Business and Economy
SEC warned against investment scam
MANILA — The Securities and Exchange Commission issued a warning against an investment scam by a Laguna-based distribution company.
The company called F.L.A.G. Prosperity Marketing Inc., also known as Freedom Life Advanced Global Prosperity Marketing Inc was not authorized to solicit investments, according to the SEC.
“…The public is hereby advised to exercise self-restraint from investing their money into such investment scheme and to take the necessary precautions in dealing with the above entity,” the corporate watchdog said in an advisory dated July 16.
The commission also noted that the company has already been engaged to investment activities.
It added that F.L.A.G. operates by enticing the public to invest one to 15 slots amounting to P1,500 each, promising a return of P2,200 or earning at least P700 in profits.
Citing Section 8.1 of the Securities Regulation Code, SEC noted that the firm is not registered and/or licensed under the SEC.
The section states that “securities shall not be sold or offered for sale or distribution within the Philippines, without a registration statement duly filed with and approved by the Commission. Prior to such sale, information on the securities, in such form and with such substance as the Commission may prescribe, shall be made available to each prospective purchaser.
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