IN THE wake of President Rodrigo Duterte's warning against joining investment firms offering Ponzi schemes, Rigen Marketing founder John Rigen announced Sunday, June 16, 2019, that payouts to their investors will not be released until the issue with the Securities and Exchange Commission (SEC) is settled.
“While we are ready to give the cash incentives to you, Rigen Marketing decides to withhold the release of the cash incentives out of respect and reverence to the order of the Honorable President, His Excellency, Rodrigo Roa Duterte,” Rigen posted on his Facebook account Sunday. The post has since been deleted.
In his post, Rigen said SEC already issued a Cease and Desist Order (CDO) against Rigen Marketing. However, he said that they plan to appeal the CDO.
President Duterte ordered the Criminal Investigation and Detection Group (CIDG), National Bureau of Investigation (NBI), and Philippine National Police (PNP) to shut down “pyramiding” investment schemes offering hefty returns.
“Rest assured, all your cash incentives are intact and will be released to you as soon as the issues with the regulatory agencies are settled. Your patience and understanding during this trying time in the life of the RiGen Marketing will help me work for more exciting and transformative programs soon. Please join me in this journey. And together, let us press on, RiGen Nation!,” Rigen said.
It can be recalled that SEC issued an advisory on May 24 against investing in Rigen Marketing which the commission said may turn out to be a “fraudulent investment scheme”.
“The public is hereby advised to exercise caution in investing their money in these types of schemes which may also turn out to be fraudulent investment schemes, involving the sale of unregistered securities,” the advisory said.
Rigen is a startup company based in Tagum City, Davao del Norte. It has expanded to Davao Oriental, Occidental, Davao del Sur, General Santos City, and other neighboring cities and municipalities.
The firm is engaged in soliciting investments and promises investors a guaranteed return of 400 percent in just 30 days.
It is operated by personalities who are said to be “big players” in foreign exchange and crypto-currency trading and is duly licensed in Singapore.
“Where the scheme involves the sale of securities to the public, SRC requires that the issuing person and or entity must 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,” the advisory added.