Post by Admin on Aug 27, 2015 14:36:29 GMT 8
17 Financial Investment Scams in the Philippines According to SEC (Update)
Everyone wants to make money. The bigger the need, the easier it is to give in to the temptation of making quick money. But when you get offered the chance to make some quick buck, would you take it?
Don’t make a decision until you’ve thought about it a hundred times over. Do your homework. Learn more about the company offering the investment opportunity first. That is, if you don’t want to fall into the trap of some of the suspected financial scams in the country, as per SEC reports and warnings.
1) Emgoldex Philippines
EmGoldex Philippines changed their name to Global Intergold. They entice people to invest money in return for eye-popping profits. For instance, your P1,000 would earn between P5,000 to P10,000 or your P35,000 would give you P180,000 to P360,000. However, they are not registered and licensed to solicit investments. They exhibit four signs that should scare genuine investors – the rush to invest now, the use of jargon to discuss the complex product, the high return for zero to low risk, and the lack of registration/license.
2) One Lighting Corporation
SEC has classified One Lighting Corporation as a pyramiding company. The company invites people to buy their healthcare and cosmetic products, which cost between P1,500 to P766,500, by enticing them with about 5% of one-time referral rewards, 2% of initial pay-in, and profit sharing of 30%. They are considered as a pyramiding company because of their structure that enables those in the top tier to earn more, with the pyramid eventually collapsing when those at the bottom earn nothing.
3) Satarah Wellness Marketing
SEC issued an advisory against Satarah Marketing on March 26, 2015. The company attracts investors by promising a 4% to 26% interest and a referral rate ranging from 4% to 12% on the investors’ placement fees. However, they are not registered or licensed to solicit investments from the public.
4) GoldExtreme Trading Co.
GoldExtreme operates more or less like EmGoldex (now Global Intergold), but demands cheaper investments, starting at P5,000 for Level 1. To reach a higher level, customers have to recruit more people and get as much as 400% of their investment, or around P25,000 in profits, which could be in cash or gold.
5) Success200 International Marketing Corporation
Investors in Success 200 International Marketing Corporation are required to invest P1,800 to P36,000 and earn profits between P10,000 and P200,000. They claimed to be a distribution and marketing company as they provide products in return for the investment. Success200 are not registered or licensed to accept investments from the public. However, the company denied any involvement with investment scams because even if they get P1,800 from their members, the company gives them a product in return.
6) J79 Galore Online Marketing
J79 Galore Online Marketing is not registered with the SEC as a partnership or corporation. They are said to be recruiting people who must pay P3,000 to earn P15,000 after convincing a few people to join as an investor. They are not allowed to solicit investments from the public.
7) Bagong Lahi Filipino Development Foundation, Inc.
Bagong Lahi convinces investors to pour money for a project development. However, the company was already in hot water with the revocation of their registration in 2008 when they were found to be misrepresenting what they can offer to the public. SEC has issued a warning against the company for continuing to accept investments from people.
8) F.L.A.G. Prosperity Marketing Inc.
F.L.A.G. Prosperity entices people to invest at least P1,500 to earn P2,200. SEC warned the public against the company for securing investments without the proper license, permit, and registration.
9) One Dream Global Marketing Inc.
For P888, investors can join One Dream and get one “slot” with a payout of P1,300 in as fast as 4 days. Those who invest P1,776 will earn P2,517.60. For every recruit, they earn P44 each. However, some investors voiced out their concerns over not getting a payout and discovered that the company is sitting on top of a P3 billion investment scam.
10) Hyper Program International Direct Sales
Hyper Program reaches out to potential investors through social media and entices them to invest in health products and cosmetics. They promise a 30% to 35% profits of their investment within 40 to 45 days. However, just like the other companies in this list, they failed to register and get the appropriate license.
11) Klikmart Shopping Club or Klikmart Rewards
Klikmart Rewards encourage people to invest P1,500 and wait for it to grow by 33%, to P2,000, within 21 to 30 days, after a successful recruitment. The maximum investment required is P15,000 daily. However, the company is not authorized to solicit and accept investments from anyone as it does not have a license from the SEC.
12) Mutual Universe
Mutual Universe requires their investors to invest P7,499 as an initial investment for them to earn P40,000 to P120,000. Their terms and conditions offer no assurance to their investors as there is no guarantee that they will be making the same money as the other investors, as their past earnings, or as those stated in income statements. Moreover, Mutual Universe is not licensed as an issuer of mutual funds by the SEC.
13) Recaneli Philippines/Philippines Recaneli Mother International Foundation the Voice for Global Solutions on Poverty
Recaneli Philippines ask for P1,500 to P20,000 as “pledges” from people in exchange for getting checkbooks issued by the Central Bank of the Philippines. P1,500 will get a P10 million award; P10,000 will get a P50 million award; and P50,000 will get a P1 billion award. However, the foundation is not licensed by the SEC to collect pledges or investments from the public.
14) Grandtime Automobile, Grand Time or GTA
GTA operates with three parts – Jumpstart, Main Turbo, and VIP turbo. Each has three laps. Those who are interested must pay P1, 500 as an entry fee to qualify for Jumpstart, with a return of P1, 200 after filling all three slots in the table’s third level, totaling to P3, 600 in return, plus P100 as a referral fee for the recruiter. To exit, the member must recruit two new people, who also have to bring in two recruits each.
15) Grand Alliance of Business Leaders Association Inc. or GABAI
GABAI entices investors with a promise of a 20% to 40% interest every week, as they are required to invest P350 to P35,000 daily. SEC classified these investments as “securities,” but GABAI is not licensed to sell securities to the public by the Commission.
16) Xinagasia Marketing, Xinagasia Lending and Investors Corp. or Xinagasia Invest & Trust Bank
Xinagasia Lending & Investors Corp. and Xinagasia Invest & Trust Bank Corp. offer bonds described as Cooperate Bond Notes to the public. SEC qualifies these bonds as “securities,” which should be registered with the Commission before being sold to the public. Xinagasia Marketing Corporation is registered with the SEC to trade and market goods, but not to issue securities.
17) Honesty, Unity, Love and Loyalty for Self-Reliance Association or HULL
HULL is registered with the SEC, but is not licensed to lend money to the public. Moreover, they are not certified by the Monetary Board of the Bangko Sentral ng Pilipinas to manage the savings of its members and use such savings to provide home building and development or financial assistance of households.
Everyone wants to make money. The bigger the need, the easier it is to give in to the temptation of making quick money. But when you get offered the chance to make some quick buck, would you take it?
Don’t make a decision until you’ve thought about it a hundred times over. Do your homework. Learn more about the company offering the investment opportunity first. That is, if you don’t want to fall into the trap of some of the suspected financial scams in the country, as per SEC reports and warnings.
1) Emgoldex Philippines
EmGoldex Philippines changed their name to Global Intergold. They entice people to invest money in return for eye-popping profits. For instance, your P1,000 would earn between P5,000 to P10,000 or your P35,000 would give you P180,000 to P360,000. However, they are not registered and licensed to solicit investments. They exhibit four signs that should scare genuine investors – the rush to invest now, the use of jargon to discuss the complex product, the high return for zero to low risk, and the lack of registration/license.
2) One Lighting Corporation
SEC has classified One Lighting Corporation as a pyramiding company. The company invites people to buy their healthcare and cosmetic products, which cost between P1,500 to P766,500, by enticing them with about 5% of one-time referral rewards, 2% of initial pay-in, and profit sharing of 30%. They are considered as a pyramiding company because of their structure that enables those in the top tier to earn more, with the pyramid eventually collapsing when those at the bottom earn nothing.
3) Satarah Wellness Marketing
SEC issued an advisory against Satarah Marketing on March 26, 2015. The company attracts investors by promising a 4% to 26% interest and a referral rate ranging from 4% to 12% on the investors’ placement fees. However, they are not registered or licensed to solicit investments from the public.
4) GoldExtreme Trading Co.
GoldExtreme operates more or less like EmGoldex (now Global Intergold), but demands cheaper investments, starting at P5,000 for Level 1. To reach a higher level, customers have to recruit more people and get as much as 400% of their investment, or around P25,000 in profits, which could be in cash or gold.
5) Success200 International Marketing Corporation
Investors in Success 200 International Marketing Corporation are required to invest P1,800 to P36,000 and earn profits between P10,000 and P200,000. They claimed to be a distribution and marketing company as they provide products in return for the investment. Success200 are not registered or licensed to accept investments from the public. However, the company denied any involvement with investment scams because even if they get P1,800 from their members, the company gives them a product in return.
6) J79 Galore Online Marketing
J79 Galore Online Marketing is not registered with the SEC as a partnership or corporation. They are said to be recruiting people who must pay P3,000 to earn P15,000 after convincing a few people to join as an investor. They are not allowed to solicit investments from the public.
7) Bagong Lahi Filipino Development Foundation, Inc.
Bagong Lahi convinces investors to pour money for a project development. However, the company was already in hot water with the revocation of their registration in 2008 when they were found to be misrepresenting what they can offer to the public. SEC has issued a warning against the company for continuing to accept investments from people.
8) F.L.A.G. Prosperity Marketing Inc.
F.L.A.G. Prosperity entices people to invest at least P1,500 to earn P2,200. SEC warned the public against the company for securing investments without the proper license, permit, and registration.
9) One Dream Global Marketing Inc.
For P888, investors can join One Dream and get one “slot” with a payout of P1,300 in as fast as 4 days. Those who invest P1,776 will earn P2,517.60. For every recruit, they earn P44 each. However, some investors voiced out their concerns over not getting a payout and discovered that the company is sitting on top of a P3 billion investment scam.
10) Hyper Program International Direct Sales
Hyper Program reaches out to potential investors through social media and entices them to invest in health products and cosmetics. They promise a 30% to 35% profits of their investment within 40 to 45 days. However, just like the other companies in this list, they failed to register and get the appropriate license.
11) Klikmart Shopping Club or Klikmart Rewards
Klikmart Rewards encourage people to invest P1,500 and wait for it to grow by 33%, to P2,000, within 21 to 30 days, after a successful recruitment. The maximum investment required is P15,000 daily. However, the company is not authorized to solicit and accept investments from anyone as it does not have a license from the SEC.
12) Mutual Universe
Mutual Universe requires their investors to invest P7,499 as an initial investment for them to earn P40,000 to P120,000. Their terms and conditions offer no assurance to their investors as there is no guarantee that they will be making the same money as the other investors, as their past earnings, or as those stated in income statements. Moreover, Mutual Universe is not licensed as an issuer of mutual funds by the SEC.
13) Recaneli Philippines/Philippines Recaneli Mother International Foundation the Voice for Global Solutions on Poverty
Recaneli Philippines ask for P1,500 to P20,000 as “pledges” from people in exchange for getting checkbooks issued by the Central Bank of the Philippines. P1,500 will get a P10 million award; P10,000 will get a P50 million award; and P50,000 will get a P1 billion award. However, the foundation is not licensed by the SEC to collect pledges or investments from the public.
14) Grandtime Automobile, Grand Time or GTA
GTA operates with three parts – Jumpstart, Main Turbo, and VIP turbo. Each has three laps. Those who are interested must pay P1, 500 as an entry fee to qualify for Jumpstart, with a return of P1, 200 after filling all three slots in the table’s third level, totaling to P3, 600 in return, plus P100 as a referral fee for the recruiter. To exit, the member must recruit two new people, who also have to bring in two recruits each.
15) Grand Alliance of Business Leaders Association Inc. or GABAI
GABAI entices investors with a promise of a 20% to 40% interest every week, as they are required to invest P350 to P35,000 daily. SEC classified these investments as “securities,” but GABAI is not licensed to sell securities to the public by the Commission.
16) Xinagasia Marketing, Xinagasia Lending and Investors Corp. or Xinagasia Invest & Trust Bank
Xinagasia Lending & Investors Corp. and Xinagasia Invest & Trust Bank Corp. offer bonds described as Cooperate Bond Notes to the public. SEC qualifies these bonds as “securities,” which should be registered with the Commission before being sold to the public. Xinagasia Marketing Corporation is registered with the SEC to trade and market goods, but not to issue securities.
17) Honesty, Unity, Love and Loyalty for Self-Reliance Association or HULL
HULL is registered with the SEC, but is not licensed to lend money to the public. Moreover, they are not certified by the Monetary Board of the Bangko Sentral ng Pilipinas to manage the savings of its members and use such savings to provide home building and development or financial assistance of households.