Goldxtreme denies illegal invest scheme

MANILA, Philippines - Goldxtreme Trading Co. is denying involvement in any illegal investment schemes and has asked the country’s corporate regulator to clear its name.

In a statement, Goldxtreme legal counsel Dennis Manalo said the company has already written the Securities and Exchange Commission (SEC) to ask the agency to lift its earlier public warning involving the company.

The SEC in an advisory last June 4 warned the public about placing their money in high-risk investment schemes and to take necessary precautions against companies who solicit investments without the proper authorization to do so.

Goldxtreme was one of the companies included in the list.

The company said it is confused why the SEC included them in the announcement

“We feel that it is highly misleading. No cases have been filed against the company, and this is only an advisory, which does not carry any enforceable action. Nevertheless, it has caused a lot of damage to the reputation of Goldxtreme and its traders, which is very much unwarranted,” Manalo said.

Manalo clarified that Goldxtreme’s business model does not involve, and is not dependent on recruiting investors or soliciting funds from others.

“The be-all and end-all of Goldxtreme’s business is selling gold, period. Now, in order to assist them in their marketing and sales efforts, the company offers a commission and incentive program for existing clients who refer others to buy gold. It is essentially no different – nor any less legal – than what a lot of multinational health, beauty, and homecare products are doing,” he said.

Manalo added that Goldxtreme does not make any promises about “return on investment”, but rather compensates participants for their hard work and diligence in marketing the product.

“The company gives you a chance to upgrade the size of the gold you bought, if you work hard enough and get enough people to become Goldxtreme customers,” he said.