The Securities and Exchange Commission (SEC) has warned the public against investing in “double your money scheme” as it may turn out to be an investment scam.
Lawyer Annabelle Corral-Respall, SEC Zamboanga Extension Officer-in-Charge, on Thursday issued the warning after they received report that a corporation based in Tungawan, Zamboanga Sibugay is soliciting investments.
Respall said they learned that persons or group of persons who belong to the corporation are soliciting from people in this city to invest on a government program.
But Respall did not mention what particular government program that seeks investment.
Respall said reports further disclosed that “an initial investment of PhP15,000 will result in a payout worth PhP150,000 allegedly upon implementation/release of the fund by the Central Bank.”
“The public is advised to stop investing in this kind of investment scheme which may turn out to be an investment scam and to take the necessary precautions in dealing with people or groups of persons inviting the public to invest their money in this scheme.” she said.
She said “those who invite or recruit people to join or invest” in such venture or offer investment contracts or securities to the public may be held criminally liable.
She advised the public to report to her office if they “have invested or have been approached or invited to invest in this kind of scheme.”
She said they may reach her through telephone numbers (062)991-71-63 or (062)993-14-37. (PNA)