The Philippines’ Security and Exchange Commission (SEC) has issued an advisory to warn the public about Emgoldex Philippines, a local investment company where people are invited to invest and earn huge profit. This SEC advisory against Emgoldex is part of the action of the Philippine government against possible scam.
According to the SEC, the agency has received reports that Facebook netizens are being invited to invest at Emgoldex Philippines’ “Pinoy Style Patak Patak.” By joining this investment, members are required to invest at least one thousand pesos (P1,000) per account.
SEC added that the said amount investment is set to earn an amount ranging from five thousand pesos (P5,000) to ten thousand pesos (P10,000). If the investment is thirty five thousand pesos, it will yield to one hundred eighty thousand pesos (P180,000) to three hundred sixty thousand pesos (P360,000).
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“Per verification, Emgoldex Philippines is not a registered corporation or partnership. Likewise, such entity is not authorized to solicit investments from the public as it did not secure prior registration and/or license or permit to solicit investments from the Commission…” SEC said in their advisory.
“In view thereof, the public is hereby advised to exercise self-restraint from investing their money into such high yield-high risk scheme and to take the necessary precaution in dealing with the above-named entity.” SEC added. The advisory can be found at SEC’s official website at www.sec.gov.ph, (pdf file).
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In line with this, SEC is asking everyone who has information regarding the operation of Emgoldex Philippines to contact the Enforcement and Investor Protection Department at 584-7187 or 584-7652. This SEC advisory against Emgoldex was issued on February 13, 2015.
As of posting, Emgoldex Philippines has not yet publicly released any formal statement on this issue. The said company (or organization) has an official website, an official YouTube channel, and Facebook groups suggesting that their office is at Shaw Boulevard (Ortigas), Mandaluyong City.
Back in October 2014, the Massachusetts Securities Division released a pdf document, stating that an open investigation against Emgoldex Team USA is going on. Allegedly, the company is “an illegal pyramid scheme disguised as a legitimate multi-level marketing company targeting investors both in Massachusetts and around the world.”
Based on the document, the defendants are EmGoldex Team USA, Inc., Matthew Michael D’Agati, James Vincent Piemonte, Jonathan Herman Siegler and Joseph Zingales. The four individuals were believed to be co-founders of EmGoldex, although their names are not mentioned at Emgoldex.com.
Disclaimer: TN is not in any way suggesting that Emgoldex Philippines is a scam or legit. The above advisory is true and correct based on the statement from SEC. The sole purpose of this news report is to disseminate information to the public, especially to the OFWs.
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