MANILA, Philippines - The Securities and Exchange Commission (SEC) has warned the public against investing in WMAC Holdings Corp.
The country’s corporate regulator in a recent advisory said it has received information that various individuals and business entities are engaged in the selling and offering of shares of WMAC in the Philippines through social media site Facebook.
“Please be informed that WMAC Holdings Corp. is not registered as a corporation nor as a partnership and neither are its shares registered with the commission to be offered or sold in the Philippines,” the SEC said.
“Hence, the public is advised to exercise prudence in dealing with persons who act as representatives of WMAC Holdings Corp.,” the commission added.
The SEC stressed that there are various licenses that must be obtained from the commission prior to offering and selling of securities in the Philippines.
Among such licenses include permit to offer securities for sale granted to the issuer of the securities, license as a broker or dealer in securities for intermediaries, and license as a salesperson.
The SEC has stepped up its efforts to warn the public against fraudulent business practices following a large-scale investment scam two years ago.
In 2012, Pagadian-based Aman Futures Group Philippines Inc. was exposed as a P12-billion investment scam, defrauding thousands of politicians, professionals, businessmen and employees.