Atin Ito First Filipino Community Newspaper in Ontario
PRESIDENT Ferdinand Marcos Jr. on Thursday assured the public that the “full force of the law” will be imposed on those who engage in the fraudulent online investment scams in the country.
In a media interview after attending the 85th Anniversary of the Securities and Exchange Commission (SEC) as Company Registrar in Makati City, the President said the government continues to monitor transactions in the digital space to protect the public against scammers and abusive online lenders.
But the President reminded the public that the country’s “best defense” against online scammers are “knowledgeable consumers” who are able to determine scam methods.
“As I said, it’s basically an arms race but our best defense is a knowledgeable consumer who can see for themselves, and determine for themselves that those that are legitimate offers of, let’s say, a promotional offer as opposed to a scam,” Marcos said.
The President issued the warning after filing criminal complaints against a gas corporation for its involvement in investment fraud and the sale of securities without proper permit.
The said corporation lured victims to a “too good to be true” co-ownership program scheme, promising them a 40 percent return of investment and an additional 60 percent share in net profits from its 17 total gas stations… despite only having three to five actual gas stations, according to reports.
Marcos advised the public that when people get a message and there is a deal being presented and it sounds too good to be true, they should proceed with caution.
“There is no such thing as 100 percent risk-free. There is no way to guarantee these enormous returns on what they are claiming, on the money that you put, that you give them,” Marcos said.
“If the public is aware and knows and is able to spot because of the way that these scams are presented, then that is the best defense that we have,” he added.
Asked about punishing scammers involved in such schemes, the President said anyone found guilty of promoting such scams will have to be dealt with using the “full force of the law.”
But he admitted that the big challenge is finding those people who do not usually maintain identifiable offices or establishments while they operate.
“These are people sitting in somebody’s basement with a computer, which they can just shut down, sell away, buy a new one, and keep going. So, that’s the trouble that we are finding now,” Marcos said.
“The best that we can do, there are certain instances, especially when they’re very large-scale that we can find exactly where it’s coming from. But again, it’s very movable — these are not offices, corporate offices in a big building.” — Catherine S. Valente
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Credit belongs to : www.manilatimes.net
