3 more Jacama-like firms under investigation | SunStar

3 more Jacama-like firms under investigation

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3 more Jacama-like firms under investigation

Monday, January 18, 2016

THREE more companies allegedly engaged in multi-level marketing scheme as Jacama are now under investigation.

Davao City Administrator Jesus Melchor V. Quitain said these companies also operate through soliciting investments without the required license and permit.

The city government closed on Friday Jacama Sales and Marketing because of lack of business permit, and lack of Securities and Exchange Commission license to solicit investments from people.

"We are going to conduct investigation of these three other companies. We cannot divulge the names yet because we do not know exactly how the transactions are being carried out. For all you know they might be engaged in other legitimate business, mahirap magsabi ng names tapos wala pala silang kasalanan so we have to be sure. We have to protect our investors here," Quitain said.

SEC Davao director Javey Paul D. Francisco said they received complaints through text mesages that these three companies have been operating with the same scheme as Jacama.

"Based sa allegation they also solicit investments from the public," Fransisco said, adding that they are now verifying these complaints.

"Dili pa namo ma-name but rest assured that we will look into this immediately kung naa may basis magpatawag gayud mi ug investigation (We cannot name these companies yet but rest assured that we will look into this immediately if there is basis we will call for investigation)," Francisco said.

Francisco also warned investors not to be enticed by investment offers that promise big returns in a very short period of time.

The SEC recently issued an advisory to public against Jacama Marketing, after theyn have found out that the company is engaged in the so-called Ponzi scheme, an investment operation where the operator, an individual or organization, pays returns to its investors from new capital paid to the operators by new investors, rather than from profit earned.

He said they also verified that the company does not have license from the SEC.

"We just advised them based on that documents that were provided," Francisco said.

Published in the Sun.Star Davao newspaper on January 19, 2016.

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