New investment scam surfaces in Laguna; SEC warns public

A growing investment scam that sprouted in Laguna and had already spread out in other places in the country has caught the attention of the Securities and Exchange Commission (SEC), prompting the agency to issue an urgent advisory against the company behind the scheme.

This is the third investment scam the SEC had caught over the last two months.

An advisory issued by the country’s corporate regulatory watchdog showed that Freedom Life Advanced Global Prosperitiy Marketing Inc., a company presenting itself as Freedom Life Advanced Global Prosperitiy Marketing Inc., is not allowed to solicit money from the public, yet, it is now out victimizing people using its own crafted investment scheme.

SEC said the company is engaged in investment-taking activities where a potential investor is enticed to invest in one to 15 slots or stocks. One slot amounts to each, with a promised return of earning at least in profits.

But the Commission clarified that F.L.A.G. Prosperity “is not authorized to solicit investments from the public as it did not secure prior registration and license from the Commission to solicit investments as required under Section 8.1 of the Securities Regulation Code”.

Based in Calamba City, Laguna, the company now operates in other provinces such as Batangas, Bicol, Quezon, Isabela, Cavite, as well as in the Bicol and National Capital Region.

“In view thereof, the public is hereby advised to exercise self-restraint from investing their money into such investment scheme and to take the necessary precautions in dealing with the above entity,” SEC further said.

It was just last month when SEC has warned the public against another investment scam.