SEC-10: FTC may face syndicated estafa
More investors have come forward to file complaint against FTC
An official of the Securities and Exchange Commission-Northern Mindanao (SEC-10), on Monday, October 26, said more investors have already come forward to press complaint against the Freedom Traders Club (FTC) and its controversial Ploutus Coin investment scheme.
SEC-Northern Mindanao director Renato Egypto said they are closely coordinating with the National Bureau of Investigation-Northern Mindanao (NBI-10) regarding the complaints against FTC founder Mark
Egypto said the complaints have been distributed to the different NBI-10 investigators and agents.
“Sa akong nahibal-an ubayubay na ang complaints nga naa sa NBI,”Egytpo said.
Egypto said the people behind Ploutos Coins may be slapped with estafa charges once the cases are elevated in courts.
He also explained that the case may escalate into a syndicated estafa once the number of complainants will reach at least five.
“Depende if it warrants according sa surrounding circumstances and evidences kung ma-fall sa syndicated estafa kay it involved at least five complainants pataas,”Egypto said.
Egytpo said he has learned that more investors, not only in Cagayan de Oro City, have wanted to file formal complaint against FTC after its founder failed to make good of his promised payouts last September including those who wanted to pull out their investments.
“Kato kay wala natuman usa ka na ka element sa estafa nga he was not able to make good sa iyang promise,”he added.
On the other hand, Egypto said they are awaiting the head office’s issuance of the Cease and Desist Order (CDO) against FTC and Ploutus Coins.
He said the SEC-Northern Mindanao has requested for the CDO issuance late September.
“Ang ingon sa head office ila pang gi-evaluate,”he said.
City hall employees bring their own ecobags signifying their commitment to the city's campaign-"Yes to Eco bag, No to Plastic bag" yesterday, October 29, 2018.
FTC founder Mark Freeman.