SEC urges victims of Aman Futures to file complaint

by Alvin Elchico, ABS-CBN News

Posted at Nov 12 2012 05:41 PM | Updated as of Nov 13 2012 02:16 AM

MANILA, Philippines - The Securities and Exchange Commission appeals to investors of Aman Futures to file a complaint with the government agency.

The SEC issued a cease and desist order against the Aman Futures group from soliciting investments from consumers as it is not allowed to do so without any permit from the SEC.

SEC spokesman Gerard Lukban says no one has come out to file a complaint against Aman after they issued the CDO.

Based on their investigation, Aman has already solicited P240 million from investors who were promised up to 60% interest on their investments.

While the company has a license to buy, sell, trade and market of various agricultural trades, it is not authorized to sell securities or solicit money  investments.

But Lukban admitted investors may find it hard to get their money back as soon as possible despite their freeze order on the assets and deposits.

At this point, the SEC has only found out that Aman has no license to sell securities or engage in getting money investments.

Complainants must come out  before criminal charges can be initiated if warranted.

The SEC once again reminded consumers to be wary of offers of big interest on investments, saying if its too good to be true, it may indeed be untrue or bogus.