More investments scams bared
The Securities and Exchange Commission on Monday warned the investing public against three companies engaged in illegal activities.
The SEC in an advisory posted on its Web site warned investors against dealing with Starnet Lifestyle General Trading Inc., Alliance of Networkers of the Philippines Organization Inc. and Bridge Team Effort Network and Marketing Corp.
The SEC found the three companies based on an investigation were selling securities not registered with the corporate regulator, which is a violation of the Securities Regulation Code.
“In view thereof, the public is hereby advised to exercise caution from investing their money into such investment scheme and to take necessary precautions in dealing with the above corporations,” the SEC said.
Bridges Team is a Cebu-based firm engaged in unauthorized selling of unregistered securities by offering Internet-based software to the public. A buyer can purchase the software for P13,000 and becomes an investor by recruiting two more persons who then become the buyer or investor.
Starnet Lifestyle, meanwhile, is a networking company that offers personal care and wellness products to the public. The company encourages investors to buy three packages of personal care and wellness products for P23,644, equivalent to three accounts.
The SEC, however, said Starnet was not authorized to solicit investments. The company’s articles of incorporation filed with the SEC showed it was formed to operate as trader of “tech products.”
The SEC said it also found ANPO accrediting several corporations engaged in legitimate business operations.
“The public is hereby informed that ANPO is not recognized by the commission as an accredited self-regulating organization and the commission is not bound by its issuances or accredit ions issued in favor of several corporations and entities,” the SEC said.
The corporate watchdog SEC earlier said several illegal investment-taking activities had recently proliferated in the country duping many Filipinos.
Some of these investment scams have tapped the social media, like Facebook and Twitter, to lure local investors and migrant Filipino workers as well.
To check the registration and licenses of these companies that are trying to sell investment securities, the SEC urged the public verify the names with the SEC’s Registration and Monitoring Department, Markets and Securities and Regulation Department and Corporate Governance and Finance Department first before making any investment.