PSE warns public against fake stock certificates
The Philippine Stock Exchange (PSE) has warned against the resurgence of a stock ownership certification scam using its name and logo.
In a Feb. 4 advisory, PSE president Ramon Monzon said the local bourse had received information that its name and logo were again used in falsified documents that certify stock ownership of various listed shares as well as in documents that apparently show fees or charges to facilitate the liquidation of stock investments.
“It would appear that the documents are part of a scheme that targets foreign residents,” Monzon said.
Based on copies of the falsified documents obtained by the PSE, this fraudulent scheme was similar to that described in its previous public advisory dated Oct. 14, 2019.
No such documents or certification had been issued by PSE.
“The PSE does not certify shareholdings in listed companies because the records of legal and/or beneficial owners are in the possession of the stock transfer agent appointed by the listed firms,” Monzon said.
Fees and taxes incurred in a sale transaction, on the other hand, are deducted from the proceeds of the selling transaction, he explained.
“There is also no agreement between PSE and Philippine Deposit Insurance Corp. (PDIC) which authorizes PSE to assign a PDIC officer to validate a person’s shareholdings,” Monzon said.
As such, the PSE disclaimed any obligation or liability for any decision or action taken that relied upon such fraudulent communications.
“The exchange would like to remind the public to be vigilant, exercise extreme caution and to demand verification of any documents that are supposedly from the exchange. If names of individuals are indicated on documents, it would be prudent to get in touch with PSE or the company they are supposedly connected with to ascertain their affiliation,” Monzon said.
He urged investors to check the contact details used such as the office address, e-mail address and telephone number to determine whether these information are accurate and official. —Doris Dumlao-Abadilla INQ
