SEC steps up info drive vs investment scams in Mindanao

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The Davao Extension Office of the Securities and Exchange Commission has enhanced its information drive against investment scams as it noted their increase in southern and central Mindanao. | Carmelito Q. Francisco/PDI

The SEC confirmed that the group under the name Daily Profit Marketing Consulting Office, led by a man known only as Mario, did not have a permit to operate nor a license to solicit investments from the public.

Based on the flyer of the group, which the police seized, the office in Santo Tomas is its fourth, the others being in the cities of Tarlac, Cagayan de Oro, and Cotabato. The sources of the income, it added, were an investment in cryptocurrency, rice retailing, and “charity donations with backup funds.”

SEC was referring to E-Ton Trading, also known as Eton Phil Trading and E-Ton Trading Profit Sharing. The SEC Enforcement and Investor Protection Department warned that the firm was using a Ponzi scheme to lure investors.The entity was among those that the advisory identified as soliciting investments from the public without the necessary requirements.

 

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