DAVAO CITY—The Securities and Exchange Commission (SEC) office here issued red flags to two companies, one masquerading as a religious organization, for unauthorized investment schemes operating in the Davao region. SEC Davao Regional Director, lawyer Katrina Jamilla P. Estares, identified the first company as Tradexpert, and the other one as the Tabernacle House of Worship, which she said was the new name of Hasmadai Foundation, Inc.
The SEC issued on May 21, 2024 a cease and desist order against Hasmadai Foundation, Inc., Humanitarian and Spiritual Mission Apostulates of Davao and Asia, Inc. and Humanitarian Institute of Technology Corp. But an investigation showed that the Hasmadai Foundation and Tabernacle were the same entity, “because we noticed they are promoting each other,” the Philippine Information Agency said, quoting Estares during a PIA-hosted news conference in Davao Occidental. Estares warned the public to be vigilant against fraudsters, which she said may be using several names but they carry out the same schemes. “The people should be careful in dealing with entities telling them to invest. Regardless of their names, the people must be aware of the scheme,” she said. Estares said Hasmadai’s, or Tabernacle’s, operations were observed to be focused on Region 12. “There are no sightings so far. Maybe they are operating discretely. We are informing people not to invest.” The SEC Davao has also listed Tradexpert as another unauthorized investment scheme, and said it allegedly provides a hands-free trading experience by using its innovative “trading bot” designed to maximize returns while minimizing risks. Aside from the two companies, Estares also warned the public on the proliferating scheme involving a “tasking and recharging scam, where an investor is promised fast and large profits, showing indications of a Ponzi Scheme.” The modus operandi “targets job applicants, offering work from home arrangements and assigning tasks for completio