SEC warns vs text scam using President Duterte’s name

DAVAO CITY (MindaNews / 26 November) – The Securities and Exchange Commission (SEC) has warned against a “text scam” using the name of President Rodrigo Duterte to victimize individuals by sending them a message that they have won P750,000 through an “electronic raffle.”

The Securities and Exchange Commission (SEC)-Davao Extension Office. Photo courtesy of Google Streetview

In an advisory released Thursday, SEC said the “President: Rodrigo Duterte Charity Foundation” is not registered as a corporation while the Policy and Specialized Supervision Sector of the Bangko Sentral ng Pilipinas (BSP) confirmed that the electronic raffle is fake.

The agency said the alleged foundation asks money from recipients before they may claim the prize money.

It reminded the public to immediately report text scams to the National Telecommunications Commission, National Bureau of Investigation, BSP, Department of Trade and Industry and SEC.

The agency likewise issued an advisory against four companies soliciting investments from the public. These are Sharelink Ads and Cryptotrading, Cashdrop, Coinmax.PH and Lokalplate.

It said Sharelink Ads and Cryptotrading, headed by a certain Cedric V. Suarez, is allegedly engaged in digital marketing and cryptocurrency trading where a member pays P1,500 per account.

Through Sharelink Ads Bonus a member-investor supposedly earns a total of P1,500 or P150 daily by just sharing the company’s link to his/her Facebook account for 10 days or 100% return in 10 days.

He/she also allegedly earns P150 for every direct recruit; P200 for every pairing under his/her structure; P200 per level on his/her structure regardless whether the downline is a direct recruit or not; and P50 per day for a total of 60 days or a total of P3,000 or 200% return in 60 days through crypto trading.

SEC added the Cashdrop scams the public to invest online or through the internet; offers a scheme where where a member is told to invest promising high returns of 90% to 150%; and Lokalplate offers investments to the public under the guise of franchising where a franchisee invests P12,888 to earn P40,000 to P80,000 per month and earns through commissions, among others.

The agency maintained that the Securities Regulation Code requires that these securities be duly registered and that the concerned corporation and/or its agents have appropriate registration and/or license to sell such securities. (Antonio L. Colina IV/MindaNews)