The Securities and Exchange Commission (SEC) is warning people against investing in an entity called Emgoldex Philippines which claims to offer huge returns for every investment.
The country’s corporate regulator said it had received reports that Facebook users were being invited to invest their money in an investment scheme called “Pinoy Style Patak Patak.”
SEC said Emgoldex Philippines was luring the public to invest for a promise of high returns where an investment of 1,000 pesos would earn profits ranging from 5,000-10,000 pesos.
The SEC said Emgoldex Philippines was not a registered corporation or partnership.
“Likewise, such entity is not authorised to solicit investments from the public as it did not secure prior registration and/or licence or permit to solicit investments from the Commission as required under Section 8.1 of the Securities Regulation Code,” the SEC said.
“In view thereof, the public is hereby advised to exercise self-restraint from investing their money into such high yield-high risk investment scheme and to take the necessary precautions in dealing with the above-named entity,” the regulator added.
The SEC has been stepping up its efforts to warn the public against fraudulent business practices following a large-scale investment scam back in 2012.
In 2012, Pagadian-based Aman Futures Group Philippines Inc. was exposed as a 12-billion peso investment scam, defrauding thousands of politicians, professionals, businessmen and employees.
Latest posts by Timothy Walker (see all)
- Fil-Am and American turn themselves in on drug run in US - November 7, 2017
- Philippines suspends Uber, Grab vehicle registrations as backlog mounts - November 7, 2017
- Mad, bad or misunderstood? What is Kim Jong Un really thinking? - August 28, 2017