SEC-Davao logs 239 illegal investment schemes since 2020

Business & Finance

The Securities and Exchange Commission (SEC) Extension Office in Davao has warned the public about the presence of unauthorized investment schemes that operate in their area of responsibility.

“These double your money, cryptocurrencies, betting game schemes, once they go to the public to engage more people to invest, that is the red flag already,” SEC-Davao Extension Office Director Katrino Ponco-Estares said in a press briefing here Monday.

SEC-Davao has issued 116 advisories against these groups in 2021 and 123 in 2020. In 2019, the agency also recorded the existence of 65 dubious investment schemes in the region.

Estares noted that the increase of such unlawful investment groups took place during the pandemic.

Some of the entities that operate in the Davao Region, she said, are Astrazion International, Astrazion Noble Task Community Foundation And Astrazion Global Holdings Inc., Wellcons Unlimited Systems, Inc., “Dyms” (Double Your Money), LFC Football, LFC Football Philippines, LFC Football Platform, LMB Football, and BF Football.

SEC issued a cease and desist order against these platforms in March this year, Estares said.

“We are reminding the public to exercise caution when dealing with individuals or groups soliciting investments for and on their behalf,” she said.

She said they can assist those who were scammed to draft a complaint, adding the complaints need to be filed in court so there can be a chance to retrieve their money.

Meanwhile, the SEC Davao Extension Office will launch on April 29 a campaign on financial literacy.

The activity, to be streamed via the official SEC Facebook page, is a collaboration between the agency and partner organizations from both the public and private sectors with a shared mission to promote financial literacy and investor education among Filipinos.

Source: Philippines News Agency

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