SEC flags fraudulent ‘mining’ firm in get-rich-quick scam | Inquirer Business
Public warning issued against Oriental Peak

SEC flags fraudulent ‘mining’ firm in get-rich-quick scam

/ 02:06 AM January 25, 2023
Securities and Exchange Commission - SEC

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The Securities and Exchange Commission (SEC) warned the public against investing in what was described as a “fraudulent” commodities company, Oriental Peak Mining.

The corporate regulator said in a public advisory that Oriental Peak was illegally soliciting investments through an apparent get-rich-quick scheme.

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“The Securities and Exchange Commission has noticed that individuals or group of persons, particularly Ranillo Paz (representing himself as the president of the said entity) is soliciting from the public to invest in Oriental Peak Mining, an unregistered entity purportedly engaged in nickel mining operations,” according to the advisory.

“In the initial assessment of the activities of Oriental Peak Mining, it appears that the said unregistered entity is engaged in fraudulent transactions and in the solicitation, offering, and/or selling of unregistered securities from the public in the form of investment contract without the necessary license in violation of Sections 8, 12 and 28 of the Securities Regulation Code (SRC),” it added.

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The SEC said the company was luring unwitting victims with investment packages that offer high returns.

These packages range from as little as P500 to as much as P1 million that promise a guaranteed daily profit of 5 percent for 60 days.

“At present, Mr. Paz now offers a 15-day payout where monies invested will double in just 15 days,” the corporate regulator added.

“In view thereof, the public is advised not to invest or stop investing in any investment scheme being offered by Oriental Peak Mining vis-à-vis Ranillo Paz as well as to any other entities having the same or similar schemes and to exercise caution in dealing with any individuals or group of persons soliciting investments or recruiting investors for and on behalf of Oriental Peak Mining vis-à-vis Ranillo Paz,” the SEC said.

It further warned “all unscrupulous individuals and/or entities that strict penalties are imposed for violations of the [SRC], the Revised Corporation Code of the Philippines and such other laws, rules and regulations enforced by the Commission.”

These include those who act as salesmen, brokers, dealers or agents of Paz or Oriental Peak Mining.

It said perpetrators may be be prosecuted and held criminally liable under Section 28 of the SRC and penalized with a maximum fine of P5 million or 21 years of imprisonment. INQ

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