• SEC issues warning vs. corporate scams

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    The Securities and Exchange Commission (SEC) warned the public not to fall prey to the bogus mutual benefit scam of an association that has victimized Mindanao residents.

    In a notice posted in the Commission’s website, the SEC said that while the Centralized Mindanao Mutual Benefit Association Inc. was registered with the commission, it has not been issued a license by the Insurance Commission as a Mutual Benefit Association (MBA).

    Meanwhile, SEC also received reports from the public that certain individuals or groups of persons have claiming that a company called North East Luzon Foundation, Inc. is still operating as a corporation even if its corporate license has been revoked.

    “The public is hereby informed that the Certificate of Registration of North East Luzon Foundation Inc. has been revoked by the SEC in its Decision dated August 26, 2010,” the commission said in an advisory.

    It urged the public to exercise prudence in dealing with any

    individuals representing the firm and report to the SEC any operation or transaction involving the company.

    The SEC earlier issued warnings regarding corporate scams, including fake strategic paying systems or products being offered by companies or corporations. Most of these scams are in Luzon.

    Madelaine B. Miraflor

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