Woman Lost P60K in ‘Investment Scam’

In exchange for her P60, 000 investment in 1 Riders Power Team, Tina (not her real name), was given eight certificates worth P7, 500 each. This is quite far from the company’s promise – the value of each certificate that she holds will increase to P17, 000 in a span of six months. And after another six months, the value of each certificate will increase to P56, 000.
Tina’s friends also invested around P35, 000 in the company because they wanted to buy a motorcycle. But to their dismay, they had to  return the motorcycle because the company has already stopped paying the monthly installment. The company, 1 Riders Power Team, is one of the seven investment companies listed on the advisory of the Securities and Exchange Commission (SEC).

The SEC says that this company is not licensed for these kinds of business transactions.

Jerry Pendoro, the founder of 1 Riders Power Team, says that his company sells products and the motorcycle is an incentive for those who are able to recruit more members.

Spokesperson for the Securities and Exchange Commissions, Atty. Gerard Lukban said that their company (1 Riders Power Team) is like putting a front of having a group of people sell their company’s products when in reality their focus is more on the recruitment of new members and not on the selling.

“Nagbebenta ng produkto daw na they’re mostly focusing on recruitment tapos may return on investment na high risk ang dating,” Lukban said.

Also included in the SEC advisory are Cardlinks Telecon Insurance Advisory, Evergreen Company, Profit Clicking, JSS-Tripler and JustBeenPaid. The SEC will call these said firms as part of their ongoing investigation.

Source: www.abs-cbnnews.com