The Securities and Exchange Commission (SEC) said the public should not invest in schemes offered by a group posing as the Philippine Investment Funds Association (PIFA) on Facebook.
The SEC said the supposed account is not registered with its office.
“The fake account, which is not in any way related or connected to the legitimate PIFA, lures the public to invest money between P1,000 up to P50,000, with a promise of a guaranteed profit ranging from 250 percent to 340 percent for only four days, purportedly to be invested in the stock market,” it said.
“It also offers a referral bonus to its members equivalent to 15 percent of the amount they invested,” the SEC added.
The SEC meanwhile also issued a warning against transacting with CT Loan Cash Loan and Credit Company, which uses the webpage CT Link.
The SEC also said the supposed lending company is not registered for such an operation with its office and is not authorized to operate an online lending platform.
“The advisory came following a report from a registered company named CT Link Systems, Inc. (CTLSI) that the CT Link webpage, representing itself to be owned and operated by the corporation, is engaged in lending without authority from the Commission,” the SEC said.
The SEC said the CT Loan and Cash Loan Credit application was reported and taken down from the Apple App store in May after the CTLSI received public complaints of harassment from collectors in relation to the loan availed using the app.
“The app was advertised to be owned by CTLSI and its webpage contained the address and telephone number of the company,” it said.
“However, CTLSI is not engaged in the business of lending, developing online applications, and is not involved with CT Loan Cash Loan and Credit Company,” it added.
