THE Davao Extension Office of the Securities and Exchange Commission (SEC) warned the public against entities allegedly trying to take illegal investments from victims amid the coronavirus disease (Covid-19).
In a statement issued Monday, March 23, SEC Davao Extension Office officer-in-charge (OIC) Director Lawyer Katrina Jamilla Ponco Estares said some entities are trying to take advantage of the public by enticing them to join their illegal online business. These entities are deceiving the public on buying their supposed investment products even when they do not have legal personalities.
“These illegal entities and their agents or brokers are attempting to capitalize on the current climate surrounding the virus outbreak as this provides them an opportunity to prey on people when they are most susceptible,” Estares said.
In a post of one of the personalities involved in the investment scheme on Facebook, they are encouraging those who are affected by the quarantine imposed by the government to join in their online business.
“Alam mo ‘yung maganda pag Online biz? Kahit naka quarantine, pwedeng gawin at pwede kang kumita. Mas lamang pa din yung may extra income! Thank you po #RBCII,” the post read.
SEC has earlier warned the Dabawenyos on the proliferation of new investment schemes with high returns. Most of these are victimizing professionals and government employees like teachers and policemen.
Meanwhile, SEC called on the public to be on guard for a surge of illegal investment taking activities. She also advised them to protect your hard-earned money and do not easily be duped by these companies without checking the legalities of their operation.
They have to ensure that these companies have secondary licenses from SEC aside from having primary licenses.
“These scams can take various forms. Some are using Ponzi scheme while others are focused on recruiting in the guise of multilevel marketing, networking or cryptocurrency ventures. We are also monitoring those who offer foreign exchange trading, which is illegal in the Philippines,” Estares said.
“The public has to be vigilant on the need to recruit members and promises of high returns in such a short period of time,” she added.