SEC warns of corporate scams across PH


The Securities and Exchange Commission has issued several public warnings regarding corporate scams that are out to defraud people across the country.

In separate advisories, the SEC is informing the public of several scams concerning corporations and groups that are coming up with fake strategic paying systems or products, and have victimizing several people in different parts of the country.

In one advisory, SEC exposed a particular scam in Marinduque province wherein a local permit was granted to a group of persons representing themselves to be a corporation, which offers loans to barangay officials and employees to be paid through salary deduction.

The commission said the group or corporation is selling preneed/memorial plans and insurance plans without the necessary license from the Insurance Commission, and inducing people to invest with a promise of a high return on their investment.

“The people are warned that persons or a corporation cannot offer any securities or plans to the public without the required permits from the concerned government agencies such as the SEC for investment securities, and Insurance Commission for preneed/memorial and insurance plans,” SEC said.

A notice is also posted at the commission’s website, specifying that Finance Global Marketing Services and FinAsia Global Marketing Services are not registered with the SEC.

Those companies, according to SEC, are allegedly using a credit-card company to apply and avail of their services, like a lower package cost for any travel that may be desired.

“Once a customer agrees, he may no longer retract and recover the money paid,” the notice further mentioned.

The commission is also informing the public of the scam involving 1Riderspower Team Inc.

“The public is warned of the reported multilevel-marketing scheme activities of persons or groups acting for 1Riderspower Team Inc. by offering products like coffee, toothpaste, soap, juice, lubricant oil for vehicles,” SEC said.

Another company has also been reported to be representing itself as a juridical entity, when it is not registered as corporation or partnership with the commission.

Further, a company called EverGreen Co. has been alleged to recruit applicants for employment under a scheme.

As a condition for employment, the applicant has to sell at least one product costing P3,898.

The applicants should also attend a seminar during which the company requires P600 for the payment of mayor’s clearance, police clearance and National Bureau of Investigations clearance supposedly for the intended hiring of the applicant.

The scams that were mentioned above are part of the cluster of more corporate scams that are posted on the website of the commission.


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