BAGUIO CITY – Some 43 companies offering Ponzi schemes to willing victims were uncovered by members of the Anti-Investment Scam Task force to have divested hundreds of millions of pesos from their members coming from the different parts of the Cordillera over the past several years .
Lawyer Annie Gonzales Tesoro, director of the Securities and Exchange Commission (SEC) Baguio extension office, said 12 of the said companies are registered with the Commission to be mostly engaged in trading while the rest are either registered with the Department of Trade and Industry (DTI) or they are not actually registered at all.
However, she cited SEC registered companies must adhere to the primary purpose embodied in their respective certificates of registration and that deviation from the same, particularly the solicitation of securities from the public or the so-called money investments by the companies is said to be illegal, except when covered by the required secondary license from the Commission.
Tesoro revealed the companies allegedly involved in various types of Ponzi schemes include Zoom Unlimited, Stiforp Trading, Medra Direct Sales Corp., Medra Distribution International, Global Medra Resources, Inc., Winlife, Speed Cash, Mimshack, Mimshack Security Agency, Mimshack Trading Center, Mimshack Trading International, United Wellness Hub Co., Unlimited Wellness Hub, PC Wellness, Diamond Lifestyle Corporation, RJR DLC Diamond Trading, Inc., KFC International Trading, Inc., Supreme Unlimited Network, Swiss Golden Trading Co., ADS-HUB.com Ventures, Inc., Infinitewealth Touchtone, Reciente International, Wisdom Expressweath Trading and Marketing, Greenwealthgold, Greenwealthgold Wellness, Greenwealthgold Automotive Services, Greenwealthgold Real Estate Services, Greenwealthgold Salon and Spa, Suncore Supreme Unlimited Network Corporation, ARL Marketing Wellness and Services, Inc., Keyworld International Ventures, Inc., General Revelation Ventures, Inc., HB Global Corp, HBC Global, Inc ., Buena Dinero, Satara Welness Marketing, Stara Investment Group among others.
The task force has reportedly filed a total of 32 multiple and syndicated estafa cases against two companies that were described to be involved in Ponzi schemes or the offering of promising interests of their money investments in a short period of time without legitimate business operations.
Nineteen multiple estafa charges were filed with the Benguet provincial prosecutor’s office against Herminia Sukil-ap Pagaduan, manager of the Three Agnels General Merchandise following the alleged divestment of some P2 million from the complainants.
On the other hand, thirteen complainants who were divested with over P4 million already filed syndicated estafa charges against Ely Morales and six employees of the Stiforp Trading which is reportedly involved in the controversial investment scam as it closed operations when it received the investments from the hundreds of willing members.
Moreover, 22 estafa charges were already filed against ADS-HUB.Com Ventures, Inc. while 21 similar cases were filed against Infinitewealth Touchtone considering that the companies have reportedly divested the complainants of millions of pesos of investments over the past several months.
Tesoro explained the information education campaign being done by concerned agencies will be for those who are innocent about the proliferation of Ponzi schemes but the problem lies on the greed of the people for easy income from high risk investments like those in the investment schemes.
Mayor Mauricio G. Domogan requested the SEC and DTI to submit to the city government the list of companies registered with the concerned agencies which were found to be involved in the investment schemes so that he will facilitate the cancellation of the business permits issued to the operators to facilitate their closure so as not to divest more people of their hard earned money.
Domogan cited the operation of ponzi schemes have no place in the city but people who are being lured to such investments must seek the assistance of concerned agencies so that the companies will be immediately closed to prevent more people from being fooled and that unscrupulous individuals will cart away their money.
By Dexter A. See