Public warned about illegal ‘DYM’ schemes

THE Enforcement and Investor Protection Department of the Securities and Exchange Commission (SEC) has warned investors, particularly those in the city, that the investment-taking activities that offer “double-your money (DYMNs)” are illegal.

“(E)ntities proliferating such investment-taking schemes must be duly registered with the Commission

and that any person or entity intending to offer and sell its investment contracts are required to secure the necessary registration and/ or license from the Commission as provided under the Securities Regulation Code,” the department said in an advisory released last week.

It said those behind these schemes “do not have a real business model to back up the profits that are going to be given to prospective investors. Essentially, the income generated from the foregoing investment-taking scheme depends on the number of