THE founder of Freedom Traders Club (FTC) that entices investors to put money in its virtual currency Ploutos Coins is now facing estafa charges at a court in Butuan City and another complaint before the Securities and Exchange Commission (SEC)-Northern Mindanao in Cagayan de Oro City.
Geo Paulo Burdeos, an investor from Butuan City, filed an estafa case against FTC founder Mark Freeman at a court in the said city last Friday, July 20. The complaint before the SEC-Northern Mindanao was filed on July 17.
Burdeos said he decided to press charges against Freeman after the latter failed to release the promised return of investment and questionable delays of payouts.
"Ilang (Their) scheme when they went to Butuan, ang ilang (their) introduction was binary trading so I wanted to learn. Their pitch was you can have this car, this house murag sa (it's like) networking," Burdeos said
"Ang mga tao is mag-invest kay naa daw 20 percent kita every month (People would invest because of the promised 20 percent profit every month)," he added.
Burdeos said that he and other investors in Butuan City invested around P6.9 million to FTC in November 2017, which at that time offers the auto trade.
He subsequently invested another P1 million to Ploutus Coins, which was launched this year.
"Sa among place sa Butuan, ako ang pinakadako og na invest kay naa pud naki-ride on nga other investors sa ako (I had the biggest investment in my place because others ride on to my account). That time it was auto trade pa," he said.
Burdeos said he started to doubt the activity of FTC when the delay of payouts began last April. He said many other investors have wanted to pull out their investments.
Burdeos said Freeman met the investors on July 9, in a close-door meeting but prohibits recording of any form.
He said Freeman told the investors that he cannot trade because he got into an accident and that there would be delays of payout for three months.
The second excuse of Freeman, he said, was pulling out of investment cannot be done because his bank accounts were frozen, pending supposed investigation.
"Didto nagsugod akong pagduda nga murag gapugngan na ni Mark ang funds nga mogawas (My doubt started when Mark seems to withhold the funds). I told him I need the funds because other investors are pressuring me," Burdeos said.
Burdeos said Freeman's bank account was not frozen according to his friend who is working in the bank.
"That's when I confirmed na (that) he was lying. At first sabi niya dahil naaksidente siya (he said he got into an accident) ngayon (this time) na freeze yung account and my friend sa bank told me hindi daw na freeze," Burdeos said.
"Bakit ma-freeze ang account niya na ngayon pa man pumutok ang SEC advisory at kung na-freeze bakit nakapagastos pa siya sa grand launching last July 8 (Why would his account be frozen when the SEC advisory was just recently issued and if so, why was he able to spend for the grand launching of Ploutos Coin last July 8)," he added.
Burdeos said he only wants his money back and he is willing to cooperate with agencies that investigate the FTC.
Burdeos also threatened to sue core leaders and point persons of FTC in Butuan.
SEC-Northern Mindanao Director Renato Egypto said the complaint of Burdeos will be forwarded to SEC national office.
Egypto said they are waiting to secure at least 20 complaints so the SEC can step in.
"Kung moabot na sa at least 20 ka complaints, kana naa nay assumption nga involved ang general public where in the government can step in for protection (When it reaches 20 complaints, there will already be an assumption that the general public is involved and that the government has to step in for protection)," Agypto said.
Egypto said that as of Monday, July 23, only two complaints were filed in their office.