The Securities and Exchange Commission (SEC) has issued
eight warnings to the public against firms suspected of conducting
investment scams or otherwise unauthorized sale of securities.
The SEC's latest warnings were issued against Cardlinks Teleconn
Insurance Agency Inc., Future Net- Networking Marketing Association of
the Philippines Inc., JustBeenPaid, OK's Global Wellness Inc., Evergreen
Company, 1Riders Power Team Inc., Finance Global Marketing
Services/Finasia Global Marketing Services, and an unknown group in
Cardlink is engaged in the business of providing telemarketing
services for credit cards, loans, non-life insurance, insurance and
different types of business services "items of commercial value" but has
not been licensed by the Insurance Commission (IC) to act as an
Future Net is reportedly engaged in networking, promising huge
profits or sky-high returns; including direct and indirect referral
commissions, net loan commission, and satellite referral commission;
within a short period of time - depending on the number of recruits or
level of participation.
However, the SEC said that, since FutureNet is a non-stock and
non-profit organization, it cannot engage in investment taking business,
whether on its own or in conjunction with its affiliate.
Meanwhile, the SEC said a group has been recruiting students from the
Negros Oriental State University in Dumaguete City to join
"JustBeenPaid," an on-line activity that could be a possible investment
The students are allegedly enticed to initially invest P950.00 with a
guaranteed earning between 10 to 20 percent of the initial investment
per day, and to join a profit clicking activity by liking a certain page
three times a day.
OK's Global employs a monolining scheme and while authorized by the
SEC to sell goods, it is not a registered issuer of securities to the
Evergreen is not registered with the SEC but is recruiting applicants
for employment under a scheme that requires them to sell a product and
pay certain fees.
1Riders is engaged in a multi-level marketing scheme to sell food,
toiletries and automotive products but has no license from the Food and
Drugs Administration to distribute food and cosmetic products.
Finance Global/ Finasia allegedly use a credit card company to
apply/avail of their services offering lower package cost for any travel
that may be desired. Once a customer agrees, he may no longer retract
and recover the money paid.
Meanwhile, a group of persons in Marinduque representing themselves
to be a corporation with five branches, offers loans to barangay
officials and employees to be paid through salary deduction.
Said group or corporation is selling pre-need/memorial plans and
insurance plans without the necessary license from the Insurance
Commission or the SEC. They induce people to invest with a promise of
high return on their investment.
"As a precautionary measure, the public is advised to exercise due
diligence before investing in a risky business venture. Investigate and
check the personal background of the people behind the scheme," the SEC
It added that the public should "consider the value of the goods or
products offered and whether there are real goods and sales involved in
the deal. If the income depends on the number of recruits to the
program, don't invest, as it is likely a pyramiding scam bound to