The foundation laundered stolen money online

A Geneva-based foundation supposedly active in environmental issues, the "Marine Foundation," was used to launder 2.5 million francs from online cryptocurrency scams. The events occurred in 2019 and 2020. As reported by gothamcity.ch , a website specializing in economic crime, the victims were recruited online. They believed they were investing on trading platforms. In fact, they transferred their money to the foundation's account. These inflows were presented as donations to the bank that hosted it, UBP. The funds were then funneled to shell companies in Lithuania, Romania, or the Caribbean, based on falsified contracts for "environmental risk management" or "skills sourcing."

The case was brought to the attention of gothamcity.ch via the conviction in May of a 58-year-old Swiss financier who introduced the foundation to UBP and had the signature on its accounts. He received a 120-day suspended fine for money laundering and must repay €300,000 to the injured parties. The "Marine Foundation," which had been over-indebted since 2016 but whose bankruptcy was not granted until 2022 by the Foundations Supervisory Authority, now claims to be based in Tokyo. The Geneva Public Prosecutor's Office has decided not to prosecute its founder, a Frenchman living in Japan, on the grounds that the effort would have been "disproportionate given the slim chances of success," the business website reports.