Agusan mayor warns vs. fraudulent investment schemes
SAN FRANCISCO, Agusan del Sur — Mayor Grace Carmel Paredes-Bravo has warned the public against fraudulent investment schemes targeting residents, following an advisory from the Securities and Exchange Commission (SEC) Butuan Extension Office.
The SEC identified BG Wealth Sharing Ltd., League of Seagull Ltd. (also known as Seagull Alliance operating under the Riscoin platform), and JFunds Business Center as entities involved in illegal investment activities.
In a social media post on Monday, Bravo urged residents to remain vigilant, noting that the groups are allegedly offering high-yield returns without the required licenses.
READ: SEC warns vs unregistered schemes, crypto platforms
The SEC said BG Wealth Sharing Ltd. has been luring investors with promises of daily compounded returns of up to 1.3 percent through cryptocurrency trading on the DSJ Exchange platform, requiring a minimum investment of $500 (about P30,000). The agency stressed that the scheme is unregistered and unauthorized.
“These fraudulent schemes are preying on hardworking individuals, especially our OFWs, and we will not tolerate this,” Bravo said.
She added: “We urge the public to immediately report any approach from these entities.”
The SEC said it is coordinating with the National Bureau of Investigation (NBI) to identify and pursue those behind the operations, adding that a list of possible individuals involved in San Francisco has already been compiled.
READ: PNP urges public vigilance after Laguna investment scam
The mayor also warned that false accusations or attempts to deflect responsibility will not be accepted as legal defenses, stressing that participation in investment scams is a criminal offense punishable by law.
The SEC has intensified its information campaign against investment fraud and continues to remind the public to verify investment offers before committing money.
Residents are encouraged to report suspicious schemes to the SEC Enforcement and Investor Protection Department (EIPD) at [email protected] or use the SEC Check App available on mobile platforms./coa
