Tuesday, July 16, 2019

Editorial: Do not fall prey to financial scams

File photo

FINANCIAL scam issues are never new to our collective consciousness. It has been here years ago and has victimized hundreds of people. But here we are again issuing another advisory to the public to avoid these schemes.

When will we ever learn?

The City Government of Davao through its Anti-Scam Unit on Wednesday, February 6, warned the public to be wary from any investments and financial schemes promising gigantic money returns after pouring a lesser amount as investment.

This is following a memorandum received by the anti-scam unit from the South Cotabato Police Provincial Office, mentioning certain organizations like Kapa Community Ministry International, Inc. and Almamico (Alabel Maasim Small Scale Mining Cooperative) urging people to invest for a bigger cash return of up to 30 percent monthly.

Both entities operate in Mindanao, particularly in Glan and Alabel in Sarangani province; Bislig City in Surigao del Sur; and General Santos City and South Cotabato.

These entities disguise themselves as product dealers, multi-level marketing, and charitable organizations, among others.

Davao City Anti-Scam Unit head Simplicio Sagarino told the public to report to their office or the Securities Exchange Commission (SEC) for appropriate action if they have been victimized by any of these schemes.

Section 28 of the Securities Regulation Code (SRC) prohibits any person “from engaging in the buying or selling of securities in the Philippines as a broker, dealer, salesman or association person of a broker or dealer unless registered as such with the Commission.”

Investment frauds have been a problem of many for years. It is understandable why people fell prey to these as who wouldn’t want an instant hefty return of investment? Easy money – as what investment scams offer - can be really attractive and tempting but it is risky and never worth it.

When one encountered these kinds of schemes, we should know by now what to do: Be always skeptical and critical of these too-good-to-be-true investment opportunities; Check the company or organization’s registration; and research and understand how it works for knowledge is always power.

The bottom line here is while these scammers deserve to be punished within the perimeters of the law, one’s fate still lies on their hands as investment scams can’t ruin any person’s life if all are wise and educated enough about financial scams’ dangers and risks.

For investment scam issues, victims may report to the Anti-Scam Unit located at 3rd Floor, Lingap Bldg., A. Pichon St., Davao City or the SEC Davao Extension Office located at SDC Building, Purok 13, Ma-a Road, Ma-a, Davao City or call Tel. No. 298-2170 for guidance.


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