THE Securities and Exchange Commission (SEC) has warned the public against engaging with an unregistered entity that uses Facebook to entice investors by promising triple returns for their money.
In an advisory, the SEC declared that Emgoldex Philippines, which conducts transactions online via Facebook, is a non-registered company or partnership.
Also, the regulatory commission said the company is “not authorized to solicit investments from the public as it did not secure prior registration and/or license or permit to solicit investments from the Commission as required under Section 8.1 of the Securities Regulation Code.”
“The SEC has received reports that Facebook netizens are being invited or enticed to invest their money in Emgoldex Philippines’ ‘Pinoy Style Patak Patak’ for a promise of huge profit/high returns where an investment of P1,000 will earn profits ranging from P5,000 to P10,000. Or a placement of P35,000 will yield P180,000 to P360,000,” the SEC said.
The SEC advised the public “to exercise self-restraint in investing their money into such high yield-high risk investment scheme and to take the necessary precautions” in dealing with Emgoldex Philippines.