The Securities and Exchange Commission warned the public from investing hard-earned money in an unregistered investment scheme that targets public school teachers.
The SEC said in an advisory posted on its website that an entity operating under the names Teachers Financial Coaching Program, Teachers Financial Freedom Program, Elite Teachers Financial Program and Teachers Financial Program was not registered with the SEC.
Based on the information gathered by the SEC, the investment programs TFCP, TFFP, ETFP, TFP had been enticing public school teachers to invest an amount of P115,000 or assist the teachers to obtain a loan from a bank in the same amount in exchange for P11,000 worth of Royale beauty products, food supplements and a cheque amounting to P10,500.
The investor, however, will be required to recruit new members to further receive another P11,000 for each recruit.
The entity likewise offers training seminars on financial literacy and promises a debt-free life, double net pay, car ownerhip, travel with family and savings in the bank.
“The public is hereby informed that based on the records of the commission, Teachers Financial Coaching Program, Teachers Financial Freedom Program, Elite Teachers Financial Program and Teachers Financial Program is not registered with the commission either as a corporation or a partnership,” the SEC said.
The regulator said the company was also not authorized to solicit investments from the public in the absence of a prio registration as prescribed by the Securities Regulation Code.
The SEC said individuals acting as salesmen, brokers, dealers or agents “in selling or convincing people to invest” in the investment scheme, including solicitations and recruitment through the internet, might also be held criminally liable and penalized with a maximum fine of P5 million or penalty of 21 years of imprisonment or both.
“In view of the foregoing, the public is hereby advised to exercise self-restraint from investing their money into such high-yield, high-risk investment scheme and to take the necessary precaution in dealing with individuals representing the above-named entity,” the SEC said.
The SEC said it would forward the identities of individuals involved om the scheme to the Bureau of Internal Revenue.