GoldXtreme refutes illegal investment charges by SEC

MANILA, Philippines - GoldXtreme Trading Co. has remained firm on its stance it is not involved in any illegal investment scheme amid continuing reports about the Securities and Exchange Commission’s crackdown on firms offering investment-type products without the proper authorization.

In a statement yesterday, the gold trading company said it is not included in the SEC’s cease-and-desist order (CDO) list.

“The SEC’s CDO list is a publicly-viewable file that is clearly posted on their website. Anyone can log on and check it out. There are currently 73 companies included in the list, and I can assure you with 100 percent certainty that GoldXtreme is not one of them,” GoldXtreme legal counsel Dennis Manalo said.

Manalo said GoldXtreme, in fact, supports the SEC’s initiative against unethical and unlawful companies.

“The company’s goal is to give hardworking Filipinos a chance to augment their income legally, by becoming gold traders. They duly registered with the SEC as a gold trading company, and have remitted value added tax to the Bureau of Internal Revenue amounting to almost P44 million for the second quarter of 2015,” he said.

The SEC, in an earlier advisory, said it received reports GoldXtreme was soliciting investments from the public, with the promise of guaranteed returns.

Manalo denied the allegation, saying this was not in accordance with the company’s business model and practice.

“Once again, GoldXtreme’s only business is to sell gold. It just so happens that they offer a commission and incentive program for existing clients who refer others to buy gold. Furthermore, the money you make in GoldXtreme is not due to passive investing. It entails hard work and referring other customers to buy from the company,” he said.

Manalo said the company has already invited all government agencies to examine and analyze its operations.

“GoldXtreme has absolutely nothing to hide, and in fact are happy to oblige any government agency that wants to learn more about their business operations. It is just unfortunate that some members of the media have erroneously reported that GoldXtreme has been ordered closed. This is completely and absolutely untrue, as the company continues to operate, trade, provide employment, and remit money to the government,” Manalo said.