SEC CALLS ON PUBLIC TO JOIN FIGHT VS SCAMS IN FIRST INVESTOR PROTECTION WEEK By Neil Maynard C. Conde
The Securities and Exchange Commission (SEC) is rallying the public to join the fight against investment scams, as it spearheads the first Investor Protection Week from November 9 to 13. The Commission will celebrate Investor Protection Week to promote investor education amid the rising number of unauthorized investment-taking activities, especially during the COVID-19 pandemic. This year, the SEC has issued advisories against more than 100 groups
16
| November 7-13, 2020
and individuals soliciting investments without the necessary license, almost double the total number for the whole of 2019. The Commission has likewise issued cease and desist orders and revocation orders against entities engaging in fraudulent investment schemes, including Boss Network, Forsage and Fast Track Worldwide, Inc. The SEC has charged 32 individuals in seven cases for violations of Republic Act No. 8799, or The Securities Regulation Code, and in two cases for violations of Republic
Act No. 10175, or the Cybercrime Prevention Act of 2012. Section 8 of the Securities Regulation Code provides that securities shall not be sold or offered for sale or distributed within the Philippines, without a registration statement duly filed with and approved by the SEC. Ponzi and pyramid schemes are among the most common types of investment fraud in the country, according to the SEC. In a Ponzi scheme, scammers guarantee Caraga INFOCUS
