Article by:
Alexander Lopez
BUTUAN CITY – The Securities and Exchange Commission (SEC)-Butuan Extension Office on Monday issued a warning on three investment scams in the Caraga Region and gave tips to safeguard the public with the media's help.
The SEC-Butuan identified the investment scams during a one-day briefing on the agency’s new SEC digital platform, including recent memoranda and circulars, attended by media partners and government communicators.
Kent Warren Fuguso of the SEC-Butuan information office reported that three scam groups monitored for operating scams in Caraga are the BG Wealth Sharing LTD (BG Wealth), the League of Seagull LTD, also known as Seagull Alliance, and the JFUNDS Business Center (JFunds).
“Information about the operations and schemes of these investment scams must reach the grassroots level through the help of our media partners,” Fuguso said.
He added that recruitment by these groups has already reached several barangays in the region.
Fuguso said BG Wealth mostly victimizes overseas Filipino workers by offering investments in the guise of cryptocurrency copy trading that promises a 1.3 percent daily interest rate, compounded, with a minimum investment of USD500 or equivalent to PHP30,000.
The Seagull Alliance, through the Riscoin trading platform, entices the public to invest, also under the guise of cryptocurrency copy trading, promising exponential investment growth across stages contingent on continuous deposits, with a minimum investment of USD500 or PHP30,000.
Recently, JFunds was monitored in Surigao City and the Dinagat Islands, where it was running an investment scheme resembling a Ponzi scheme.
In this scheme, funds from new investors are used to pay fake profits to earlier investors. The scheme mainly benefits the top recruiters and early risk-takers, while disadvantaging later members when new investors are hard to find.
SEC-Butuan Director Jason Tan, in his opening statement, underscored the commission's proactive steps and the media's vital role in informing the public about investment scams.
“The commission wants to prevent people from becoming victims of scams,” Tan said, noting that measures include financial literacy campaigns in schools, barangays, and local government units.
He noted that the campaign is intended to help the public identify fraudulent schemes.
SEC-Butuan is also coordinating with law enforcement agencies, particularly in issuing advisories and pursuing legal actions.
The media partners were also oriented on eSECURE (Electronic SEC Universal Registration Environment), a digital passport to access SEC systems, including eSPARC (Electronic Simplified Processing of Application for Registration of Company), a digital platform for company registration; eAMEND (Electronic Application for Modification of Entity Data) for company amendments; and eFAST (Electronic Filing and Submission Tool) for reports, such as the Financial Statement and the General Information Sheet.
Also included in the SEC systems are eSAP (Electronic Submission Authentication Portal), an authentication portal for digitally authenticating SEC documents; iMessage, an online system for inquiries, requests and complaints; eWATCH (Electronic Workbench and Analytics Technical Computing Hub), a digital system for company monitoring; and HARBOR (Hierarchical and Applicable Relations and Beneficial Ownership Registry), a digital submission of the beneficial ownership declaration.
Tan expressed gratitude to the media partners for their time and support during the orientation, highlighting their crucial role in assisting the SEC’s efforts to combat investment schemes and protect residents from falling victim. (PNA)
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