SEC issues new warning vs 3 companies

by Alvin Elchico, ABS-CBN News

Posted at Nov 28 2012 02:31 PM | Updated as of Nov 29 2012 09:54 PM

MANILA, Philippines - The Securities and Exchange Commission (SEC) has issued a warning to consumers against 3 companies who are offering investment opportunities but are not actually licensed to do so. 

The SEC said the public must be warned that the three companies: Ads Zens Broker Corp.; Reyality Investment Corp. and Visioner 2020 Intl Traders Inc., do not have the authority and license to sell securities. 

Authorities had earlier raided the office of Visioner 2020 in Pagadian City. 

According to SEC commission secretary Atty. Gerard Lukban, the SEC is in the process of issuing a cease-and-desist order against the 3 companies, since they were found to have been selling investments without a license.  

In their notice to the public, SEC calls on the public "to be extra cautious or exercise prudence in investing their money in what appears to be a high yield high risk investment which may turn out to be a fraudulent scheme." 

Lukban says the public should look for four things before they part with their hard earned money - first the company registration, then the registration to sell securities if they are offering investments, then the securities offered must also have a registration from the SEC and finally, the broker must be a licensed one. 

Absent any or all of these requirements, the SEC says the public should avoid "double-your-money" or "get-rich-quick" schemes. 

With the publicity generated by Aman Futures and Coco Rasuman investment scams, the SEC official said: "Ipinagdadasal namin na matuto na ang Pilipino. (We are praying Filipinos will learn their lesson)."