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Manila Bulletin devider Business devider The Stock Market devider Investors warned vs. scammers using PBBM, PSE photos

Investors warned vs. scammers using PBBM, PSE photos

Published Aug 11, 2024 09:45 pm

The Securities and Exchange Commission and Philippine Stock Exchange have issued separate warnings to the public against scammers who lure investors with images of President Marcos and the bourse’s logo.

The SEC is advising the public not to engage with Bagong Bansang Maharlika (BBM) International Inc., a group whose corporate registration has been revoked due to its illegal solicitation of investments.

The Commission reiterated this warning after finding that BBM International maintained its operations in certain parts of Visayas and Mindanao, despite the issuance of a revocation order of the SEC Enforcement and Investor Protection Department as early as November 2023.

BBM International’s corporate registration was revoked due to its collection of membership fees from residents of various local communities, promising to provide food security, free education, free hospitalization, cash assistance, and livelihood to all Filipinos aged one year and above worldwide.

It also made use of President Marcos Jr.’s image as part of its marketing materials, creating a false impression that its programs are legitimate and sanctioned by the current administration.

BBM International’s actions are in violation of Section 44 of Republic Act No. 11232, or the Revised Corporation Code (RCC), which provides that no corporation shall possess or exercise corporate powers other than those conferred by the RCC or by its articles of incorporation.

Meanwhile, the PSE said it has received reports of a fraudulent cryptocurrency investing scheme using PSE’s logo and name on its website. 

The scheme lures potential investors to register and create an account through the website https://pse-philippine.com/User/index. 

Based on the information provided, there is an online advertisement about investing in the PSE. When potential investors express interest, they are contacted through messaging applications. 

The supposed investment is shown to be doing well and investors are asked to increase their investment amount through various e-wallet accounts.
Investors will then be informed that they entered the wrong order, which leads to the loss of the account’s withdrawal password. 

The scammers will offer to consult with PSE’s customer service on how to address the issue. The solution provided is to create a new account that requires a new deposit and completing new tasks. 

The messaging applications have a few other “members” who appear to be in the same predicament but they will allay any doubt or fear about the scheme by showing they have been able to withdraw their investments.

The public is advised that PSE neither owns nor operates the website “https://pse-philippine.com/User/index”, it does not sell cryptocurrencies, it does not have a “Customer Service” team and its employees or agents do not advertise or promote, for purposes of investment, cryptocurrency.
 

Related Tags

Bagong Bansang Maharlika (BBM) International Inc. (BBMII) Securities and Exchange Commission Philippine Stock Exchange
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