Public warned of investment solicitation scam

The Philippine Stock Exchange Inc. has flagged a new scam that uses its name for investment solicitation via email.

The unauthorized investment solicitation requires an initial investment of P29,500 up to P135,500 and guarantees a return of 62 percent, PSE chief operating officer Roel Refran said in an advisory dated Aug. 23.

The fake PSE letter was written in poorly-constructed English.

“Yes, we can guarantee the return of the invested capital since we have an agreement letter that will be sent to you afterwards in case of losing in trading, you will still have an increased of 62 percent increment on top of your capital (sic),” the letter said.

Refran said the PSE had not sanctioned any investment solicitation.

While the PSE promotes equities as an asset class, it is not in the business of soliciting investments from individuals.

“The PSE would like to remind the public that all stock market transactions should be coursed only through PSE-accredited trading participants or stockbrokerage firms,” he said.
“We encourage the public to inform the PSE if they have been sent these investment solicitations via email or any other unauthorized investment solicitation purportedly from PSE.”

To report any suspected unofficial and illegal use of PSE’s name, logo, and contact information, the investing public may call 876-4888 or email [email protected]. —DORIS DUMLAO-ABADILLA