SEC Warns Cebuanos as Investment Scams Are on the Rise

As the Investor Protection Week is approaching, the Securities and Exchange Commission-Cebu Extension Office (SEC-CEO) advised the public to invest wisely as investment scams are on the rise this year.

According to the SEC, a 400% increase in fraudulent investment schemes is seen this year compared to 2019.

SEC has already released advisories regarding over 200 confirmed fraudulent individuals or entities that are conducting these scams.

SEC Cebu officer-in-charge, Atty. Alma Marie R. Estrada-Dalena said that the public should check the legitimacy of the investment company before engaging with them.

“People should think twice before making any investment, especially if an entity is offering unreasonably high returns. We want to inform the investing public that the SEC registration does not authorize an entity to solicit investments. The SEC registration only grants juridical personality, but a secondary license is required if they want to engage in investment taking.” Dalena said.

Aside from the prevalent Ponzi and pyramiding schemes, other groups are practicing other illegal schemes through cryptocurrencies and forex trading, to lure unsuspecting investors.

In observance of SEC’s 84th anniversary, the Commission will celebrate Investor Protection Week on November 15, 2019.

Dalena invites everyone to join their month-long activities set for Investment Protection Week.

“We are inviting the public to join us in our month-long activities for Investor Protection Week. They may email us at seccebu@sec.gov.ph to register to any of the webinars organized by our office. They may also visit our Facebook page at facebook.com/PhilippineSEC for additional updates.” Dalena said. (ASC)