzerland before 2022, Roger André Brunner was sentenced to imprisonment in Germany.
Roger A. Brunner’s Companies
According to Brunner, Swiss Trust Trading Group AG (STTG AG) is allegedly “one of the largest agricultural companies in South America and one of the few worldwide that fully neutralises its CO2 emissions.” The fact is: There is no evidence of a company of the same name in “South America,” nor of the complete neutralization of CO₂emissions. The Swiss company Swiss Trust Trading Group AG (STTG AG), headquartered at Hinterbergstrasse 18, CH-6312 Steinhausen, is in liquidation; the bankruptcy petition was dismissed on September 18, 2025, due to lack of assets.
In the UK, an STTG Limited is registered at 10 London Mews, Paddington, London W2 1HY. The directors are Roger André Brunner (last identity verification on April 24, 2026!) and Wernli, Eric Pascal (ditto).
Swiss Trust Trading Group (Montenegro), 130 OCTOBER REVOLUTION STREET, PODGORICA, Montenegro, registered since December 21, 2020. The managing directors are MILAN KRNJEVIC and ROGER ANDRE BRUNNER. The owner of the company is ROGER ANDRE BRUNNER. The company appears as “not blocked.”
A “Trust AG” (Paraguay) is also said to be a “member” of Swiss Trust Trading Group AG. Trust AG is reportedly headquartered in Asunción, Paraguay. No documents regarding this have ever been submitted. There is a Swiss Trust AG based in Zurich; it is a financially sound company, but it has nothing to do with Brunner.
Morongy SA, Paraguay, and Morongy AG, Zurich: There is a website with an address in Asunción, Paraguay, which is of limited value, lacking an imprint and any concrete names or facts. The company is listed in the Info Clipper directory. However, no reliable documents, such as an extract from the commercial register, have ever been submitted by the company in Paraguay. Morongy AG, Zurich, is now called Greenfield Partners AG and is headquartered at Hinterbergstrasse 186312 Steinhausen, the same address as STTAG. Brunner served on its board of directors until January 31, 2025. Today, Schneebeli, Joachim Ernst, and Schneider, Remo Reinhold are members of the board of directors.
Perfurturo Group AG: Brunner referred to the website, which is operated by the company HYPERLINK “https://www.perfuturo.com/” Perfurturo Group AG, in 6372 Ennetmoos/NW. There is no personnel connection with Brunner.
Inceptum Capital AG, based in St. Gallen: Brunner was listed there in a registry in 2023 as an authorized signatory. The members of the Board of Directors are Dr. Andreas Meier, attorney, and Walter Andreas Farner. There is credible evidence that funds from STTG AG were laundered through Inceptum Capital AG.
Brunner’s Fraud Scheme
From Brunner’s prospectus: “The funds raised through the purchase agreement (referring here to the share purchase agreements with investors, author’s note) will be used for the rapid acquisition of Paraguayan rainforest. The purchased rainforest areas will be sold to a consortium of well-known insurance companies (Axa, Munic Re, Swiss Re, Allianz, Lloyds, Helvetia, and Perfuturo Holding). These companies intend to repurchase 200 million hectares of forest over time, and a corresponding contract with a fixed purchase price has been concluded. The insurance company purchasing the forests is thus a guaranteed buyer. For investors, this represents a fixed and secure buyer.”
There is no evidence of such a buyer of forest land. The fact is: Since the promised profit distributions to investors have not been made and STTG is in liquidation, no sales have taken place and were likely never actually intended.
The share purchase agreements known to us all date from 2024 and involve individuals from France and French-speaking Switzerland. Regarding the promised returns, the information Brunner provided to clients varies: “20% every 2 months,” “50% every 2 months,” “50% after 2 months, which can be reinvested. Later, a company would buy the shares.” It goes without saying that such profit promises are “beyond good and evil” and served solely to lure customers. The amounts invested range from CHF 6,000 to CHF 2 million per customer. Both small private customers, who hoped to easily increase their modest capital, and experienced business customers are affected.
There are indications that Roger A. Brunner made ongoing payments through his companies from the new purchase price payments received until 2024. To whom these payments were made and for what purpose is not yet conclusively known. Possible scenarios include: 1. “Profit payments” to former customers based on earlier fundraising campaigns, i.e., payouts to investors from the investments of new customers (pyramid scheme). 2. Transfer of funds to straw men/women and accomplices to remove them from bankruptcy proceedings (which was also successful).
Brunner leaves behind millions in damages and continues to shamelessly string his creditors along.
According to available information, a sum in the single- to low double-digit millions is likely still under the control of Brunner or his accomplices and straw men/women. Informants report that Brunner is travelling extensively, flying first class, and staying at top-tier hotels.
Roger Brunner has been keeping investors at bay since 2025 with far-fetched and shameless stalling tactics, though he is succeeding in this less and less.
Only the tip of the iceberg is known.
Eight criminal complaints are currently pending with the Zug, Switzerland, District Attorney’s Office. They pertain to the “Forest Business” case, but also to other criminal offenses.
Other apparent or suspected fraudulent—or at the very least dubious—transactions have not yet been documented. They all have one thing in common: Customers invest or pay money. They never see any returns.
Here is a preliminary summary:
- Loan upfront fee fraud in 2021 against a Swiss company, damages of CHF 700,000, criminal complaint filed by the victim. In principle, upfront fees—especially advance payments for loans—are always fraud. Brunner forges the entire email correspondence with a foreign bank to justify the need for the advance payment to the client. We are in possession of this correspondence, which has not yet been provided to the public prosecutor’s office.
- «Rum Scheme” 2023: Loss (to the best of our knowledge) CHF 371,000. Brunner and STTG acquired shares in rum barrels of the Cuban brand “Santero,” allegedly stored in Panama, through an intermediary in Switzerland. Investors were guaranteed returns of 26.0% to 32.5%—fixed, not market-dependent! The basis for this includes, among other things, a purchase agreement between the intermediary firm and Swiss Trust Trading Group AG, as well as “certificates of ownership” issued by STTG itself. The seller, Tecnoazugar, Cuba, “confirms” in an (unsigned and well-forged) letter that it will repurchase the same rum 4 to 6 years later “for its own use” at 4 to 6 times the original price. The basic concept—rum purchased young matures in barrels and is resold at a higher value years later—is not unrealistic in and of itself. What is fraudulent and misleading, however, is the fixed rate of return at this level. How foolish would Tecnoazugar have to be to simply give away such a high rate of return instead of pocketing it themselves? Realistic increases in value from barrel ageing typically range from the low to mid single digits to just under double digits per year and are never guaranteed. To date, no profits have been paid out.
- «Cattle Business” 2023. As far as we know, CHF 91,000 has been collected. There are likely other victims of whom we are not yet aware. According to STTG / Brunner, they are the “Swiss parent company” of TRUST SA, a supposedly major agricultural enterprise with 100,000 hectares of land across twelve operations (“estancias”) in Argentina, Paraguay, and Bolivia, etc. They are offering a “7-year suckler cow investment” for CHF 3,000 per animal: The purchased suckler cow is supposed to give birth to one calf per year for 7 years; the calves are sold after 16–18 months; and at the end, the suckler cow is also sold—all advertised as a “guaranteed return” with “high certainty.”
The problem: No clearly identifiable registry entry for a company named TRUST SA can be found in any of the three countries. There is no independent, verifiable evidence whatsoever—whether in the land registry, commercial registry, annual report, press articles, or from a certification body—for the 100,000 ha of land, the 12 farms mentioned, or the 200 employees. Some location details are verifiably false. Ear tags, EID chips, insurance, and veterinary inspections are guaranteed solely by the STTG/TRUST SA organisation itself; no independent auditing body, external herd book entry, or independent land registry confirmation is provided
A “guaranteed return” and high liquidity are promised, without even mentioning the risks of mortality, disease, drought, or price fluctuations that are always present in real cattle breeding in Latin America. To date, no profit distributions have been made.
- “Forest Deal” 2023–2024, as described above. Outstanding amount, as previously reported, CHF 13.9 million. Here is a word about the “guarantee” provided by the wealthy Mr. Rössler. His attorney writes in the criminal complaint (filed on October 6, 2025), among other things:
“The forged guarantee was not only presented to the complainant (authors’ note: Mr. Rössler) with the intent of making a claim in the amount of CHF 50 million against him, but apparently also to the shareholders of STTG, in order to deceive them into believing in the financial security of a ‘buyback program’ that did not actually exist.” “Furthermore, it should be noted that the plaintiff’s signature on the original guarantee agreement does not match the signature on the forgery.”
We have not yet seen a single document regarding the (additional!) insurance coverage mentioned by Brunner. - Unpaid loans from other clients in connection with the “forestry deal.” 2023. Loss: CHF 2.6 million. We are aware of the details. The victims have not yet filed a criminal complaint.
- Venezuela gold deal 2025, total loss not yet definitively known. We are only aware of individual cases.
The basis for these transactions includes, among other things, a “purchase agreement for raw gold” with Istmo Equity SA (Panama) and partial coverage through an alleged standby letter of credit (SBLC) from JPMorgan Chase in the amount of USD 3 million. As a further incentive, some (forestry) clients were verbally promised preferential repayment as well as a high, unspecified profit from resale. No Istmo Equity SA (Panama) can be found—neither on OpenCorporates nor in any other registry or press records.
A physical raw gold transaction with the structure described is highly implausible from both an economic and operational standpoint:
- 1. The price is only 24% of the market value. Even taking into account purity (approximately 75% gold content according to the specification stated in the contract itself), refining costs, transportation and insurance risks, as well as a buyer’s discount for unrefined material, there remains a discrepancy that does not occur in the legal gold trade: Market participants would immediately purchase such an underpriced offer themselves and arbitrage it. This is a typical bait used in investment fraud
2. Full payment in advance to a “trust account,” before any delivery takes place; ownership is not transferred until the trustee gives her approval. The buyer has no claim to the goods, but only a promise of payment. The allegedly “neutral” trustee is said to be Inceptum Capital AG. Its officers include Dr. Andreas Meier (President) and Roger André Brunner (authorised signatory). Roger Brunner thus appears simultaneously as the “owner” of the alleged seller, Istmo Equity SA, and as an officer of the allegedly neutral trustee, Inceptum Capital AG.
3. Region of origin and composition of the gold (doré bars, traces of mercury from amalgam processing, “ASGM”) point to informal/illegal small-scale mining. Gold from the Orinoco/El Callao region in Venezuela is at the center of reports regarding mining controlled by armed groups and environmental destruction, and is directly affected by U.S. sanctions against the Venezuelan gold sector. Under these circumstances, a legal, traceable import of such material into Switzerland with a complete chain of custody is unlikely.
To date, neither the gold has been delivered nor the amount refunded.
Conclusions: For at least 5 years, Brunner has been engaging in similar, allegedly fraudulent “business deals”: Business models that appear attractive at first glance, promises of above-average returns that are economically impossible, and worthless or unsubstantiated safeguards such as guarantees, insurance, and the like—which, even if they existed, would not and could not justify such high profits, since they themselves incur costs. And who gives away returns for free? The underlying businesses are always located in Central or South America—far away and not easily verifiable by Central European customers. Last but not least: Profit payouts have never actually been made. Alleged payouts to customers (as documented in the “Waldgeschäft” case) may also be “bait payments” derived from the customers’ own investments. It’s hard to understand why brokers—and, in some cases, customers—are still falling for these new offers. For some brokers, the simple fact is that they want to earn a lot of money (in some cases, up to 37% of your investment in the “forest deal” went to the brokers without disclosure) and that by continuing to play along with Brunner, they hope to avoid potential liability lawsuits or even criminal charges from customers. Brunner strings along brokers and clients with delaying tactics, promises, smokescreens, and lies, as well as a constant stream of “follow-up deals” that almost always follow the same pattern,
Roger A. Brunner’s whereabouts
Brunner keeps his whereabouts secret for obvious reasons and spreads misinformation about them. But his movement patterns are known and are not published for tactical reasons.
In commercial register entries, Brunner’s registered address was listed as Mariano Roque Alonso (PY). However, such entries are not verified by the commercial registry offices and are accepted without documentation. There is documented proof of an address from 2025 in Egerkingen, Switzerland.
Have you also been harmed? Or do you have further information about Roger A. Brunner?
If you have suffered damage and lost money, we may be able to help you.
If you have further information about Brunner, we are very interested in hearing from you. Specific questions include:
- Did you invest funds with Brunner or one of its companies between 2020 and 2025?
- Did you receive any income payments from Brunner?
- Did you have personal contact with Brunner in 2025 or currently in 2026, or have you personally observed him or received information about him from reliable sources?
We will, of course, treat your information with the utmost confidentiality. Help us solve one of the largest fraud cases in Switzerland in recent years and limit the damage!
Sources:
May 26: Report commissioned by a victim
Sept. 26: Update and addition based on a report sent by the collection agency to 321 victims.
