SEC looks into reports of Five Vision resuming business

The Securities and Exchange Commission (SEC) has begun looking into reports that Five Vision Consultancy has resumed its money placement business which the commission earlier tagged as a boiler room operation.

Five Vision has reportedly transferred its operations at the City State Center in Oranbo, Pasig City, but now goes under a new corporate identity as Glasgow Credit, according to SEC. Glasgow was incorporated last May 2, 2002.

Glasgow Credit, together with ICS Export, was alleged by an investor, Dr. Reggie Lim, as a company that is engaged in investment solicitation schemes, offering 10 percent interest per month, the same interest which Five Vision was paying its investors.

Lim told radio station DZBB earlier that 300 investors were left out holding dishonored checks representing their payments for the money they placed with the company. The client list includes professionals, housewives and military men.

SEC officials led by SEC Chairman Lilia Bautista earlier warned the public not to put their money in companies that are not registered as investment houses, financing, firms and mutual funds. Only these firms are allowed to accept money placements, she said.

The appeal followed an exhaustive investigation by the commission on the activities of Five Vision that resulted in the uncovering of the investment solicitation schemes of the company. SEC’s compliance and enforcement department OIC Elmira Alconaba found out that Five Vision closed down its office in Dian, Makati and later transferred to Richmonde Hotel.

Sources said that the investment solicitors of Glasgow Credit were mostly from Five Vision prompting the commission to pursue further its investigation and determine how the company can continue to flaunt the Securities Act.