■ SEC WARNS VS. BOGUS INVESTMENT FIRMS
The Securities and Exchange Commission is warning the public against business names Monspace Philippines and MGC Forex Philippines. The corporate regulator said both entities are not registered with the commission as partnership and/or corporation and are not authorized to solicit investments. “The public is strongly advised to exercise caution in dealing with this entity, its officers, salesmen and agents in the Philippines,” reads a SEC advisory on MGC Forex Philippines dated June 28. The Facebook pages of the two supposed companies contain entries that are in foreign language, “which appear to deal with investments.”
Public advised to exercise caution in dealing with these two entities that the Securities and Exchange Commission says are not authorized to solicit investments
The Securities and Exchange Commission (SEC) has warned the general public of two suspected investment scams recently under the business names Monspace Philippines and MGC Forex Philippines.
The corporate regulator said both entities are not registered with the commission as partnership or corporation and are not authorized to solicit investments.
“The public is strongly advised to exercise caution in dealing with this entity, its officers, salesmen and agents in the Philippines,” reads a SEC advisory on MGC Forex Philippines dated June 28.
“The Facebook pages of the said entity contain entries that are in foreign languages, which appear to deal with investments,” the SEC added.
Likewise, SEC issued an advisory on July 2 against Monspace Philippines which promises “investors” a share of the company’s subsidiaries by simply investing an initial capital of P7,600, with a possible daily return of P5,000 or monthly income of P150,000, through its newest scheme called the “MSCOINS.”
The commission warned recruiters and salesmen of this investment scheme by Monspace that they can be criminally liable under the Securities Regulation Code and penalized with a maxi- mum fine of P5 million or imprisonment of 21 years or both.
Likewise, the Department of Trade and Industry (DTI) in Cebu said the public can also run to the trade agency to inquire about and/or report suspected investment scams.
“We would like to ask the public to do due diligence when considering investment offers. If in doubt, please connect with the SEC or DTI for information,” said Maria Elena Arbon, DTI Cebu director, in a text message yesterday.
Doubt
Mandaue Chamber of Commerce and Industry president Glenn Anthony Soco also shared his words of caution in spotting potential investment scams.
“When there is doubt, there is no doubt. Any slightest information which is negative about the company, the investor should highly consider when making the decision. The public should be wary of these investment companies. We suggest for them to conduct due diligence about the investment company and ask the SEC and other relevant government agencies for more information,” he said.
“They can even ask the business chambers for assistance. Decisions should be based on facts and not just on mere presentations and theories,” Soco added.
Cebu Chamber of Commerce and Industry vice president for business development Virgilio Espeleta also warned the public against “too good to be true” returns.
“People who want easy money are lured into investments promising too-good-to-be-true returns. Unless you know well the business concept, the competitiveness landscape, the people behind the companies, the past dealings of these companies, then be ready to lose your money!” he said.
Investment scams involve putting one’s money into questionable investments, or worse, those that don’t exist at all. /
Unless you know well the business concept... the people behind the companies (offering toogood-to-be-true returns), the past dealings of these companies, then be ready to lose your money! CCCI VP FOR BUSINESS DEV’T VIRGILIO ESPELETA