The Securities and Exchange Commission (SEC) has issued a stern warning about the rise of fraudulent investment and lending schemes in the Philippines. The regulatory body cautions the public to be on guard against individuals and entities that falsely present themselves as legitimate companies.
One notable scam involves a group soliciting investments for an entity named "Xelora," which is not registered as a corporation or partnership with the SEC. As a result, it lacks the necessary licenses to offer securities to the public.
The SEC also highlighted fraudulent activities linked to Aurora Securities Inc. Scammers have been using the company's name and logo to deceive individuals into investing online. Victims receive messages claiming they must pay tax obligations to access their supposedly held investment portfolios.
This scheme has the hallmarks of an "advance-fee scam," where victims are tricked into making an initial payment with the promise of receiving larger returns.
The SEC has issued separate advisories against unauthorized entities using the names of Value Quest Finance Corp. and Glimms Credit Inc. to conduct illegal lending activities. These scammers have been promoting loan offers through social media and unregistered websites.
To combat these fraudulent activities, the SEC is committed to enforcing regulations and conducting financial literacy campaigns. The agency urges the public to verify the registration and licensing of any company offering investment or lending opportunities.
The SEC remains vigilant in its efforts to protect the public from illegal investment schemes.
Securities and Exchange Commission
For more information, the public can visit the SEC's official website to check the registration status of companies before engaging in any financial transactions.