*STORY UPDATE*

The Securities and Exchange Commission (SEC) has since entered into a settlement agreement with Mr. Justin Arvin Atendido and his White Dragon Investment Group. The settlement, which included a payment of ₱50,000 from Atendido, was reached after the SEC issued an order in February 2024 concerning the group's administrative liability for engaging in the selling or offering of unregistered securities or investments.

According to an SEC order provided by Atendido, the case is now "deemed settled without any determination of fault or guilt on the part of White Dragon Investment Group vis-à-vis Justin Arvin Santos Atendido."

The Securities and Exchange Commission (SEC) is warning the public against dealing with White Dragon Investment Group in light of its unauthorized solicitation of investments without the necessary license from the Commission.

In an advisory to the public, the SEC said White Dragon claims to be engaged in various business sectors, such as real estate development, food and beverage, franchising, leisure and gaming services, poultry and egg, and other private investments.

The firm’s guarantees its prospective investors a 36 percent annual or three percent monthly profit for a minimum investment amount of P100,000.

The SEC pointed out that, “such investment opportunity being offered through Justin Arvin Santon Atendido is a form of securities as the elements of investment contract are present in the investment offering, hence, must be registered pursuant to the provision of Section 8 of the Securities Regulation Code.”

Records of the SEC show that White Dragon is not registered with the Commission. Neither are the securities in the form of investment contract that it is offering to the public registered with the SEC and this is in violation of Sections 8, 26 and 28 of the Securities Regulation Code.

“This entity's investment schemes or actions resemble a pyramid/Ponzi scheme, where investors earn through recruitment fees instead of the sale of actual products/services, and investors are paid using the contribution of new members,” said the SEC.

It noted that, “the Financial Products and Services Consumer Protection Act also prohibits investment fraud which is defined under the law as any form of deceptive solicitation of investments form the public which includes Ponzi schemes and such other schemes involving the promise or offer of profits or returns sourced from the investments or contributions made by the investors themselves and the offering or selling of investment schemes to the public without a license.”

The Commission stressed that it remains unwavering in its efforts to stamp out illegal investment-taking activities through financial literacy campaigns and advisories to the public.