Philippines SEC warns of investment scams amid Covid-19 pandemic

By Staff Writer

The Securities and Exchange Commission (SEC) of the Philippines has reiterated its advice for the public to exercise caution when presented with opportunities to invest in businesses or join organizations promising easy money amid the COVID-19 pandemic, according to a press release.

In separate advisories, the Commission recognised five more groups involveded in investment-solicitation activities without the necessary licenses: CryptoInvestWith.Us (CIW.U), Won Project/ Won Network/ Won Foundation, Captcha Philippines, Inc., Fil-Invest, and Xtreme House of Beauty Trading Corporation.

The SEC has announced advisories on the unauthorized investment activities of at least 43 individuals and groups since the declaration of a state of public health emergency throughout the Philippines due to the COVID-19 pandemic.

The SEC warned that those who act as salesmen, brokers, dealers or agents of fraudulent investment schemes may be held criminally liable and penalized with a maximum fine of P5 million or imprisonment of 21 years or both under the Securities Regulation Code. Those who invite or recruit others to join or invest in such ventures may likewise incur criminal liability, or otherwise be sanctioned or penalizsed accordingly.

 

 

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