Editorial: Fighting illegal investment schemes

Editorial: Fighting illegal investment schemes

THE Securities and Exchange Commission (SEC) has posted in its website another warning against one more get-rich-quick scheme Elite Entrepreneur Blue Print (EEBP) which is targeting mainly professionals, uniformed personnel, and overseas Filipinos.

In its latest warning, the SEC said that “based on the reports from public and from various posts in Facebook (FB), Elite Entrepreneur Blue Print (EEBP) has been inviting the public to join their company by investing a capital amounting P115,000 with a promise of receiving P11,500 worth of Royale products. The investors will get the return of their investments through selling the products and recruiting new investors.”

Additionally, the firm, according to SEC warning, is enticing the public to invest by promising investors with a weekly income of P5,000 to P50,000 and a P1 million Bank of the Philippine Island (BPI) insurance coverage.

This is the most recent warning against investment scams which was posted by the SEC just this February 2.

In year 2020, several investment schemes were added in the Commission’s list of illegally soliciting investments from the public. These were Champion International Corporation/Madenu Champion Marketing International, Inc. (Champion), Inochi/Inochi Rewards, Eco Hatchery/ Eco Hatchery and Trading Corporation, ‘The Program’ and ‘Financial Education and Entrepreneurial Development (Feed) Program’, Bitthroughcash/ Bit2Cash Trading, Inc., AVP88 Coturnix Egg Farm and AVP88 Trading Inc., 727-Tycoon/ 1Tycoon, Billford Trading Company and Bill Ford VIP Trading Inc., and Teachers Financial Coaching Program (TFCP)/ Teachers Financial Freedom Program (TFFP)/ Elite Teachers Financial Program (ETFP)/ Teachers Financial Program (TFP).

The increasing number of illegal investment schemes just shows that establishing one must be a lucrative way for unscrupulous individuals or groups to earn easy money by beguiling naive, misinformed, or uninformed individuals by promising them huge profits for their capital.

The sad part of this story is that going after individuals or groups who are behind these illegal investments schemes and prosecuting them are hardly possible, taking into account the requirements needed by law for a case to prosper. Adding to this is the ambiguity of the identity of the founders of these illegal investment schemes.

We cannot just wait for the government agencies to act in our behalf against these illegal investment schemes lest we will lose all what we have saved for our future. Instead, it is high time for us to be wary and prudent on where we are going to invest our savings. Let us not be too gullible to trust easy money schemes and instead be informed on the proper handling of our earnings.

Moreover, it is in these times that financial education is mostly needed and holding such by any concerned agencies or offices is a welcome move and greatly appreciated. After all, there is no greater weapon against scams but a well-informed public.

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