12 nabbed for investment scams

The Securities and Exchange Commission (SEC) reported that 12 persons have been caught soliciting investments from the public without the necessary license in recent entrapment operations which are part of its crackdown on investment scams.

The Commission’s Enforcement and Investor Protection Department (EIPD), along with the National Bureau of Investigation (NBI), conducted entrapment operations at the offices of SGP Dragon Trading Corporation and Requiza Poultry in Quezon City.

At least 6 persons connected with SGP Dragon and 6 working for Requiza Poultry were arrested during the entrapment operations for violation of the Securities Regulation Code.

Last August 2, the Commission issued an advisory against SGP Dragon for enticing the public to avail of purported foreign exchange market products for a minimum investment of 11,000 in exchange for earnings ranging from 1.00 percent to 2.50 percent per day.

Coaches and master traders supposedly trade on behalf of the investors, with live trading facilitated on SGP Dragon’s investment platform.

Investors may withdraw their interest income every 15 days following a lock-in period of 45 to 120 days, depending on the package availed of.

In its advisory, the SEC noted that SGP Dragon registered as a corporation. However, such registration does not authorize the company to offer, solicit, sell or distribute any investment contracts and other forms of securities.

The Commission also flagged the investment-taking activities of Requiza Poultry, also known as Requiza Farm and Requiza Agricultural Trading, through an advisory issued last June 28. Reports also indicate that Requiza is currently into mining and quarrying.