SEC flags ‘unauthorized’ investment scheme

DAVAO CITY –– The Securities and Exchange Commission (SEC) has warned the public about two companies operating an unauthorized investment solicitation scheme that could lure unwitting investors trying to survive the dire economic impact of the pandemic.

In a recent advisory, the SEC’s Enforcement and Investor Protection Department said Achievers Golden Marketing and Consulting (AGMC) and Achievers Golden Holdings Inc. (AGHI) are not authorized to solicit investments from the public.

It also warned those involved in the operations that they could face penalties for violating the Securities Regulation Code, the Revised Corporation Code, and such other rules and regulations enforced by the SEC.

Based on the report of the agency, the AGMC maintains an office in the cities of Davao, Muntinlupa in Metro Manila, and Biñan in Laguna.

The SEC said the advisory was prompted by an inquiry from a concerned citizen.

AGMC reportedly offers investors up to one-percent daily return on invested funds that could range from a minimum of P5,000 to a maximum of P1 million. The placement can be up to 180 days.

“The scheme of AGMC involves the offering and sale of securities in the form of investment contracts to the public because the investors need not exert any effort other than to invest or place monies in AGMC to generate income,” the SEC said.

It added that AGMC has not been registered as either a corporation or partnership, while AGHI is a registered corporation.

However, both companies do not have the authority to solicit investments, the agency explained.

Aside from the promised investment income, AGMC also offers bonuses like for the referral of new clients.

“Those who invite or recruit others to join or invest in such venture or offer investment contracts or securities to the public may incur criminal liability,” the SEC warned.

ZB