BAGUIO CITY – The Securities and Exchange Commission (SEC) Baguio extension office declared that the cease and desist order it issued against the Ponzi firm Satarah Wellness Marketing has attained its finality and that the subsequent cancellation of its primary license is now being undertaken by the agency.
Lawyer Lovely Calumnag, SEC Baguio extension office legal officer, said the appropriate procedures are now being conducted by the agency for the eventual cancellation of its primary license prior to the filing of violations of the Securities Code of the Philippines against the responsible officials of the Satarah Wellness International which allegedly solicited over P8 billion of investments from willing investors from the different parts of the Cordillera.
“We appeal to the public not to be enticed by Ponzi firms that offer high interests on investments and short-term money placements because such features are similar to the operation of investment companies that tend to fold up easily and people could no longer recover their hard earned money from the Ponzi firm operators,” Calumnag stressed.
The SEC official advised willing investors to evaluate and validate the primary and secondary licenses of companies offering them a high interest and the return of their investments in a short period of time to make sure that they will have a fall back once the company encounters problems. If the company does not have the secondary license to solicit securities from the public, its operation is considered to be a Ponzi scheme.
According to her, it is still best for the public to invest their available resources in the stock market with advice from licensed brokers, in the regional treasury bonds, and others even if the earning of their money will be not be high because there is a guarantee that they will be able to get back their money and that their investments are in safe hands.
Satarah had actually closed its operations following the battery of estafa and syndicated estafa cases filed against its officials and employees before the various courts in the region over the past several months that resulted in the arrest of one of its founders Romely Batolne-Lau who is now detained in the female dormitory of the Baguio city jail with some of the cases filed against her being non-bailable.
Calumnag appealed to the investing public to take the appropriate precautions once offered high-interest investments by individuals and groups.
She claimed enterprising individuals are still testing the waters when to again resume operating Ponzi firms that will again entice individuals into placing their hard earned money on risky investments and people should now be circumspect in dealing with Ponzi schemes once these will again emerge to solicit securities from the public.