Scam alert: SEC flags 8 investment companies

Invest wisely.

This is the advice of the Securities and Exchange Commission (SEC) after the agency announced the revocation of Certificate of Incorporation and Certificate of Authority (CA) of SunCash Lending Investors

Corp., to operate as a lending company for employing unfair debt collection practices and failing to properly disclose its online lending platforms (OLPs).

The Financing and Lending Companies Division (FLCD) of the SEC Corporate Governance and Finance Department (CGFD) recently found that SunCash Lending have threatened borrowers with shaming on social media by publishing their names as scammers and warning the people in their contact lists that they are scammers, among others.

SEC Memorandum Circular No. 18 prohibits the use of threats, insults, obscenities, profane language,and any false representations or deceptive means to force any individual to pay their debts. It also prohibits the public disclosure of a borrower’s personal information and contacting people in the borrower’s contact list.

At the same time, the SEC has advised the public against dealing with the following entities due to their unauthorized solicitation of investments without the necessary license from the Commission: JCRG GOLD TRADING, MEGA ULTRA CASH TRADING, CASH TABLE ONLINE SOLUTION, MONEYFESCENT GLOBAL VENTURES OPC, ZYDEX TRADING, E-TON TRADING / ETON PHIL TRADING / E-TON TRADING: PROFIT SHARING, and PLATINUM COIN or PLATINUM COIN PAWNSHOP.

“These groups have been enticing the public to invest in their investment schemes with promised lucrative earnings. Some of these groups’ investment schemes or actions resemble a pyramid/Ponzi scheme, where investors earn through recruitment fees instead of the sale of actual products/services, and investors are paid using the contribution of new members,” the SEC advisory stated.To verify authorized investment companies, visit the SEC website at www.sec.gov.ph. – JMPS