AN OFFICIAL of the Securities Exchange Commission in Northern Mindanao (SEC) on Thursday, July 19, said there were reports that policemen and teachers have invested in cryptocurrency “Ploutos Coin” run by a forex trading, Freedom Traders Club (FTC).
Renato Egypto, SEC-Northern Mindanao director, said they were alarmed upon learning that there were active members of the Philippine National Police (PNP) and teachers, not only in Cagayan de Oro City, who came forward and complained about not getting the return of investment after putting money to “Ploutos Coin.”
“Mao ni nakahatag namo og kaguol kay basi sa na-gather namo nga information daghan kapolisan nga active in service and teachers ang nabiktima, though dili confirm nga naka-invest sa Ploutos Coins,” Egypto said.
This has prompted the SEC to issue a red flag advisory against the FTC founded by certain Mark Freeman and its virtual currency product Ploutos Coin.
Egypto maintained that FTC is not registered with SEC and has no license and authority to engage in the business soliciting investment from the public.
The SEC-Northern Mindanao director made the statement during the committee meeting called by the city council's committee on Trade and Commerce chaired by Councilor George Goking.
Goking said the meeting was supposed to shed light on the issue but Freeman did not showed up.
“We have to hear from his side kay nagtuo man mi sa (we believe in) due process tan-awon nato kay naa man (we have to see because there is an) allegation nga dili sila (they are not) registered sa SEC so something is missing, they can’t do business,” Goking said.
The committee meeting is rescheduled next week and communications will be sent to all addresses identified with Freeman until the latter shows up.
“Ang akong advise ipa-receive ang letter sa tanan address identified with him until he shows up kay in the absence of the concerned party I will not make any conclusion,” Goking added.
He said should Freeman continue to snub the committee meeting, the committee will endorse the case to the appropriate government agency for further action.