Butuan city: The Securities and Exchange Commission (SEC)-Butuan Extension Office has issued a warning regarding three investment scams targeting the Caraga Region. The office has emphasized the importance of public awareness and media collaboration to prevent these fraudulent activities.
According to Philippines News Agency, the SEC-Butuan highlighted these scams during a recent briefing on their new digital platform, which was attended by media partners and government communicators. Kent Warren Fuguso from the SEC-Butuan information office identified the scam groups as BG Wealth Sharing LTD (BG Wealth), League of Seagull LTD (Seagull Alliance), and JFUNDS Business Center (JFunds).
Fuguso emphasized the necessity for information about these scams to reach grassroots communities, noting that the recruitment activities of these groups have already infiltrated several barangays in the region. BG Wealth is reportedly targeting overseas Filipino workers with promises of high returns through cryptocurrency copy trading, requiring a minimum investment of USD500 or PHP30,000.
Seagull Alliance operates similarly, using the Riscoin trading platform to entice investments with promises of exponential growth, contingent upon continuous deposits. JFunds has been particularly active in Surigao City and the Dinagat Islands, employing a Ponzi scheme approach, which primarily benefits early investors and top recruiters while leaving later participants at a loss when new investors dwindle.
SEC-Butuan Director Jason Tan highlighted the commission's proactive measures and the crucial role of the media in educating the public about these scams. Tan mentioned ongoing financial literacy campaigns in schools and local communities as a key strategy in helping individuals recognize fraudulent schemes.
The SEC-Butuan is also working closely with law enforcement agencies to issue advisories and take legal actions against these scams. As part of their strategy, media partners were briefed on eSECURE, a digital passport for accessing SEC's systems, which includes various platforms for company registration, data modification, and report submissions, such as eSPARC, eAMEND, and eFAST.
Tan expressed appreciation to media partners for their support during the orientation, underscoring their significant role in helping the SEC combat investment scams and safeguard the public from falling victim to such fraudulent schemes.
