12 in investment scams arrested
At least 12 persons from SGP Dragon Trading Corp. and Requiza Poultry, two of the companies flagged by the Securities and Exchange Commission (SEC) for allegedly engaging in illegal investment-taking activities, were arrested on Thursday during entrapment operations.
Operatives of the SEC’s Enforcement and Investor Protection Department and the National Bureau of Investigation (NBI) conducted on Aug. 15 entrapment operations at the offices of the two companies in Sacred Heart, Quezon City.
At least six persons from SGP Dragon and another six from Requiza Poultry were arrested for violation of the Securities Regulation Code (SRC) or Republic Act No. 8799.
All those arrested are now in the custody of the NBI.
“There will be no letup in our fight against investment scams,” SEC chair Emilio Aquino said on Friday. “We reiterate our advice to the public to exercise caution and discernment when offered an investment opportunity.”
On Aug. 2, the SEC issued an advisory against SGP Dragon for enticing the public to avail of purported foreign exchange market products for a minimum investment of P1,000 in exchange for earnings ranging from 1 percent to 2.5 percent per day.
Coaches and master traders supposedly trade on behalf of the investors, with live trading facilitated on SGP Dragon’s investment platform.
Investors may withdraw their interest income every 15 days following a lock-in period of 45 to 120 days, depending on the package availed of.
In its advisory, the SEC noted that while SGP Dragon had registered as a corporation, it has no authority to offer, solicit, sell or distribute any investment contracts and other forms of securities.
The SEC also flagged the investment-taking activities of Requiza Poultry, also known as Requiza Farm and Requiza Agricultural Trading, in an advisory issued on June 28.
Reports also indicated that Requiza is engaged in mining and quarrying.
Requiza Poultry offers an investment opportunity with a guaranteed 50-percent return.
An investor may purchase a minimum of 35 chicks for P3,500 and simply wait for 60 days to get back the original amount plus a 50-percent profit.
Requiza Poultry is not registered with the SEC either as a corporation or as a partnership. It is also not authorized to solicit investments from the public.
Section 8 of the SRC prohibits the sale of securities without a registration statement duly filed with and approved by the SEC.
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