Day: August 9, 2007

Is PFEC illegal?

What we know: the National Bureau of Investigation (NBI) raided the offices of PFEC (Performance Foreign Exchange Corporation or Performance Forex) at the Enterprise Building in Makati yesterday.

Why the NBI raided PFEC

The NBI gave the following reasons for conducting the raid: (1) some investors reported they have been scammed by PFEC; and (2) that the company is suspected of operating illegally (that is, against the stated purposes in its SEC registration).

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