Investment Scam in Marinduque Posted 17 Jan 2017

Scam in the Province of Marinduque

 

Investment Scam in Marinduque

 

The Securities and Exchange Commission has received inquiries and information that some individuals, operating in the Province of Marinduque, are offering investment opportunities to the public in the amount of either ONE HUNDRED FIFTY THOUSAND PESOS (P 150,000.00) or THREE HUNDRED THOUSANDS PESOS ( P300,000.00) promising a guaranteed return at the rate of 5% per month for a period of three(3) months. In exchange for every investment, the investor is entitled to receive and enjoy a brand new car, the type and value of which depends on the amount of investment. However, the said vehicle is not registered in the name of the Investor. At the expiration of the 3-month period, investors are enticed to either 1) get the interest, roll-over their investment and retain the car; 2) get the interest, upgrade their investment form P150,000.00 to P300,000.00, and exchange the old car with a new and more valuable one; or 3) surrender the car and claim the investment and the promised return.

The public is hereby advised to exercise caution in investing their money in this type of scheme which may turn out to be a fraudulent investment scheme, involving the sale unregistered securities.

Where the scheme involves the sale of securities to the public, the Securities Regulation Code (SRC) requires that the issuing person and/or entity must be a registered corporation with the Securities and Exchange Commission, the said securities offered  are duly registered and that the appropriate license and/or permit to sell securities to the public are issued to the corporation and/or permit to sell securities to the public are issued to the corporation and/ or its agents, pursuant to the provisions of Sections 8 and 28 of the SRC.

Those who sell or offer investment contracts or securities to the public may be held criminally liable or accordingly sanctioned or penalized in accordance with the Supreme Court decision in the case of SEC vs. Oudine Santos (G.R. No. 195542, March 19, 2014).

Information as to whether these securities are registered or not may be sought from the SEC’s Corporate Governance and Finance Department, or Market and Securities Regulation Department through telephone numbers 818-7264 and 584-6080, respectively.

The Commission urges anyone who has knowledge or information about any business transaction involving these securities or investment opportunities to report such activity immediately to the Commission so that appropriate measures can be taken through the Enforcement and Investor Protection Department at telephone number 818-5476.