The Securities and Exchange Commission (SEC) has warned the public not to fall prey to an investment scam perpetrated by a Laguna-based beauty product distribution company called F.L.A.G. Prosperity Marketing Inc., also known as Freedom Life Advanced Global Prosperity Marketing Inc.
In an official advisory, SEC said that F.L.A.G. Prosperity Marketing was not authorized to solicit investments from the public, noting that this firm had not secured prior registration and/or license from the SEC to solicit investments as required under Section 8.1 of the Securities Regulation Code.
“…The public is hereby advised to exercise self-restraint from investing their money into such investment scheme and to take the necessary precautions in dealing with the above entity,” the corporate watchdog said in an advisory dated July 16.
The SEC noted that F.L.A.G. Prosperity Marketing has been engaged in investment-taking activities where a prospective investor was enticed to invest one to 15 slots amounting to P1,500 each, promising a return of P2,200 or earning at least P700 in profits.
Although based in Calamba City in Laguna, the SEC noted that this group was also operating in the provinces of Batangas, Quezon, Isabela, Cavite as well as in the Bicol region and National Capital Region.