MANILA, Philippines - The Securities and Exchange Commission (SEC) is warning the public against investing their money in an entity called Emgoldex Philippines which claims to offer huge returns for every investment.
The country’s corporate regulator said it has received reports that Facebook users are being invited to invest their money in Emgoldex Philippines’ investment scheme called “Pinoy Style Patak Patak.”
SEC said Emgoldex Philippines is luring the public to invest for a promise of high returns where an investment of P1,000 would earn profits ranging from P5,000 to P10,000 or a placement of P35,000 would yield P180,000 to P360,000.
Upon verification, the SEC said Emgoldex Philippines is not a registered corporation or partnership.
“Likewise, such entity is not authorized to solicit investments from the public as it did not secure prior registration and/or license or permit to solicit investments from the Commission as required under Section 8.1 of the Securities Regulation Code,” the SEC said.
“In view thereof, the public is hereby advised to exercise self-restraint from investing their money into such high yield-high risk investment scheme and to take the necessary precautions in dealing with the above-named entity,” the regulator added.
The SEC has been stepping up its efforts to warn the public against fraudulent business practices following a large-scale investment scam back in 2012.
In 2012, Pagadian-based Aman Futures Group Philippines Inc. was exposed as a P12-billion investment scam, defrauding thousands of politicians, professionals, businessmen and employees.