SENATOR Grace Poe wants a review of implementation of securities and investment laws amid a proliferation of get-rich quick schemes or networking scams in the country.
Poe, in recently filing Senate Resolution 1454, said a review of these laws is aimed at plugging loopholes being exploited by unscrupulous companies to deceive the public into joining bogus investment schemes.
Poe, who heads the Senate Committee on Public Order and Dangerous Drugs, filed the resolution after a P3-billion investment scam involving Batangas-based firm One Dream Global Marketing Inc. was reported.
One Dream is registered with the Securities and Exchange Commission (SEC) as a firm involved in trading, buying and selling of various goods, but it has no permit to engage in selling and marketing investment products.
Poe, in her resolution, urged the Senate Committee on Banks, Financial Institutions and Currencies to conduct an “omnibus inquiry and assessment in aid of legislation, on relevant securities and investment laws, regulations and measures, with the end goal of introducing remedial amendments to better battle deceptive investment schemes and stop insidious networking scams.”
“With One Dream being an SEC-registered firm, unsuspecting investors could have been made to believe that it is safe to invest their money [in]the company. Amendments may have to be made to prevent companies engaged in deceitful means from circumventing existing securities and investment laws, regulations and measures,” the senator said.
The government, according to Poe, should already intervene to protect the public from being preyed upon by “networking groups” amid the strong appeal of their marketing strategies.
Aside from One Dream, the SEC also warned the public of other investment scams like the “Freedom Life Advanced Global Prosperity Marketing Incorporated [Flag Prosperity]” in Laguna province and Metro Manila-based “SUCCESS200 International Marketing Corporation,” with operations in other parts of the country and overseas.
Like One Dream, the two firms were also registered with the SEC.