THE Securities Exchange Commission (SEC) advises the public to “exercise caution” in investing their money in fraudulent investment schemes, involving the sale of unregistered securities.
In an advisory issued on Friday, May 24, the SEC warned the public against Rigen Marketing, a new startup company based in Tagum City, Davao del Norte and has expanded to other provinces of Davao Oriental, Davao Occidental, Davao del Sur, General Santos City, and other neighboring cities and municipalities.
Verily, its aim is “to help the financial needs of individuals by providing a concrete system allowing ordinary people to have solid additional income,” SEC said.
According to the SEC, they have received information that individuals or groups of persons representing Rigen are enticing the public to invest in the said entity online and through walk-in solicitations.
Based on the information gathered by the Commission, Rigen is engaged in soliciting investments and promises to the public a guaranteed return of 400 percent in just 30 days less or more.
Furthermore, Rigen is allegedly operated by personalities who are said to be “big players” in forex and crypto-currency trading and duly licensed in Singapore.
“When the scheme involves teh sale of securities to the public, SRC (Security Regulation Code) requires that the issuing person and/or entity muct be a registered corporation with SEC, the said securities offered are duly registered and that the appropriate license and/or permit to sell securities to the public are issued to the corporation and/or its agents, pursuant to the provisions of section 8 and 28 of the SRC,” SEC said.
The commission also said that those who act as salesman, broker or agents of Rigen in selling or convincing people to invest in the investment scheme being offered, including solicitations or recruitment may likewise be prosecuted and held criminally liable under Section 28 of the SRC.
They will also be penalized with a maximum fine of P5 million or imprisonment of 21 years or both pursuant of Section 73 of the SRC.
“Those who sell or offer securities the public may be held criminally liable or accordingly sanctioned or penalized to the Supreme Court Decision in the case of Securities Exchange Commission vs Oudine Santos,” SEC stated.
The public is also urged to contact the Enforcement and Investor Protection Department regarding the operations of the subject entities through its telephone numbers: (02) 818-6337 and (02) 818-5324.