SEC files criminal complaint vs firm in supposed investment scam

The Securities and Exchange Commission (SEC) on Monday filed with the Department of Justice (DOJ) a criminal complaint against another company allegedly involved in an investment scam.

Facing a complaint for violation of the Securities Regulation Code (SRC) for offering and selling securities to the public are Klikmart Shopping Club Corporation and Klikmart Dragon Inc. (Klikmart), as well its incorporators and officers, namely: Romel Juaton, Dennis A. Occidental, Luzvimindo P. Cabaluna, Mary Louiza M. Amacio, Devon T. Garnanera, Athos C. Garganera, and Rowena Cabaluna.

Klikmart, according to SEC, is selling unregistered securities in the form of “membership bonus” to the public, mostly in Quezon City and the Laguna area.

It entices the public by promising a 33 percent return of their investments within 21 days. SEC said it has been operating for over a year but stopped after a cease and desist order was issued by SEC last year.

Klikmart was registered with the SEC in March 2015 with an authorized capital stock of P500,000. It is engaged in the marketing and distribution of goods like soap, perfumes, wares and other merchandise.

An individual is required a minimum investment of P15,000, and the company offers two boxes of coffee and one box of soap for every P1,500 investment. The investor will also get P50 for every direct referral who will invest P1,500.

Earlier, SEC filed a case against trader Royvil Peramide after complainant Rosita Dizon said she lost some P300,000 investment.

She said Peramide promised her return of investment and interest of 20 percent after just 15 days through the scheme that supposedly involves foreign currency exchange.

The SEC also filed similar charges against trading firm Hyper Program International (HPI) over an alleged multimillion-peso pyramiding investment scam. The commission accused the firm and three affiliate firms–HPI Direct, HPI Holdings and Business Icon Premier Trading–of engaging in a “pyramiding scam” or “selling investments to the public at a high interest or profit without a required permit. JE