Today, ABS-CBN and Inquirer write a tragic news report about a Philippine-based company, Aman Futures Group Philippines, Inc. (AMAN).
The Securities and Exchange Commission (SEC) accuses this company (AMAN) of engaging in a Ponzi scheme.
News reports told that AMAN allegedly swindled about P244 million from investors in Visayas and Mindanao.
SEC issued a cease and desist order (CDO) against AMAN. It has already directed the company and its officials to stop offering and selling investments from the public according to SEC Chairman Teresita Herbosa.
SEC is planning to "find basis for a criminal complaint".
Four "grave" violations of the Securities Regulation Code has been uncovered:
- non-registration as broker or dealer but acting as such;
- non-registration of securities sold as investment contracts;
- engaging in commodity futures contracts despite a prohibition by the SEC; and,
- engaging in activities that are "off tangent” with the company’s primary purpose as a general trading company.
SEC freezes the company's funds and assets. Any AMAN representatives, agents or salesmen were advised to stop transacting any businesses involving funds in its depository bank.
SEC warns the public again to be extra careful in investing their money on any too good to be true high-profit investments which may turn out to be a fraud - ponzi scheme.
AMAN will be added to my "List of Ponzi/Pyramiding Scams in the Philippines".
Do you know any other companies in the Philippines which you think is operating a Ponzi/Pyramiding scheme? Tell us in the comment below.