Public told: Beware of investment scams

CEBU, Philippines —  The Cebu office of the Securities and Exchange Commission (SEC) warned the public to exercise diligence before investing as scammers take advantage of the COVID-19 pandemic.

Based on SEC’s advisories for this year, the number entities engaging in fraudulent activities shot up 29 in April from 11 in March at the height of the enhanced community quarantine (ECQ).

For the month of May, SEC monitored nine entities, four of which were found this week to be engaging in unauthorized investment-taking activities.

These groups include the Bayanihan Program of Billy Ford Andrada, MyGold Rev/My Gold Rev Philippines, Friend$hip/Friend$hip Philippines, and World of Captcha (WOC).

SEC advised the public against investing in Bayanihan Program, MyGold Rev, Friend$hip and WOC, which are not registered as corporations or partnerships with the commission.

The SEC-Cebu Extension Office also asked LGUs to help it in information dissemination with regards to these scammers.

“SEC’s mandate to champion the interest of the investing public, the Commission remains watchful of individuals and groups that may take advantage of the Covid-19 pandemic to prey on investors and consumer” part of its communication to the LGUs PIOs reads.

Other investment scams identified include Legit Payout, Accelerare Main Ph, Viceem Help Worldwide, Nexus Capital, Norway International OPC, The Billion Coin, Cashcowrobot, TBCMMP Masa Mart, Inc, Invexpert/Invexpert Ltd, Delta Acrypt Limited, Jocals 688 Beauty and Wellness, “Fil-Invest” Facebook account, Won Project, Crypto Invest With Us, Xtreme House of Beauty, Captha Philippines Incorporated, Rising Era Dynasty Inc, Newmont Philippines, IELEV8 Network, My Profit Robot(MPR), Wincorp, Sharebiz Advertising, and Crowd1 Asia Pacific Inc.

SEC also warned those who act as salesmen, brokers, dealers or agents of fraudulent investment schemes that they may also be held criminally liable and penalized with a maximum fine of P5 million or imprisonment of 21 years or both under the Securities Regulation Code.

Republic Act No. 11469, or the Bayanihan to Heal as One Act, penalizes those participating in cyber incidents that make use or take advantage of the COVID-19 pandemic to prey on the public through scams, phishing, fraudulent emails, or other similar acts with two-month imprisonment or a maximum fine of P1 million or both.

Those who would also like to verify other entities may SEC website at http://www.sec.gov.ph/public-information-2/investors-education-and-information/advisories-and-notices/

The public may also report unauthorized investment solicitation activities to its Enforcement and Investor Protection Department through email at [email protected].  LPM (FREEMAN)