CAGAYAN DE ORO CITY, Philippines – Another Mindanao-based investment entity offering huge returns to its investors has been red-flagged by the Securities and Exchange Commission (SEC) as it advised the public to be cautious in shelling out their money to companies dealing in financial transactions.
In its May 24 advisory, SEC has warned people not to invest in Rigen Marketing which entices potential investors to invest with a promise of a guaranteed 400 percent return in a just a month or so.
“The public is hereby advised to exercise caution in investing their money these types of schemes which may also turn out to be fraudulent investment schemes, involving the sale of unregistered securities,” SEC said.
Under Section 8 of Republic Act 8799, or the Securities Regulation Code (SRC), securities shall not be sold or offered for sale or distribution without a registration statement duly filed and approved by the Commission.
Section 228 further states that no person shall engage in the business of buying or selling securities in the Philippines as a broker or dealer or act as a salesman, or an associated person of any broker or dealer unless registered with the SEC.
“In this light, those acting as salesman, broker or agent of Rigen may be prosecuted and held criminally liable,” SEC said in a statement, adding that they may also face a maximum fine of P5 million or imprisonment of 21 years or both, pursuant to Section 37 of the SRC.
Those who sell or offer securities to the public may likewise be held criminally liable or accordingly sanctioned or penalized pursuant to the decision of the Supreme Court, as in the case of SEC versus Oudine Santos.
According to its website, Rigen Marketing is a new startup company based in Tagum City which aims to help the financial needs of individuals by providing a concrete system allowing ordinary people to have solid additional income.
Rigen Marketing is also operating in the Davao region, General Santos City and other neighboring cities and towns.
The company envisions itself to be the “fastest growing and innovative marketing that uplifts the lives of every individual (sic).” Its goal is to produce individuals who are healthy and financially able.
Rigen Marketing’s mission is to deliver high-quality products and unique marketing services that provide quality of life to all, to promote access and connection around the globe, and to maintain a high standard of creating an opportunity to live in abundant life.
SEC said the company is allegedly operated by personalities who are supposedly “big players” in foreign exchange and cryptocurrency trading, and duly licensed in Singapore.
Earlier this month, the Davao City Anti-Scam Unit issued a cease-and-desist order against Rigen Marketing of operating without a business permit, SEC said. (davaotoday.com)
