SEC issues scam warning vs 4 firms

SEC issues scam warning vs 4 firms

/ 01:50 AM February 14, 2024

SEC issues scam warning vs 4 firms FILE PHOTO

MANILA,  Philippines  -The Securities and Exchange Commission (SEC) has issued warnings against four companies in an effort to clamp down on the unauthorized sale of investments.

The SEC warned the public from investing with Robinson Co., America Mall-PH, Reveal Beauty and Wellness Digital Marketing OPC and Camacho Trading/Camacho Packaging Supplies Trading, separate advisories showed.


Fake papers

The corporate watchdog said Robinson and America Mall-PH were using fake incorporation papers to appear legitimate.


READ: Protection against investment fraud

The two firms are engaged in a scheme known as tasking and recharging. This involves offering the public online jobs to perform specific tasks with the promise of monetary rewards or commissions.

The SEC said these activities were similar to ponzi scams, where money from new investors were used in paying “fake profits” to prior investors and is designed mainly to favor its top recruiters and prior risk takers and is detrimental to subsequent members in case of scarcity of new investors.

No licenses

Meanwhile, Reveal Beauty and Wellness Digital Marketing OPC and Camacho Trading/Camacho Packaging Supplies Trading lacked the licenses to sell investments to the public.

According to the SEC, supposed personalities behind Reveal is CEO Willyn Mora and vice president Lady Lyn Sinfuego. Camacho’s single stockholder, director and president is Arlene Tolentino Labajo while the company nominee is Genelene Tolentino Labajo and its alternate is Ambryl Jewel Labajo Angeles.

The SEC said agents, salesmen, dealer and promoters involved may face criminal charges under Section 11 of the Financial Products and Services Consumer Protection Act and Section 28 of the Securities Regulation Code, with both violations carrying separate penalties of up to P5 million and imprisonment for 21 years, or both, according to Section 73 of the SRC.

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TAGS: scam, Securities and Exchange Commission (SEC)

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