The Securities and Exchange Commission (SEC) has warned the public against dealing with Quantum Trust, which it said has been using a fabricated endorsement from Finance Secretary Frederick Go to promote illegal investments.
In an advisory posted on its website, the SEC’s Enforcement and Investor Protection Department said Quantum Trust has been offering investments without securing the required secondary license from the agency, in violation of the Securities Regulation Code.
According to the SEC, Quantum Trust has been enticing the public to invest in a so-called “state-funded project,” promising passive income of up to P180,000 weekly for a minimum investment of at least P19,800.
“Similar to previously exposed fraudulent investment scams, Quantum Trust promises unrealistically high returns with little to no risk, and employs aggressive marketing tactics, including claims of ‘limited slots’ or ‘urgent enrollment requirements’ to pressure individuals into investing immediately,” the advisory said.
The SEC added that Quantum Trust is being advertised through a phishing website. The site contained a fabricated news article claiming that Go endorsed the group’s project.
“The Commission also strongly warns the public not to register, log in, or download apps promoted by unknown platforms, as these are often used for phishing or other cyber-enabled scams. Engaging with such websites or applications may not only lead to financial loss but also expose one’s personal data, which may then be exploited for further fraudulent activities,” the SEC said.
The agency cautioned the public to stay vigilant as more entities fabricate endorsements from celebrities, public figures, high-ranking government officials and reputable institutions to make illegal investment schemes appear legitimate.
Other red flags for illegal investment schemes include promises of unusually high or guaranteed returns; fake or suspicious websites imitating news outlets or government agencies; requirements to register through unknown links or applications; and pressure tactics such as limited-slot promotions or urgent calls to invest.
