DAVAO CITY — The Security Exchange Commission (SEC) said there are still no cases filed against the Davao-based company named Jacama Sales and Marketing that “publicly offers and sells investment contracts through the scheme Cash Back Guarantee Sales Program.”
Attorney Javey Paul D. Francisco, SEC regional director said the SEC has not filed any charges yet against Jacama after it issued a cease and desist order (CDO) in April this year to prevent it from recruiting and releasing of pay out.
“The investors should file the estafa cases against these people because that is the only way to bring back their investments, we can only help the people in filing the criminal case prepared by SEC,” he said.
The admission came two months after the SEC announced it was ready to file the charges.
It told an April 28 news briefing that it has sufficient evidence to show that Jacama ”is soliciting investments from the public employing what is known as Ponzi scheme in the sale and marketing of its products.”
SEC said that the company violated sections 8 and 28 of the Securities and Regulation Code.
“Jacama engaged in the offering and selling of securities in the form of investment contracts which need prior registration with SEC and the firm, (Mr. Janus Carlo Manalang) and all the persons acting for and on their behalf are acting as either broker or dealer without a license from SEC,” a SEC statement said.
Francisco said its cease and desist order also includes all the related businesses of Mr. Manalang like the Eden Marketing located in Digos City.
He said that the account of the Jacama company was not yet frozen until now.
Francisco also admitted that until now, SEC has no idea on the whereabouts of Mr. Manalang.
He said the Department of Justice will be the one to request for an issuance of hold departure order to put Mr. Manalang in watch list order.
“So as of now we don’t have any verified information about Mr. Manalang,” He said
“After the ceased and desist order, we tried to locate Mr. Manalang by coordinating with enforcement agencies,” Francisco added.
Meanwhile, Francisco said that in line with their 80th anniversary this year, SEC planned a road show to give educational seminars and campaigns to the public to avoid investing in unregistered companies.
“This is a challenge to SEC Davao because SEC doesn’t have establishment outside Davao that is why we are trying to partner with professional organization especially in the country-side,” he said.
Francisco said it would “inform the local government units within our jurisdiction to help us monitor their areas about any scam.”
As of now, aside from Jacama company, SEC has released an advisory as a warning to the public on companies like the Dragon One, Shoppers’ Circle and Ped-Vel.
“There are still more companies, but they are still under investigation so I will not yet mention them. This is not only in Davao City but also in other provinces who are under subject for verification but we will continue to investigate,” he said. (davaotoday.com)