Manila: The Securities and Exchange Commission (SEC) has issued a series of advisories cautioning the public against fraudulent schemes perpetrated by certain individuals and entities that are deceiving unsuspecting investors.
According to Philippines News Agency, the SEC specifically warned against individuals falsely representing themselves as representatives of COL Financial Group Inc. These individuals were found using counterfeit documents featuring the company's letterhead or information of former personnel. Victims of these scams were told that their previously lost funds in other scams had been "reinvested" with COL Financial and were asked to pay various fees, such as "tax fees," to withdraw their supposed investments. However, the victims never received any funds back, and the fraudsters continued to demand more payments until the victims ceased to comply. COL Financial has confirmed that these documents and communications did not originate from the company and urged complainants to report to relevant authorities.
In another advisory, the SEC highlighted a Ponzi scheme operated by De Guzman Consumer Goods Trading, which claims to sell farm, pet breeding, rice trading and distribution, and trucking services. This business, allegedly owned by Rosemary De Leon De Guzman, is not registered to collect investments from the public. The scheme invites the public to invest or co-partner in the business with promises of returns ranging from 60 percent to 200 percent within 30 to 60 days without any involvement in managing operations. The SEC warned that such schemes are detrimental to later investors, who may not receive the promised returns.
The SEC also alerted the public to a scheme by Christabel Arroyo, who offers investment opportunities through bitcoin mining trading with high profit promises. Reports indicate that Arroyo, through her Facebook account, invites investments starting from PHP5,000, promising earnings of PHP50,000 within 24 hours. She used her messenger account to present her company's investment plans and potential earnings, along with the GCash Account Number for remittances and payouts. The SEC stated that this constitutes an "Investment Contract," which must be registered with the commission. Violators of these regulations face severe penalties, including a maximum fine of PHP5 million or imprisonment of up to 21 years.
