SEC warns against pig investing scam
The Securities and Exchange Commission (SEC) has warned the public against investing in a group called Billford Trading, which fashions itself as a farming entity that solicits investments in the guise of selling pigs with the promise of hefty profit.
The SEC said Billford Trading and Billford VIP Trading Inc., operated by one Billy Ford Delos Santos Andrada, were enticing the public to invest in buying pigs for the price of P2,500 per pig with a promise of getting the investment back amounting to P4,375 in three months, subject to a compensation plan.
But these entities are “not authorized to solicit investments from the public as these entities did not secure prior registration and/or license to solicit investment from the Commission as prescribed under Section 8 of the Securities Regulation Code (SRC),” the corporate regulator said in an advisory on Friday.
Those who act as salesmen, brokers, dealers or agents of these entities in selling or convincing people to invest in the investment scheme – including soliciting investments or recruiting investors through the internet – may be held criminally liable under Section 28 of the SRC and penalized with a maximum fine of P5 million or imprisonment of 21 years or both, the SEC said.
“In view thereof, the public is hereby advised to stop investing in the investment scheme being offered by the said entities and by Billy Ford Delos Santos Andrada,” the SEC said.
“Furthermore, the names of all those involved will be reported to the Bureau of Internal Revenue (BIR) so that the appropriate penalties and/or taxes be correspondingly assessed.”
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