News & Current Events

PFEC complainant's loss, his son's fault?

From newspaper reports: The Performance Foreign Exchange Corporation (PFEC) raid conducted on Wednesday last week was supposedly due to a complaint of a PFEC investor.

The raid was conducted pursuant to the complaint of an investment scam victim identified as George Palos, a resident of Olandes Industrial Valley Complex, Makati City.

According to the victim, who was accompanied by his wife Aurelia to the NBI-AOCD office yesterday, they were enticed to invest an amount of $8,500 (about P382,500) in the firm and were made to believe that their investment will earn substantial profit.

Relying on such assurance, they invested the amount.

The victims were later informed that their investment lost in the firm’s transactions and were not able to recover their investment, including the principal.

– Source: The Daily Tribune

Heard from the grapevine: Mr. Palos's loss was apparently the fault of his son, employed as a Business Executive of PFEC, who insisted that he trade his father's account.

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