THE Cagayan de Oro City Government is endorsing to the National Bureau of Investigation (NBI) all complaints against Freedom Traders Club (FTC) that may possibly arise in the future.
City councilor George Goking, who chairs the committee on trade and commerce, agreed with the recommendation of the city legal office to have the NBI handle all possible complaints against FTC which offers cryptocurrency Ploutos Coins.
"May we recommend that your committee will endorse to the NBI all investigations if there will be any complaints regarding Mark Freeman in coordination with all regulatory agencies of the government," City legal officer Lorela Escobero told the committee chair during the hearing Friday, August 3.
FTC founder Mark Freeman appeared the final hearing of the committee to clear and prove that his business is legitimate and not a scam.
He said he does not solicit investments from the public and he only promotes his expertise in forex trading to teach his members how to trade.
During the hearing, Freeman and his legal counsel maintained that there has been no specific law that the FTC violated.
However, government regulators such as the central bank, Department of Trade and Industry (DTI) and the Securities and Exchange Commission (SEC) have appealed to FTC to momentarily cease operating, pending compliance of required licenses and registration.
SEC-Northern Mindanao director Renato Egypto said they would forward to SEC national office this week all that have transpired during the hearing for a possible issuance of cease and desist order against FTC.