SEC warns vs. Metisetrade, Emgoldex, Goldxtreme, J79 Galore, other bogus firms

James Ryan Jonas

Be warned! The Securities and Exchange Commission (SEC) has advised the Filipino public against dealing with several companies that do not have the proper license to operate or the authority to solicit investments from the public.

These companies include:

1. Metisetrade Inc.

2. Emgoldex Philippines

3. Goldxtreme Trading Co.

4. J79 Galore Online Marketing

5. Ang Bagong Lahing Filipino Development Foundation

6. Hyper Program International Direct Sales (HPI Direct Sales and Trading Corp.)

7. Recaneli Philippines International Foundation

Here are the official warnings issued by the SEC against the erring companies.


SEC warning vs. Metisetrade Inc.

[The SEC] has issued a cease and desist order (CDO) on May 14, 2015 directing Metisetrade Inc. to IMMEDIATELY CEASE AND DESIST from engaging in activities/operations, selling/offering of its products which it refers to as foreign currency trading contracts and contracts for difference on high value commodities or any other of the same nature, traded on its platform MetaTrader 5 and the like.

However after the issuance of the CDO, the Commission obtained evidence that Metisetrade Inc. continues to engage in the enjoined activities despite its failure to file the necessary action to lift the CDO. The public is hereby advised to exercise self-restraint when dealing with this company.


SEC warning vs. Emgoldex Philippines

Per existing records, EMGOLDEX PHILIPPINES is not a registered corporation or partnership in the Philippines. Emgoldex Philippines is also not licensed or authorized to solicit investments from the public.

With regard to the claim that Emgoldex is a registered entity in foreign countries, like Germany, Dubai, Cyprus and elsewhere, it is still NOT ALLOWED to conduct investment solicitation activities in the Philippines without first securing the required registration and license from the SEC.

Any person who is acting as an agent, salesman, investment solicitor, promoter, endorser of investment solicitation, for and in behalf of Emgoldex Philippines, is also required to secure the appropriate license from the SEC before engaging in such investment solicitation.

Any public offering or solicitation of investment in the Philippines without the prior license or permit from the SEC is strictly prohibited by law and may be penalized by imprisonment and/or fine. There is no distinction whether the investment offering is made through the internet or in a commercial public place as long as the investment solicitation is indiscriminately offered to the public in general.


SEC warning vs. Goldxtreme Trading Corp.

Per verification, Goldxtreme is registered with the SEC as a partership whose primary purpose is “to engage in the business of wholesale and retail sales of such products such as gold jewelry but not limited to products such as fashion accesories, cellphone loads, prepaid cards, 3-pin, scents, and other related products.”

However, Goldxtreme is NOT AUTHORIZED to solicit investments from the public as it did not secure prior registration and/or license to solicit investments as required under Section 8.1 of the Securities Regulation Code.

The public is hereby advised to exercise self-restraint from investing their money to such high-yield, high-risk investment scheme and to take necessary precautions in dealing with Goldxtreme.


SEC warning vs. J79 Galore Online Marketing

Certain individuals are said to be recruiting people to invest in J79 Galore Online Marketing where an investment of P3,000 can turn into P15,000 by merely recruiting a certain number of people to likewise invest in the same company.

The public is hereby informed that J79 Galore Online Marketing is NOT REGISTERED with the SEC as a corporation or a partnership. It is likewise not authorized to solicit investments from the public.


SEC warning vs. Ang Bagong Lahing Filipino Development Foundation

The public is hereby informed that “Ang Bagong Lahing Filipino Development Foundation” is NOT REGISTERED with the SEC either as a partnership or corporation.

Its Certificate of Registration was REVOKED per SEC Order dated July 3, 2008 for serious misrepresentation as to what the corporation can do or is doing to the great prejudice or damage to the general public.

Likewise such entity is not authorized to solicit investments from the public as it did not secure prior registration and/or license or permit to solicit investments from the SEC.

The Foundation is allegedly located at 2nd floor EMF Building, 7426 Santillan St., Pio del Pilar, Makati City and operating in some other places.

The programs being carried out by the Foundation to entice the public to invest are:

  • 1. Land for the Landless; Home for the Homeless
  • 2. Educational Scholarships
  • 3. Issuance of Possessory Documents instead of Certificate of Titles


If you have information regarding any of the mentioned companies above, the SEC wants you to contact its Enforcement and Investor Protection Department at telephone number (+632) 584-7187 or 584-7652.

James Ryan Jonas teaches business management, investments, and entrepreneurship at the University of the Philippines (UP). He is also the Executive Director of UP Provident Fund Inc., managing and investing P3.2 Billion ($56.4 Million) worth of retirement funds on behalf of thousands of UP employees.