SEC warns public vs fake Bestloan agent
MANILA, Philippines — The Securities and Exchange Commission (SEC) has warned the public against an advance-fee loan scam involving an individual posing as a representative of Bestloan Finance and Leasing Inc.
In an advisory, the SEC said an individual who introduced himself as “Urise Loteryo Lean” had allegedly been using falsified notarized loan contracts to misrepresent Bestloan and defraud prospective borrowers.
READ: SEC warns vs loan scams impersonating registered firms
The individual would require borrowers to pay a processing fee and send money to a GoTyme account with the number 012014089439, according to reports received by the corporate regulator.
The SEC classified the scheme as an “advance-fee loan scam,” a form of fraud that typically promises victims access to a large sum of money in exchange for an upfront payment.
After the payment, fraudsters may demand additional fees or disappear, the SEC said.
It warned the public to be cautious of arrangements with strangers asking for upfront payments, particularly through money orders, wire transfers, bitcoin or other cryptocurrencies.
Bestloan itself reported the activities of the individual to the SEC and denied any connection to the scheme.
In an affidavit of denial, Bestloan stated that it does not own or operate a Facebook page that unknown individuals are using to communicate with the public while pretending to be the company.
Likewise, Bestloan emphasized that it did not authorize any loan offers, payment instructions, collection demands, messages, or other representations made through the impersonating Facebook page.
READ: SEC flags Facebook page posing as licensed lender
In addition, the financing firm issued a public advisory telling customers that the page was not its legitimate or official Facebook account and urged them to disregard any communications from it.
Meanwhile, the SEC confirmed that Bestloan had no affiliation, connection, or relationship with the individual behind the reported advance-fee loan scam.
The regulator urged the public to exercise caution when dealing with the individual, particularly given the alleged use of falsified notarized loan contracts. /pai
