ZAMBOANGA CITY, May 15 (PIA) – The public is warned against falling victims of investment scammers who take advantage of the COVID-19 pandemic.
In a press statement, the Security and Exchange Commission (SEC) urges people to exercise “due diligence before investing to avoid falling into a scammer’s trap”.
In an advisory, SEC warned the public about investing in the following groups: Bayanihan Program of Billy Ford Andrada, My Gold Rev. My Gold Rev Philippines, Friend$hip/ Friend$hip Philippines and World of Captcha (WOC). As per the advisory, these groups are not registered with SEC and do not have contracts or licenses as required under Republic Act 8799 or the Securities Regulation Code.
The SEC advisory reads: “Under its Bayanihan Program, Billy Ford Andrada solicits a minimum investment of P2,000 and promises a 50% return plus a 5% direct referral bonus. To entice more investors, Billy Ford Andrada ran promotions for a 15% direct commission and a P300 bonus for every investment of P2,000 amid the quarantine measures implemented to contain the COVID-19 pandemic.”
“The SEC earlier identified a certain Billy Ford Delos Santos Andrada as the owner of Billford Trading and Bill Ford VIP Trading, Inc., whose investment-solicitation activities in the guise of a piggery business have been the subject of an earlier advisory,” the SEC advisory furthered.
Meanwhile, the three other groups solicit certain amounts ranging from Php200 to Php5-million ($100,000) or more and promises return of investments in specific intervals or time periods, the SEC advisory reported.
The commission warns that the agents or brokers of these groups may also face criminal charges up to a maximum fine of Php5-million or imprisonment of 21 years or both. Republic Act 11469 or the Bayanihan We Heal As One Act also provides penalties to those who take advantage of the COVID-19 pandemic for scamming with imprisonment and/or a maximum fine of Php1-million.
The public is advised to report such incidents via email at epd@sec.gov.ph. For more details, visit https://ift.tt/2Z3XgYx. (NBE/DIS/PIA9-ZAMSULTA with reports from Securities and Exchange Commission)
Source: Philippines Information Agency (pia.gov.ph)
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