In a public advisory, the SEC said ALGS is not licensed to engage in any activity requiring a secondary license such as investment consultancy, investment taking, lending activities and trading in securities.
The advisory was issued in response to numerous inquiries and complaints received by the SEC concerning the said corporation.
"The public is therefore advised to exercise the necessary precaution before dealing with said entity," the SEC said.
Based on the investigation conducted by the SEC, ALGS is allegedly engaged in the sale of investment plans and misrepresenting itself to the public as an affiliate/subsidiary/representative of Albert Abela Corp.
According to the SEC, ALGS is no longer operating but its officers and directors are still at large and their whereabouts cannot be determined despite extensive efforts to do so.
The SEC earlier came out with an advisory warning the public against investing in 53 companies that are not authorized to sell securities or issue investment certificates/contracts.
These corporations include Alabang Holdings Inc., Athon Management and Trading Corp., Bicutan Holdings, Binondo Holdings, Calamba Holdings, Cavite Holdings, Cielo Azul Holdings Corp., Diamond Star Management & Trading Corp., Global Progress Management and Trading Corp., Great Allianz Management & Trading Corp. Growth Management and Trading Corp., Highland Management & Trading Corp., Jamcor Holdings Corp., Las Piñas Global Management & Trading Corp., Matcor Holdings Co. Ltd., Mindoro Holdings, Muntinlupa International Management & Trading Corp., Musad Management & Trading Corp., Pamplona Holdings, Pangasinan Holdings, Pangasinan Star Management & Trading Corp., Subic Bay Holdings, Subic Bay Management & Trading Corp., Tagaytay Holdings, Tagaytay Management & Trading Corp., TG Asset Management Corp., Tibayan Management Group International Holdings Co. Ltd., Tibayan Group Investment Co. Inc., United Alpa Management & Trading Corp., Wallstreet International Holdings Co. Ltd., Westar Holdings and Westar Royalty Management & Trading Corp.
The SEC, along with other government agencies including the Department of Trade & Industry, is stepping up the campaign against illegal investment solicitation activities.
In view of the difficult economic conditions, thousands of investors, including OFWs and retirees, have been lured into joining various investment schemes that promise instant and hefty gains in just a short period of time. More often than not, these get-rich-quick schemes turn out to be scams.