SEC flags social media accounts in Ponzi schemes

MANILA, Philippines — Ponzi schemes are proliferating again in the country and proponents are using social media to entice investors, the Securities and Exchange Commission (SEC) has warned.

The SEC has raised the red flag on 30 social media accounts, pages and groups believed to be Ponzi schemes: Road to Stockmarket/Dreambuilders; Steady Money Onpal; G-Funds; Team Amazing Grace; Team Donatos; Building Bridge; GBS New Hope; GBS Trust Traders; Whilmz Team International; Whilmz International Online Paluwagan; Rosca - Money’s Worth Onpal; Warriors Team Onpal; Xplosion; Red Packet; Elite Savers Club; Share Ko Profit Ko; SUTM & BOJ; Real Team Angel; Original Team Angels; Return of the Comeback Team Angels Internationals; Cone Weekly Investment; 2DO Marketing Services; Power7 M2G; Onpal Adhoc; Swift Learners Guild; Exclusive Circle of Earners; Old TBC; and Lover’s Profit Sharing.