SEC warns public against 8 scams

The Securities and Exchange Commission (SEC) has issued eight warnings to the public against firms suspected of conducting investment scams or otherwise unauthorized sale of securities.

The SEC's latest warnings were issued against Cardlinks Teleconn Insurance Agency Inc., Future Net- Networking Marketing Association of the Philippines Inc., JustBeenPaid, OK's Global Wellness Inc., Evergreen Company, 1Riders Power Team Inc., Finance Global Marketing Services/Finasia Global Marketing Services, and an unknown group in Marinduque.

Cardlink is engaged in the business of providing telemarketing services for credit cards, loans, non-life insurance, insurance and different types of business services "items of commercial value" but has not been licensed by the Insurance Commission (IC) to act as an Insurance agency.

Future Net is reportedly engaged in networking, promising huge profits or sky-high returns; including direct and indirect referral commissions, net loan commission, and satellite referral commission; within a short period of time - depending on the number of recruits or level of participation.

However, the SEC said that, since FutureNet is a non-stock and non-profit organization, it cannot engage in investment taking business, whether on its own or in conjunction with its affiliate.

Meanwhile, the SEC said a group has been recruiting students from the Negros Oriental State University in Dumaguete City to join "JustBeenPaid," an on-line activity that could be a possible investment scam.

The students are allegedly enticed to initially invest P950.00 with a guaranteed earning between 10 to 20 percent of the initial investment per day, and to join a profit clicking activity by liking a certain page three times a day.

OK's Global employs a monolining scheme and while authorized by the SEC to sell goods, it is not a registered issuer of securities to the public.

Evergreen is not registered with the SEC but is recruiting applicants for employment under a scheme that requires them to sell a product and pay certain fees.

1Riders is engaged in a multi-level marketing scheme to sell food, toiletries and automotive products but has no license from the Food and Drugs Administration to distribute food and cosmetic products.

Finance Global/ Finasia allegedly use a credit card company to apply/avail of their services offering lower package cost for any travel that may be desired. Once a customer agrees, he may no longer retract and recover the money paid.

Meanwhile, a group of persons in Marinduque representing themselves to be a corporation with five branches, offers loans to barangay officials and employees to be paid through salary deduction.

Said group or corporation is selling pre-need/memorial plans and insurance plans without the necessary license from the Insurance Commission or the SEC. They induce people to invest with a promise of high return on their investment.

"As a precautionary measure, the public is advised to exercise due diligence before investing in a risky business venture. Investigate and check the personal background of the people behind the scheme," the SEC said.

It added that the public should "consider the value of the goods or products offered and whether there are real goods and sales involved in the deal. If the income depends on the number of recruits to the program, don't invest, as it is likely a pyramiding scam bound to collapse."

Loading...

Editor’s note:Yahoo Philippines encourages responsible comments that add dimension to the discussion. No bashing or hate speech, please. You can express your opinion without slamming others or making derogatory remarks.

  • US-Philippines wargames to start under China's shadow
    US-Philippines wargames to start under China's shadow

    Thousands of American and Filipino soldiers on Monday will kick off expanded wargames, showcasing a deepening defence alliance as alarm bells ring over China. The 10-day exercises in the Philippines are an annual affair between the longtime allies, but this time they will involve double the number of soldiers as last year in a sign of their expanding military partnership. The Philippines is seeking more US military and diplomatic support to fend off China's increasing forcefulness in its bid …

  • Bar ban for US troops in Philippines amid murder trial
    Bar ban for US troops in Philippines amid murder trial

    The US Pacific Command has banned its troops in the Philippines from bars and nightclubs, a spokesman said Saturday, with the trial under way of a US Marine accused of murdering a transgender Filipina he met in a bar. Thousands of American and Filipino soldiers will on Monday kick off 10-day annual military excercises, according to Captain Alex Lim, a spokesman for the US forces, but there will be strict controls on their free time. Lim would not say why the restrictions were imposed but …

  • Biker Beauty: Honda and David's Salon Pampering Day
    Biker Beauty: Honda and David's Salon Pampering Day

    Honda Philippines Inc. (HPI), and David's Salon recently held the awarding ceremony for the Metro Manila winner of the David's Salon Scooter Raffle Promo at the 5th level of SM Megamall Building A. Loyal patron Maria Theresa Guevara took home a brand new Honda Click 125i. Present to grace the occasion were David's Salon Creative Director Laura Charlton and HPI Assistant Vice-President for Sales and Marketing Hideo Nishinaga.To the delight of all those in attendance, guests were treated to …

  • ‘Next leader must not be newbie’
    ‘Next leader must not be newbie’

    Vice President Jejomar Binay believes the next president of the Philippines must have vast experience and a long track record in governance and in dealing with crises. “I am very much convinced that the local government is the best training ground for those who want to run for national government positions,” he said. Binay said he is determined to run for president in 2016 on the strength of his competence and track record. …

  • Massacre suspect tests negative for poisoning
    Massacre suspect tests negative for poisoning

    A suspect in the Maguindanao massacre case who had been examined at the Philippine General Hospital (PGH) tested negative for poisoning, medical records released yesterday showed. However, the Quezon City court handling the multiple murder case resolved to isolate Police Officer 1 Pia Kamidon from the rest of the accused detained at Camp Bagong Diwa in Taguig for his safety. In a two-page order, Regional Trial Court Branch 221 assisting Judge Genie Gapas-Agbada ordered jail officials to …

  • ‘Homework first before Facebook’
    ‘Homework first before Facebook’

    President Aquino elicited laughter from students here as he reminded them to open books first before Facebook. “Finish your assignments first before making a raid in the Clash of Clans,” Aquino said, referring to a popular online game. In a speech during the turnover yesterday of two new three-story buildings at the Tarlac National High School, he said the government could only provide opportunities for learning but the rest of the work would be up to the students. The new school buildings …

  • Espina resignation confirmed; Noy looks for replacement
    Espina resignation confirmed; Noy looks for replacement

    President Aquino ended speculations yesterday and confirmed that Deputy Director General Leonardo Espina had indeed resigned as officer-in-charge of the Philippine National Police. As of this time, we are conducting various interviews and checks on the various candidates,” Aquino told reporters at the Tarlac National High School in Tarlac City. Aquino had kind words for Espina, saying that he stood by and defended the 44 slain police Special Action Force (SAF) commandos in the operation in …

  • Palace welcomes G7 concern over sea reclamation
    Palace welcomes G7 concern over sea reclamation

    President Aquino welcomed yesterday the Group of Seven industrialized countries’ expression of concern over rising tension in the West Philippine Sea and South China Sea, calling it a clear indication of the global scope of the problem ramped up by China’s massive reclamation activities in disputed waters. In Tarlac City where he led the turnover of new classrooms, Aquino told reporters that goodwill and not tension must prevail in the West Philippine Sea and South China Sea, where territorial …

POLL

Should Aquino be held accountable over the Mamasapano operations?

Loading...
Poll Choice Options