Where to report scammers in the Philippines
January 4, 2007
Don't be duped by scammers who reside or operate in the Philippines! Report them to the authorities and send them to jail!
The Philippine Securities and Exchange Commission (SEC) has repeatedly warned the public against falling for "get-rich-quick" scams. In its site (www.sec.gov.ph), the SEC reported that more and more boiler-room operations have recently emerged, targeting potential investors who want to earn high return on their money.
According to the SEC, if any person or persons approached or contacted you via email, phone, or any other means and offered you a ridiculously high return on your "investment" after a short period of time, protect yourself by asking for the following information first.
- Name of the person and the company making the offer;
- Address of the person and the company;
- Landline numbers of the person and the company (mobile phone numbers are difficult to trace); and
- SEC registration of the company stating they are eligible to take investments
If the person refused to give those information, better not to continue dealing with them. There's a high chance the company and the investment program are a fraud.
Some additional things to remember:
- Investment houses and financing companies with quasi-banking (QB) license and with SEC registered securities are the only ones allowed to offer investment instruments to more than 19 investors;
- Only SEC registered persons (brokers/dealers/salesmen) may offer or sell registered securities to the public;
- SEC company registration in itself DOES NOT automatically grant authority to sell investment instruments such as securities, bonds, commercial papers, etc. Here is a list of companies authorized by the SEC to accept investments from the public;
- Don't fall for people who give you promissory notes or post-dated checks as proof of your interest earnings. Those might be fake or contain insufficient funds. Scammers use this trick to show that they are supposedly genuine and paying.
If you encountered these people, report them to the:
SEC - Compliance Monitoring and Enforcement Department (SEC-CED) at Phone No. (632)724-7650 or (632)727-2267 or the National Bureau of Investigation or the local police
The image below summarizes what the SEC wants you to do if you are faced in such a situation.
Don't let scammers scam you. Protect yourself and know what to do.
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March 18th, 2008 at 4:06 pm
Hi. I’d like to know if it is illegal to withdraw from the bank account of a dead person - even if the one who withdrew the amount is the widow (through Special Power of Attorney). The bank account was the pension the man received from SSS when he was still alive. But the widow always kept an amount in the bank and never withdrew all the amount. Until her spouse died. A month after he died, she withdraw all the amount. Will she be penalized for doing so?
Thanks.
Barbs
December 19th, 2007 at 2:33 am
Good for you! i guess the meaning for RMD Ray-Monday-Dante.
December 9th, 2007 at 7:30 am
a girl? named julies(julius) poses as a down and out HOMELESS…but then agrees to do sex shows for money if you send money through XOOM..major scam its a set up model pics etc.
she trolls single sites and then plays ths sad parts…LOCK HER(HIM) UP
julies1023@yahoo.com
November 28th, 2007 at 3:52 pm
hi guys, do you have any idea regarding sales promo scams or scratch and win scam. My friend was so exited that she won a chair massager worth 100k, but she has to buy a water purifier first before she can claim the massager. In short she bought that purifier for almost 50k. Help guyz..
November 14th, 2007 at 9:02 pm
I checked out their website and tama kayo:
http://www.rmdgroupltd.co.uk/pub_docs.html
Their public docs are empty. Before you can even trade money in the Philippines dapat mag karoon kayo ng legal certificates muna. I mean it only takes 10 minutes to scan and post your document on your website. Why hanggan now wala parin kayong documentation?
I’m convinced that RMD is a scam. Investors beware!
November 11th, 2007 at 9:59 am
Just yesterday. Meron nag yaya sa akin at buong family ko, mag invest sa RMD kaya pina-check namin sa SEC. Wala po silang records duuon.
This is a scam.
November 4th, 2007 at 2:29 pm
Well said Jo.
RMD since you are already established in the US and UK, post your trading license and legal papers up on your website!