SEC in NorMin warns public on 28 entities engaged in investment scams

May. 18, 2021

CAGAYAN DE ORO CITY – The Securities and Exchange Commission (SEC) here has warned the public of the proliferation of at least 28 groups and individuals allegedly engaging in fraudulent activities.

“In its continuous efforts in investigating possible investment scams, the Commission warns the public to be careful in dealing their investments,” said lawyer Frederick Enopia, officer-in-charge of SEC Cagayan de Oro extension office in a statement released to the media on May 14.

Since the start of the year, SEC was able to identify 28 entities already with malicious business transactions found to be soliciting investments from the public without the appropriate certificate of registration to sell securities.

SEC has issued advisories and has advised people to be careful in dealing with their investments in the entities and corporations, namely, Masa Mart Business OPC; Mers Business Center, Royal O Financial Consultancy Services, Bitaccelerate or, Bitexpress Security and Commodity Contracts Brokerage; Solmax Global Limited and Igniter 100, Royal O Consultancy Services OPC, IX Trade or IXTrade, Wonkacash or Wonka Cash App Financial Consultancy Services; Learn and Earn Online, 247 Cryptotrading FX Cryptotrade Online, Iwatch.PH Corporation, Seven Stag International OPC, RGS World Marketing Corp., Yumboss Corporation; Philhelp Administration of Financial Marketing, Jamsmart, Tradexpert or Tradexpert Technology Information Services, Align Assets, R.L. Aggregates and Diversified Lending Group Inc.; Investrade Marketing or Investrade Digital Marketing Services, Cash FX or Cash FX Group of CFX, Doors Opportunity Online (DOO) or Door Opportunity Digital Marketing Services and Hedge Trading.

“These scammers will not consider our situation which in a pandemic at all. They continue to proliferate at any cost and in all circumstances,” Enopia said.

That’s why, he added, SEC has continued to regulate and remind the public to be cautious before placing their investments to these various entities who are not authorized to solicit investments from the public.

In one of the red flags of an investment scam, SEC said the public is advised to be on guard when offered with unreasonable high returns of promises in the form of profits.

“Also, all interested investors should always check for the secondary license to ensure they do not become victims of people circulating these fraudulent activities,” SEC said.

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