Senator Grace Poe. PRIB FILE PHOTO
Sen. Grace Poe has sought a Senate investigation into “get-rich-quick schemes” in the wake of the alleged P3-billion scam involving the Batangas-based firm One Dream Global Marketing Inc., which has sent investors filing syndicated estafa charges against the company owner.
Poe filed Senate Resolution No. 1545 asking the committee on banks, financial institutions and currencies to conduct an “omnibus inquiry and assessment in aid of legislation on relevant securities and investment laws, regulations and measures, with the end goal of introducing remedial amendments to better battle deceptive investment schemes and stop insidious networking scams.”
In a statement on Sunday, Poe underscored the need for the Senate to “revisit securities and investment laws” that she said were being exploited by unscrupulous companies to lure people into investing in bogus schemes and networking scams.
The senator zeroed in on One Dream, noting that while the company was registered with the Securities and Exchange Commission (SEC) as a firm involved in the trading, buying and selling of various goods, it had no permit to engage in selling and marketing of investment products.
“With One Dream being a SEC-registered firm, unsuspecting investors could have been made to believe that it was safe to invest their money in the company. Amendments may have to be made to prevent companies engaged in deceitful means from circumventing existing securities and investment laws, regulations and measures,” Poe said.
Poe called on the government to intervene so as to “protect the people from being preyed upon by networking groups amid the strong appeal of marketing strategies.”
Aside from One Dream, the SEC also warned the public of other investment scams allegedly perpetuated by Freedom Life Advanced Global Prosperity Marketing Inc. (Flag Prosperity) in Laguna and SUCCESS200 International Marketing Corp., which operates here and abroad. Both firms are not registered with the SEC.
Investors in One Dream have filed a syndicated estafa case against its owner, Arnel Gacer, after the company stopped operations on July 11 after failing to pay its investors.–Christine O. Avendaño