SEC warns anew vs investment scams

MANILA, Philippines – The Securities and Exchange Commission (SEC) on Wednesday, July 22, warned investors against two firms engaged in investment solicitation without prior registration or license from the commission.

In an advisory, SEC warned the public against Freedom Life Advanced Global Prosperity Marketing Incorporated (FLAG Prosperity), a Laguna-based firm.

Flag Prosperity lures investors to invest in one to 15 slots worth P1500 ($33.16) each, promising a return of P2200 ($48.64) or a profit of P700 ($15.47) per slot.

Flag Prosperity also has operations in Batangas, Bicol, Cavite, and Metro Manila.

Metro Manila-based SUCCESS200 International Marketing Corporation, with operations in other parts of the country and overseas, has also been reported engaged in investment-taking activities with the requisite SEC authorization.

SUCCESS200 is enticing investors to invest P1800 ($39.78) to P36,000 ($795.22), with a promised return of P10,000 ($221) to P200,000 ($4,420.71) upon payout exit, SEC warned in another advisory.

SEC reiterated both FLAG Prosperity and SUCCESS200 are not authorized to solicit investments from the public as they did not secure prior registration and/or license from the commission as provided by the Securities Regulation Code.

“The public is advised to exercise self-restraint from investing their money into such investment scheme and to take the necessary precautions in dealing with these entities,” SEC said.

On July 20, a syndicated estafa complaint was filed before the Department of Justice (DOJ) against executives of One Dream Global Marketing Incorporated, which ceased operations on July 11 after failing to pay back its investors.

The One Dream executives slapped with syndicated estafa complaints are company owner Arnel Gacer; vice president Jobelle de Guzman; and officers Ariel Gacer, Richard Ramos, Jay-Ar de Guzman, Marlon de Guzman, Judith Itoh, Jun de Guzman, Lui de Guzman, Linda de Guzman, and Joel de Guzman.

Authorities are tracking down the respondents.

The complainants who are mostly from Lipa, Batangas, said One Dream enticed investors under a profit scheme, with a promised payout of P1300 ($28.73) after 4 days for an P888 ($19.63) investment. But the entity, which only started in May this year, has no permit to engage in selling and marketing investment products, ABS-CBN reported.

Thus, SEC again urged those with information about unauthorized investment-taking activities to call the Enforcement and Investor Protection Department at (+63 2) 584-6337 and (+63 2) 584-7652 or email inquiry@sec.gov.ph.  

And if you are planning to invest your hard-earned money, know how to spot those scams first and foremost, as not all that glitters is gold. – Rappler.com

$1 = P45.24