SEC issues alert vs 7 investment companies
MANILA, Philippines - The country’s corporate watchdog, the Securities and Exchange Commission (SEC) has warned investors against dealing with seven investment companies identified as scam operations doing business all over the Philippines.
In several public notices, the SEC warned of several firms engaged in investment scams while some are pretending to be insurance companies.
The corporate regulators said OK’s Global Wellness Inc.; Profit Clicking, JSS-Tripler and JustBeenPaid; and Evergreen Co. have been identified as conducting networking activities.
Cubao-based OK’s Global Wellness, which is into a monoline marketing scheme, is registered with the SEC as a seller of goods and merchandise.
SEC added it received a report where “a group of persons has been recruiting students from the Negros Oriental State University in Dumaguete City to join JustBeenPaid, an online activity that could be a possible investment scam.”
Students are enticed to “like” a certain web page and invest P950 with a guaranteed earning of 10-20 percent per day.
Evergreen Co., for its part, is an unregistered company representing itself as a juridical entity where applicants are required to sell at least one overpriced product worth P3,898 and pay for company seminars, SEC said.
Two firms are also into misrepresentation.
SEC said Binondo-based Cardlinks Teleconn Insurance Agency Inc. is registered as a telemarketing services firm but is it venturing into the sale of insurance.
Another company, 1Riders Power Team Inc., is a retailer and wholesaler of general commodities but it is acting as a broker-dealer of securities, investment adviser and a mutual fund distributor while engaged in a networking scam.
“The public is warned of the reported multi-level marketing scheme activities of persons or groups acting for 1Riders by offering products like coffee, toothpaste, soap, juice, lubricant oil for vehicles,” SEC said.
In Marinduque, the corporate watchdog received reports that a company is selling pre-need and memorial plans without the necessary license from the Insurance Commission.
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