Month: July 2007

Performance Investments Products Corp. (PIPC) scam

FrancSwiss out, PIPC in.

Just as the FrancSwiss scam issue is showing signs of fizzling out, a new scandal has rocked the financial sector involving a Singaporean and hundreds of wealthy Filipino investors.

Last week, an investor of the foreign exchange trading firm Performance Investments Products Corporation (PIPC) filed a complaint with the NBI claiming that the owner of the company, Singaporean Michael H.K. Liew, has fled the country and disappeared, supposedly taking with him between US$140 million and US$250 million of investors’ funds.

Meet other investors and discuss PIPC in the Performance Investments Products Corporation (PIPC) thread. Discuss the PIPC-related company, PFEC, in the Performance Foreign Exchange Corporation (PFEC) thread in the PMT Forum.

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United Kingdom (UK) online jobs scam

The Philippine Overseas Employment Administration (POEA) advised job applicants intending to apply for a job in the United Kingdom to be wary of online offers that can supposedly send them to UK using only a student visa.

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NBI Press Release on FrancSwiss

Following the arrest of Eleazar Castillo, alleged "chief financial adviser" of the online high-yield investment program (HYIP) FrancSwiss, the Philippine National Bureau of Investigation (NBI) released on July 6 a press release explaining the details of the arrest.

The NBI accused Castillo and nine others, including an American and two Singaporean nationals, of involvement in a large-scale online investment fraud. The arrest stemmed from complaints filed by three Filipino investors against the suspects. Charges of syndicated estafa have been filed against the latter by the NBI.

Full text of the NBI press release after the jump. 

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