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New Year, Old Scams

INVESTING ON THE GO - Iggy Go (The Freeman) - January 19, 2021 - 12:00am

It’s already 2021 but scams and fraudulent schemes are still going strong! The rapid increase in digital use created a perfect storm for fraudsters to quickly find new ways to steal funds, capitalizing on consumers’ lack of familiarity with digital platforms and the resource constraints faced by many businesses.

Manny Villar does not endorse any cryptocurrency

“It has come to my attention that a social media post falsely claiming that I endorsed a cryptocurrency trading program is again making the rounds in various websites, specifically in yahoo.com. I would like to reiterate that I have never made any such endorsement nor have I engaged in the said bitcoin trading program.

This is a scam and I ask the public to protect themselves from such unscrupulous act by reporting them to the proper authorities.” - Manuel B. Villar, Chairman - Vista Land

Be wary of Illegal Recruiters online

Globe cautions the public against fake job advertisements on Facebook or any other platforms where unscrupulous individuals copy Globe’s logo or careers page and misrepresent themselves as employees of the company. These scammers usually ask for reservation fees or COVID-19 rapid antibody testing fees in exchange for job interviews. They also issue forged employment contracts.

Please be advised that Globe does not post job openings on Facebook, Instagram, or Twitter and does not request payment of any fees. Interested applicants may instead visit the official Globe career site at www.globe.com.ph/careers or at https://www.linkedin.com/company/globe-telecom.

Securities and Exchange Commission Scam Advisory

SEC urges public to stop investing in Masa Mart Business Center (MMBC), which has been posing as a multi-level marketing program to entice the public into its unauthorized investment schemes. The company has not registration statement to sell such kind of securities to the public.

Masa Mart was found to be offering a subscription and gains program, under which a member may invest at least Php1,250 to Php500 million for returns ranging from Php2,746 to about Php11.65 billion, depending on the lock-in period. This entails an interest of up to 30 percent per month or up to 2,561 percent per year.

The group also offers The MMBC P5,888 combo package, in which one could invest P5,888 for promised gains of Php20,000 after 6 months; and the Do It Yourself subscription of 24 months, roll-over program, in which members could generate an income of Php100,000 to Php12 million after 2 years.

Other offers include the United Masa Coin or the XUM Coin, which is a cryptocurrency promoted through a software-controlled app called UmcUSDTBot, as well as a referral program, among others.

Masa Mart is registered with the SEC as a One Person Corporation under the Revised Corporation Code, and with the Department of Trade and Industry. However, such registrations only grant the company a personality and does not authorize it to issue, sell or offer for sale securities to the public or engage in business activities requiring a secondary license from the SEC.

Masa Mart does not appear among the registered banks, exchanges, or companies engaged in digital assets with the Bangko Sentral ng Pilipinas.

Neither UMC nor XUM are included among the list of generally accepted virtual currencies posted on the World Coin Index and Coin Market Cap websites.

Those who act as salesmen, brokers, dealers or agents of fraudulent investment schemes may be held criminally liable and penalized with a maximum fine of P5 million or imprisonment of 21 years or both under the Securities Regulation Code, the SEC said.

Remain vigilant and always stay safe!

SCAM
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