SEC Warns Public Against Several Unauthorised Investment Schemes

The Securities and Exchange Commission (SEC) has issued advisories to the public, cautioning against several entities and individuals allegedly soliciting investments without the proper authority.

The warnings concern De Guzman Consumer Goods Trading, an individual named Christabel Arroyo, and groups falsely representing financial firms.

According to the SEC, De Guzman Consumer Goods Trading has been inviting the public on Facebook to invest as co-partners in its farming and trading business.

The entity reportedly promised returns of 60% to 200% within 30 to 60 days. However, the SEC confirmed the entity has not registered as a corporation or partnership and does not have the required license to solicit investments.

The commission also flagged an individual named Christabel Arroyo, who has allegedly been offering investment opportunities in bitcoin mining through her Facebook account.

Arroyo allegedly entices investors with a promise of earning PHP 50,000 from a PHP 5,000 investment within 24 hours, despite not holding the necessary registration to conduct such activities.

Furthermore, the SEC warned the public about individuals impersonating personnel from COL Financial Group.

As part of the scheme, scammers tell victims their previously lost money has been reinvested, then demand multiple “tax fees” and other payments for its withdrawal, but ultimately never return the funds.

Additionally, the advisory mentioned that certain individuals are using the name and logo of Alpha Securities Corporation without authorisation to carry out an investment scam.

The SEC stated it continues its efforts to stop illegal investment-taking activities through public advisories and financial literacy campaigns, urging the public to verify the legitimacy of investment offers.

Source: Fintech News Philippines