SEC to beef up IEC on scams

THE Securities and Exchange Commission (SEC) is embarking on an all out campaign against scams.

SEC Enforcement and Investor Protection Department assistant director Lalaine Monserate said the department has asked for an increase in budget next year for an intensified information drive.

Monserate said the campaign will include seminars, tri-media releases as well as seminars for the public in a bid to educate and warn against investing bogus companies and losing hard earned cash.

“It is the thrust of SEC to educate the people,” said Monserata on the intensified IEC.

Monserate said there are many ways to invest money legitimately and cautioned on the get rich quick offers.

“If it is too good to be true, it probably is,” added Monserate.

Monserate said cases of syndicated estafa can be filed against bogus firms at the Prosecutors Office while a case of violation of the Securities Regulation Code can also be filed at the Department of Justice, wherein perpetrator if proven guilty can get seven to 21 years in jail or a fine from P50, 000 to P5 million, or both.

SEC cited the Satarah Wellness Marketing scam that victimized many investors in Baguio and Benguet.

Monserate stressed the importance of public cooperation in monitoring companies into investment business.

“You need to ask for secondary licences from the company to assure that they are legitimate,” Monserata added.

The SEC issues a primary license for the entity to have a corporate’s personality and a secondary license for the order of their registration and products.

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