SEC warns vs 2 firms soliciting investments

The Securities and Exchange Commission (SEC) is sounding the alarm anew on scams linked to investments or get rich quick schemes.

In separate advisories, the SEC warned the public against illegal investmenttaking activities of Pedvel Marketing/PV and VV Potential Development Ventures Corp. and Shoppers’ Circle.

According to the SEC, Pedvel promises investors a 27.5 percent return in just 36 days. Each package is worth P2,000, where the member gets to choose from among the product packages of the company plus three cash pay-outs of P850 scheduled to be received within 36 days.

The first pay-out will be made 14 days from the date of the receipt of the cash investment, while the second and third pay-outs will be received at 11 days interval, the SEC said.

SEC said Pedvel and Shoppers’ Circle are not authorized to solicit investments from the public.

Pedvel is primarily engaged in the business of buying, selling and marketing of all kinds of goods while Shoppers’ Circle is mainly into retail and wholesale of general merchandise, particularly ready to wear items, footwear and bags.

Based on the SEC’s investigation, Shoppers’ Circle employs a rewards cycle system and also engages in referral or recruitment scheme.

“The public is advised to exercise selfrestraint and caution or more prudently to stop investing their money into such investment activities and to take necessary precautions in dealing with the abovenamed entities and their representatives,” the SEC said.

The SEC and the Department of Trade and Industry are at the forefront of addressing different forms of scams in the Philippines.