The Securities and Exchange Commission on Friday warned the public against two companies selling investment securities that are not registered with the corporate regulator.
SEC said based on its investigation, Jacama Sales and Marketing’s modus operandi was to sell “package schedule” to investors ranging from P1,800 to P1.8 million.
Upon payment of the chosen package schedule, an investor will receive a package product and six post-dated checks with different maturity dates. The amount of the check is equivalent to 25 percent of one’s investment and will mature in an interval of 15 days.
SEC said in its advisory the company was not authorized to solicit investments from the public and had not secured necessary license or permit as required by the Securities Regulation Code.
“The sale of the product is merely a ruse to make it appear that the said entity is engaged in the marketing and distribution of product. The obvious fact, however, is that people are enticed to invest their money by the promise of huge profits,” SEC said.
“In view thereof, the public is hereby advised to stop investing and recruiting other people to invest money into such scheme and to take necessary precautions in dealing with the said entity and its representatives,” it said.
SEC said it found another company, Jap Rattanco, also engaging in illegal activities.
SEC said Jap Rattanco was not registered with the commission either as partnership or a corporation.
“In view thereof, the public is advised to deal only with registered corporations, partnerships and entities, engaged in legitimate or duly licensed business activities,” SEC said.
SEC earlier said that several illegal investment-taking activities had proliferated in the country to dupe Filipino investors.
Some of these investment scams tapped the social media such as Facebook and Twitter to lure local investors and overseas Filipino workers.
SEC advised the public to check the registration and licenses of these companies by verifying with the agency’s registration and monitoring department, markets and securities and regulation department and corporate governance and finance department before making an investment.