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Stock investment scam resurfaces

/ 05:10 AM July 11, 2019

Beware of investment scammers who claim to represent the Philippine Stock Exchange (PSE), selling shares of nonexistent companies allegedly related to popular brands like Jollibee.

This warning was issued by the PSE itself, citing the resurgence of an investment scam where stock investments are solicited supposedly on behalf of the local bourse.

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An unauthorized investment solicitation using the PSE logo in its letterhead, which originally surfaced in late 2017 to early 2018, is again being circulated in social media groups, the PSE reported.

The fake PSE letter invites people to invest P2,500 in “starters” and “small business units” with a guaranteed return of P1,000 a week for four months. The letter claims that the money will be used to buy shares of Jollibee Shares Pte. Ltd. No such entity is registered at the Securities and Exchange Commission. The real entity that is traded on the PSE is Jollibee Foods Corp., the most valuable restaurant chain in Asia in terms of market capitalization.

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While the PSE promotes equities as an asset class and provides the marketplace for trading their shares, it is not in the business of selling stocks to the public.

“We would like to remind the public that all stock market transactions should be coursed through PSE-accredited trading participants or stockbrokerage firms,” the PSE said in a new public advisory.

“We encourage the public to inform the PSE if they have been shown these fake letters or have reason to believe that they are being defrauded with potential stock market investment scams,” it added.

The complete list of accredited trading participants and roster of listed companies can be found on the PSE’s website at www.pse.com.ph.

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TAGS: investment scammers, Philippine Stock Exchange (PSE), Stock investment scam
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