Metro Manila (CNN Philippines) — Sen. Grace Poe has filed a resolution calling for a scrutiny of securities and investment laws to plug loopholes that some “unscrupulous companies” could exploit to dupe the public into joining “bogus investment schemes and networking scams.”
In a statement issued on Sunday (August 2), Poe said what prompted her to file the resolution was an alleged P3-billion investment scam involving One Dream Global Marketing, Inc., a firm based in Lipa City, Batangas.
One Dream, she said, was registered with the Securities and Exchange Commission as a firm involved in buying and selling various goods. But it had not secured permit to engage in marketing and selling investment products.
“With One Dream being an SEC-registered firm, unsuspecting investors could have been made to believe that it is safe to invest their money into the company,” she said.
“Amendments may have to be made to prevent companies engaged in deceitful means from circumventing existing securities and investment laws, regulations and measures.”
In Resolution 1454, Poe said One Dream “caught the ire of indignant investors who were not paid their promised profits for their investments.”
She said 18 investors had filed complaints with the Department of Justice against the alleged owner of the firm, Arnel Gacer; its vice president, Jobelle de Guzman; and other officers.
Under its “system profit scheme,” she pointed out, the firm asked investors to put in P888, promising to a “payout” of P1,300 after four days.
According to her, One Dream started operating in May 2015 and suddenly stopped operations last July 11, 2015.
After a fews days, she continued in her resolution, SEC warned the public once more against investment scams – particularly against business entities Freedom Life Advanced Global Prosperity Marketing Inc. (FLAG Prosperity), a Laguna-based firm, and Metro Manila-based SUCCESS200 International Marketing Corp.”
SEC said both had been operating in several areas of the Philippines and overseas without its authorizatoin.
Poe is the chairperson of the Senate Committee on Public Order and Dangerous Drugs. In her resolution, she urged the Committee on Banks, Financial Institutions, and Currencies to conduct an “omnibus inquiry and assessment in aid of legislation” on the issue.
Poe said it was time for the government to intervene to protect the public unscrupulous “networking groups.”
“Would-be investors are enticed by ‘networking groups’ by emphasizing the seeming lavish lifestyle of their ‘successful members’ through their posts in social media showcasing their money, cars, watches, free trips or other material things,” she said.
